LONDON (Alliance News) - Shares in IronRidge Resources PLC rose Tuesday as it announced drilling results it described as a "significant milestone" for its West African assets.
IronRidge shares were trading at 24.20 pence each Tuesday, 8.8% higher.
IronRidge has received assay results for around half of its drilling programme at Ghana's Ewoyaa project.
Results include 128 metres at 1.2% lithium oxide in hole GRC0004, 111 metres at 1.4% lithium oxide in hole GRC0027, and 35 metres at 1.5% lithium oxide in hole GRC0015.
At hole GRC0014, IronRidge discovered 15 metres at a grade of 2.0% lithium oxide.
The company said the "broad, high-grade" lithium zone is open to the north and north-east, and it has further drilling results pending.
Chief Geologist Len Kolff said: "The initial drilling results represent a significant milestone for the Cape Coast Lithium portfolio, with broad, continuous and high-grade lithium pegmatite intersections returned.
"High grades over significant intervals and proximity to essential infrastructure coupled with the pro-mining and stable jurisdiction of Ghana bodes well for the future development of the Cape Coast lithium portfolio."
