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Well this is entertaining. I thought I was on Hot Copper for a moment. People popping up and taking pot shots and running down one of, if not the best researchers out there. Bakuraku, what are you like? You crack me up.
Seriously, how has your research brought you to IRR? What aspect of the gold geology in CDI or Chad excited you? Was it the scale, the grades or open pit mine potential with operational synergy?
Or was it the Lithium that attracted to you? How much do you know about Egyasimanku Hill and the scale on offer across the Gold Coast? I’ve run the numbers over various LoM revenue scenarios with varying RE Mt & LoM years keeping the Opex steady at $247.
The numbers help to indicate incredible & significant upside and I think Toro is right with us IRR% (even a bit conservative, I can see it at 200% on S6%C at $950-$1,000). The SP will take care of itself.
With regard to Toro and his research, I suggest you take a look back and see the detail in his delivery. The numbers he generated on logistics in Africa were not only first class but also gets the attention of potential partners imo or those looking to JV. I’ve seen them discussed at an event. The data isn’t out there so when a Pi puts it together, it’s snapped up.
I’ve also seen Toro discuss, drilling the gold with Len in detail and his geological knowledge is right up there.
Well done on your gains with IRR. I’m sitting comfortably too but I’ll give you a prediction. A demerger on a demerger and the other 50% is worth a fortune, I have thoughts on where it’s going but I won’t say on here. (I did make the hydroxide conversion link with Texas when others thought it wasn’t going to the USA). I won’t put a price on it here but AIM will catch up when it studies the geology and really understands the lithium processing and cathode chemistry.
So Bakuraku thank you for the entertainment but imo you are very wide of the mark. This will play out in coming months and I think Toro’s predictions will be close to the mark. The timeframe might be wrong but the quality isn’t in doubt. I’m not here for pennies but pounds.
Enjoy
H
High-Grade intersections. Zaranou continues to keep giving.
Significant mineralisation potential confirmed at the Mbasso target in initial AC results as well as ongoing results received at the Ehuasso and Yakassé targets.
Drill bit by drill bit, Zaranou is confirming expectation that it’s going to be an extensive discovery. The new intersections reported at Mbasso have confirmed mineralisation over 2.1km of strike with up to five mineralised structures interpreted. This is part of the broader 8km long Mbasso-Coffee Bean-Ehuasso mineralised corridor. (Very exciting, with so much mineralisation confirmed along the strike length).
“With only 12km of the 47km of identified strike having been drill tested to date, an additional 8km strike of hard-rock artisanal workings and 27km of soil anomalies remain untested, with the potential to deliver a pipeline of further discoveries along this considerable mineralised structure”.
This will be a very significant resource and the very low Capex and Opex with the early ounces strategy for open pit mining along the strike length and to 90m depth make it very commercially viable imo.
More mineralisation at depth but more confirmation needed. The MRE can’t be far away.
Well done to IRR.
36 out of 40 RC drill holes hit visible coarse rich spodumene. 90% success rate.
This will expand the MRE and resource size for Ewoyaa (not sure yet by how much) and is a great move by Vince and Len.
It’s going to expand further. It’s everywhere. Imo it’s a real beauty of an RNS and I love the fast track to production comment.
There’s lots of interest being shown by potential partners, no doubt.
It’s bloody obvious this commercially viable after the scoping study but now it’s ramped up and prices are still rising.
USA or Europe, that is the question.
Hi LadySula,
I remember you on this board and maybe from another share. I’m still here in the background mostly but have added significantly to my IRR holding over the years.
In the 4.5yrs I guess I’ve changed a bit because I decided to really only invest in what I understand and to work hard at improving my skill set and understanding across mining & exploration. To that end I’m heavily invested in Lithium and batteries mostly with some copper, silver and gold at Zaranou and Dorothe. My research has taken me to some great places and enabled me to meet some fantastic and genuine people. (I’ll always be grateful to Stu Crow NED at IRR, for suggesting going to an early Benchmark event where I heard Tony Seba, Hamutal Ben Bassat and Robert Mintak speak as well as learning about direct extraction and also heard the name Lilac Solutions).
You’re right I have met Vince, Len & Victor at different events as well as several IRR investors.
My research is broad and I’ve tried to incorporate meeting CEO of any company I invest in (121 virtual more recently).
I’ve tried to study the geology whether it be gold, copper, silver or lithium. One thing I’ve learned is that geologists in all companies love to share how a resource was formed or where the original source of gold may be.
The EV lithium, supply chain macro story is incredible and IRR will realise those targets imo. The timing might not be right and it’s the same in Brine company I’m invested in but the lithium disconnect is very real and Ewoyaa Spodumene is quite unique and will get premium pricing @ be produced at scale. The commercial viability of Ewoyaa is evident in the scoping study. Watch the NPV double as 6% Spodumene Concentrate prices reach 2018 levels and more.
I’ve talked about research and having the conviction to hold through recently on twitter, engaging with people in Australia and the U.K. (look up @Synergy_Mining on Twitter).
My conviction comes from my detailed and deep dive research, people profiling and listening to the bigger picture.
One thing I think people should do is read all the RNS carefully and follow the links and references that Len puts in them back to previous RNS. That’s how you build the picture.
Finally, I invest in people and in people who put in their own money, backing up their vision and hard work behind the scenes that we don’t see.
This is still a rare opportunity on AIM and quality will come through.
2021 is the year it happens imo.
Solid State is years away imo. There are still conductive issues and the EV & Battery industry already has $600 billion committed to lithium ion batteries.
Recent rising prices show the increasing demand is impacting on prices. The squeeze is coming. Your 2025 is too late, the supply squeeze is now being realised and those with clean high purity lithium will be getting calls about negotiating a deal.
The game is up. The supply chain is insecure. I was conservative before but in reality $26,000 a tonne for top grade LCE BQ is coming.
Wait for the latest prices to emerge. Wait for the impact of the short supply due to poor quality. Wait for the EBA to instigate the battery passports and the USA to give the call. It’s happening now.
Acker,
I disagree with this “ There is sufficient supply to meet increasing demand.”
Prices are increasing because a bottle neck is coming. Battery makers do not have secure supply chains. Auto OEMs are now looking upstream but not all understand the lithium processing or the supply chain. You can’t just buy it off the shelf (unbelievably they are not up to speed)
You should look at Dr Kathryn Goodenough’s BSG presentation on Lithium Pegmatites - An African Story, to see why the particular pegmatites in Ghana are quite different and the spodumene is course and spodumene rich and dense. Ewoyaa is mentioned.
It’s that quality that makes it unique imo and why LCE 99.92% could be produced and Hydroxide to 56.5%. The 6% Lithium Spodumene Concentrate will be in high demand because it is high purity and clean.
It can either be used in high end batteries for improved performance or mixed together with lower grade spodumene to get a better average grading.
The type of lithium that IRR has discovered has lower impurities and will generate a better price.
Not all Lithium is the same. Look at the poor quality being produced by the top producers as shared by Benchmark Minerals. Much of it is waste or scrap.
IRR’s Spodumene will be sought after because it can be used to increase the quality of poor grade raw material.
Lithium Carbonate is the same wrt to pricing.
99.5% has been perceived as battery quality but the price a product gets is very different depending on the level of impurities. Transparency around pricing is not good. But it looks like premium pricing for 99.97% LCE is heading to $15,000-$20,000 while 99.5% is around $7,000 p/t.
IRR can produce either LCE or Spod concentrate from Hydroxide.
Whether the lithium goes to the USA or Europe it will have a much greener passport than many other hard rock producers because the processing being used.
Once you add in the OPEX $247, CAPEX $68.1m,
LoM 8-10 yrs and overall logistics etc it becomes clear what a unique prospect Ewoyaa is.
But remember it’s only a small percentage of the overall land package along the cape coast.
An outstanding resource that’s open and expanding, has a fascinating backstory about how it was discovered and is credit to Len’s geological ability to sniff out discoveries and Vince’s leadership in making it all happen.
I believe Chad is perceived as a high risk jurisdiction by banks and brokers alike, therefore it’s extremely difficult to raise exploration funds and as a consequence of that remains to this day underexplored. In fact I think there’s only one other company exploring there.
However, with high risk comes high reward. IRR has significant corporate backing on the board and as cornerstone investors so we’re able to look at what Tekton were doing and buy them out. They have province sized assets there and we await an update on drilling as it gets underway.
Ghana is is seen as a mining friendly jurisdiction with over 100 years experience in mining. Infrastructure is very good and it’s where the West African Economic Hub is placed. Look at the likes of Toyota and VW already operating there.
Côte d’Ivoire is not as stable as Ghana imo but it’s just had an election and compared with previous times things seemed to have settled down again.
Again the infrastructure is good and improving. After the 2011 civil war companies started to move back into CDI but the Birimian Greenstone Belt in CDI remains relatively Underexplored. That’s why so many big companies have moved into Côte d’Ivoire. Look at the gold discoveries in Ghana close to Zaranou.
IRR has secured a large province scale land package and is under the gaze of majors who wished they’d got in earlier.
There’s always an element of risk but I’m happy with things as they stand. Chad is the one that stands out but imo the gold will shock us all once they start really drilling.
Get different views on it other than mine and then do your own research on the risk. I talked to brokers about which countries they could and couldn’t work in.
Try the numbers at Strike length of 1,000m and then 12,000m using
Depth 100m (200m)
Width 200m (300m)
Gravity 2.5
Gold Price $1,600 (or variants)
Average grade 1.5g/t (Although I think it’s 2.0g/t for Côte d’Ivoire
Full Dilution will be around 500m
AISC $700-$800
Remember we own 100% of this project, that’s 100% of upside at present.
Even at a SL of a 1,000m the numbers are encouraging.
Strike Length x Depth x Width x Specific Gravity = X in Tonnes
Multiply Tonnage by the grade to get X grams per tonne of gold
Then multiply the given X in grams per tonne by 34.2857 to get the total amount in ounces of gold.
Zaranou will be in million Oz but the first instalment of MRE will be added to with subsequent extensions imo.
Finally, multiply the total ounces of gold by the gold price per ounce of gold squared.
Water drinker, it took me a while to get my head around gold and the grades, depth, types of drilling etc let alone how it gets there in the first place.
The best thing I learned to do was ask questions and not worry about looking silly. For example I used to think the drills went into the ground vertically but was surprised to see the angles being drilled at in Chad on the Dorothe.
Ask away. Len Kolff explained to a few of us why they were targeting certain areas & how. Mike, Toro’s knowledge is excellent.
WD, there’s a gold calculator formula to help calculate what’s in the ground once you have the strike length, depth, width, average grade, density (I think that’s all). It certainly helps to raise expectation when you think of Zaranou and the SL and gold at surface as well as at depth.
Ehuasso (from the latest drilling results)
? ZARC0102: 16m at 6.68g/t Au from 100m incl. 4m @ 10.3g/t Au, 4m @ 10g/t Au & 4m @ 6g/t Au
It means than on hole ZARC0102 at 100m depth they hit a section for 16m at 6.68g/t (well above average for CDI) but also within that 16m there was a sweeter spot of 10.3g/t for 4m and another 4m at 10g/t.
The 100m is significant because it’s below the 90m they’d been talking about for the lower grade bulk at surface. It implies there’s gold at depth as other holes have verified.
The gold at surface is lower grade around 0.4 -1.0g/t which seems poor at first glance but when you consider there’s absolutely loads of it across the 47km strike length, it’s clear there’s commercial viability at Zaranou, hence the IRR early ounces strategy with multiple open pits (3,4 or 5).
However, the really exciting bit is the possibility that the gold systems extend deep (the gold at surface has been brought to the surface from somewhere) and at present two of the targets look promising.
It the gold project is confirmed at depth to the extent I’m expecting then the SP will reflect the upside.
For now though I’m working on worst case scenarios which still look very good.
I’ll find the formula for you and the link I used originally. Have fun with the numbers.
The Works - this sort of post isn’t a good look imo.
Yes this is a strong buy as the fundamentals are striking as anyone who has done any research on the portfolio knows but ‘60p Tomorrow’ is utter rubbish.
Yes the technical analysis is shaping up very nicely and resistance levels look around 25.8p and 27.9p tomorrow which could easily be breached given the new interest and recent news from Vince.
Get real with the 60p though. My target for this has always been multiples of the current share price, but in time as the different projects unfold.
I suggest newbies do as much research as possible on the different projects to understand why Vince said ‘five in one’.
There’s lots of research out there that’s been shared on the geology of pegmatites, the lithium supply chain, the importance of high purity lithium, logistics in Ghana, the lithium disconnect, cathode chemistry etc.
Equally, there’s lots on the gold in Côte d’Ivoire and Chad and why the gold is there in the first place, why CDI was underdeveloped and Underexplored as well as Chad.
Why are there no explorers in Chad and yet IRR has an extensive land package? Talk to brokers about this and you’ll discover the importance of cornerstone investors.
This is a great company, a great portfolio and great opportunity but please do your research to understand why?
The strategic vision of Vince and the BoD has been excellent all the way in positions the company for the Lithium and Gold markets.
But on lithium alone, the fact that IRR were able to join the EBA was a hugely significant moment. Europe can’t provide the lithium required as yet so will look further afield to LatAm or Africa imo.
Ghana has a unique advantage with its tax incentives and the fact its central to the West African Economic Hub. Ghana also has a tariff free arrangement with the EU so I expect to see auto OEM and battery makers chasing the Ewoyaa lithium as well as the Chinese, who must imo be evaluating at what point you put a refinery into Africa.
As battery passports come into play and the full audit trail of critical minerals then IRR is well placed with its green credentials and very commercially viable processing.
Vince is presenting on Benchmark Minerals
‘ Africa Day’ on 4th Feb.
99.92% LCE and 56.5% Hydroxide (numbers that we should all be aware of)
The Cape Coast is a rare opportunity of high quality Lithium that’s now showing is true potential.
Good luck to all.
Thanks Dunkirk,
I’m still here loaded up and being patient. The geology speaks for itself imo. The news on Ewoyaa this week has been outstanding and the numbers on the board mean we can work out fair value.
It was on 21/01/20 that IronRidge released the RNS with the 99.92% LCE and 56.5% Hydroxide. That was a huge announcement that placed Ewoyaa on the radar of the Lithium sector or should have done. But it was released at a challenging time with Covid emerging. The numbers should be looked at again and in conjunction with rising prices.
Vincent Mascolo presenting and speaking on the Benchmark Minerals ‘Africa Day’ is a great move and there will be people from all across the sector and battery space watching and engaging.
He has a compelling story to share.
Vince seems determined to drive the company forward and I like the way him and Len compliment each other. Good move on the warrants and ensuring funding going forward.
I’d say hold onto your hats time has come. I’ve been here since 2016 and 2021 is the year it will all come together after building such strong foundations across multiple jurisdictions.
Zaranou and Dorothe are going to shake things up and the world needs a big discovery. For anyone joining the party now, well done & good timing. For those on the side wondering, I’d say listen to the interviews Vince has given, read the relevant RNS and look at the detail and references Len puts in them.
BQ Lithium Spodumene at scale with T1 logistics
along the Cape Coast.
Gold at surface and at depth. As Vince says what’s the source of the gold at surface. (It’s coming from below and that’s why they’re hitting hot spot mineralisation). 12 km of 47km it’s a monster. And company maker.
Is Dorothe one or two super pits? Chad is also a company maker.
Outstanding leadership to bring it all home. Enjoy the weeks and months ahead, I know I will.
Tesla, Panasonic, Sumitomo ?
2 days ago - PALO ALTO, U.S. -- Tesla will continue buying batteries from longtime Japanese supplier Panasonic until at least 2022 despite the U.S. electric vehicle maker's plans to produce its own cheaper alternative.
Tesla revealed on Monday that it has signed a new pricing agreement with Panasonic for lithium-ion batteries. However, it did not specify whether this involves the 4680 battery cell, a more cost-efficient unit that Tesla unveiled in September last year, which the company said would significantly reduce the cost of electric vehicles.
I found this quote from Juan Carlos Zuleta a couple of years ago and think it’s still relevant today. Who provides the NCA for Panasonic?
“Sumitomo is the most important supplier of cathode material of Panasonic. They should be most interested in securing an unlimited quantity of #lithium from #IRR or any other source at their disposal.”
With Lithium prices rising and heading back to 2017 levels for BQ it could be about to get interesting again for IronRidge. If Sumitomo are not focused on the Iron anymore, then what are they interested in? The gold or the lithium or both?
A busy few weeks ahead with updates on Zaranou and Ewoyaa on the cards.
It makes sense to secure 100% of Bodite and Bianouan licences and ownership because they are considered to be part of the overall Zaranou portfolio.
It looks to me like IRR are tidying up affairs before the MRE comes out. The Zaranou project is looking like it will deliver multiple open pits along the strike length. I’m interested with what’s happening at Yakasse because of all the historical drilling and whether it can also be delivered as a separate MRE with additional drilling.
The grading at Zaranou continues to be very good for the open pit strategy using bulk at lower grade (and there’s a lot of bulk) down to 90m but maybe extending to 150m after recent drilling.
There are also the hot spots where they seem to be intersecting the veins and visible gold has been observed. (There’s a certain gold project in Guinea that seems to have similar geology and worked multiple pits plus an underground mine and also had visible gold in veins when drilling). Well worth researching. As to whether Zaranou goes deep? We’ll have to wait but it’s looking interesting.
The geology is what’s really exciting. Others will see what’s emerging.
I look forward to another shareholder meeting when Len can explain in detail what’s happening, the specifics about why they’re targeting certain areas and how it all pieces together.
The SP is frustrating and annoying considering the progress that’s being made on the ground.
Exciting times ahead.
“The recently renewed licenses and existing granted tenure now cover a combined 746.25km2 of prospective geological terrain with significant previous exploration work completed to date identifying multiple gold targets for immediate follow-up.
“The Dorothe Project represents a high-priority walk-up and drill target with in-excess of 14,500m of trenching completed to date, large scale artisanal workings over a 3km x 1km area, very encouraging trenching intersections and supporting ground geophysics.
“Now that travel restrictions have eased, we have been able to re-enter Chad and resume activities; the Company’s N’Djamena exploration office is to be re-established shortly and preparations are now underway to allow the resumption of field activities in the new year.
“Our intention is to focus on drill testing the Dorothe target prior to the onset of the wet season in July 2021. We look forward to updating the market with our progress in due course.”
Great news to see three of the Chad licences renewed with two more to come in 2022.
More bulk at low great at surface. Len and Vince have got Chad back into focus and we’ll be heading to drill ready Dorothe soon.
Loving this on intrusion related gold systems
(look them up)
“Portfolio interpreted to represent an unexplored Intrusion Related Gold (“IRG”) system; potential analogue of the Tintina Gold Belt in Alaska-Yukon with notable deposits including Donlin Creek (Barrick / Novagold, >45Moz), Fort Knox (Kinross, ~10Moz), Pogo (NST, ~10Moz) and Dublin Gulch (Victoria Gold Corp., >3Moz“
Zaranou is a beauty but we could well have drilling going on at Dorothe and Zaranou soon.
They’re pressing ahead now before the wet season in July. The trenching results were always exciting. Len really went for it with the excavator.
The Daily Mail article was good imo and coverage like that in MSM will help get greater exposure.
The market will need to understand Chad and see the potential of a super pit at Dorothe. Size, scale and upside seem excellent but what of the logistics? Those artisanals have lead the way again. How much gold is just in the tailings?
A busy morning but great to catch up.
Will the Lithium be sold to focus on Gold?
I think the deal with Geodrill was good and was also a necessity. It facilitated the drilling programme which was essential. However, I’d be surprised if Geodrill were selling given that they’ve seen the drilling up close including the multiple holes with visible gold. So unless Geodrill are short of funds it would be unwise for them to sell ahead of the MRE imo.
They won’t have a close up of Chad because I don’t think they were involved there but they’ve certainly seen everything that’s going on at Zaranou including the artisanal mining.
They will know that the drilling reached a limit but that the gold extended deeper.
Basically there’s more incentive for them to wait for a bigger pay day.
I’ve been looking at Chad whole we wait.
Good post Major Tom.
I’d never forgive myself if I missed out on what’s about to unfold with IRR. Having researched the good and lithium to the best of my ability, I’m now quite relaxed.
Darren, don’t just look at a connection with China but look at what IRR have done with joining the EBA to be part of the European Battery Alliance recently and why that’s so significant.
If you haven’t done so already, look into the type of spodumene at Ewoyaa and the potential to double or triple the MRE and then who might be interested and why. It might bring you back to China or it might lead you elsewhere.
I’d say Vince has so many options and is in a strong position after building such strong foundations.
Exciting times on the gold and lithium fronts.