RE: Production fast track!24 Feb 2021 08:49
http://www.rns-pdf.londonstockexchange.com/rns/1602Q_1-2021-2-24.pdf
HIGHLIGHTS:
Ø Drilling progressing well; approximately 4,200m in 40 reverse circulation ("RC") holes completed to date.
Ø Visible coarse spodumene mineralisation observed in 36 holes to date with maximum reported pegmatite intervals up to 36m and approximating true width.
Ø Spodumene mineralisation observed in majority of pegmatite targets tested to date, showing good continuity up to 300m along strike and down dip and average pegmatite widths between 10m to 15m.
Ø Three of the seven pegmatite target zones drill tested to date; drilling ongoing with assays pending.
Ø 12,500m RC drilling programme designed to add resource tonnes within the immediate Ewoyaa resource area and test new exploration targets within the adjacent Saltpond license.
Ø Ideal infrastructure support: projects located within 110km of the operating Takoradi deep-sea port, within 100km of the capital Accra and adjacent to the sealed Takoradi - Accra highway and high-power transmission lines.
Ø Highly supportive government; long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.
Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
"Seeing multiple drill holes with coarse visible spodumene within each of the new pegmatite targets tested to date confirms the growth potential of the project.
"We are confident the additional targets will increase resource scale and improve project economics, where we have defined Ghana's first lithium JORC compliant resource of 14.5Mt at 1.31% Li2O and within 110km of an operating deep-sea port.
"This drilling programme is a key part of our work towards expanding the resource base on what is widely considered to be an industry-leading asset. We are now evaluating options to fast track the project to production to take advantage of the increasing demand for lithium and its role in the future growth of stored energy initiatives.
"We look forward to keeping shareholders up to date as assay results become available."
Drilling Progressing Well - Visible Spodumene Intersected in Multiple Holes
Drilling is progressing well with approximately 4,200m in 40 holes completed to date of the planned 12,500m RC programme estimated to be completed in or around early April 2021 (refer Figure 1).
Of the 40 holes drilled to date, 36 holes have intersected spodumene mineralisation with pegmatite intervals up to 36m long down hole and approximating true width of the dipping pegmatite dyke. Average pegmatite widths are between 10m to 15m true width from drilling completed to date, with pegmatites occurring over 300m strike. Three significant new pegmatite discoveries have been confirmed in drilling to date with coarse spodumene mineralisation observed in most drill holes (refer Figure 2 and Figure 3).