IronRidge Resources identify targets in Ghana
(Kitco News) - IronRidge Resources (IRR:LSE) has announced the definition of multiple new pegmatite targets in auger drilling completed at the Ewoyaa Lithium Project where the Company has defined a JORC compliant mineral resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category, including 4.5Mt at 1.39% Li2O in the indicated category in Ghana, West Africa, as announced by the Company on 28 January 2020.
The firm say there are seven high-priority pegmatite target zones defined with individual pegmatites up to 460m long and 30m apparent width. All new targets occur within 500m to 1.5km of the current Ewoyaa lithium project resource footprint; within easy trucking distance for future mining.
Len Kolff, Chief Operating Officer of IronRidge said: "An extensive auger drilling programme has been completed at the Ewoyaa Lithium Project, where we have defined Ghana's first lithium resource of 14.5Mt at 1.31% Li2O in the inferred and indicated category, within 110km of an operating deep-sea port.". He then added, "Auger drilling has defined seven new high-priority pegmatite targets, including outcropping spodumene pegmatite within the immediate Ewoyaa resource area.".
Lastly Kolff stated "The single largest of the new pegmatites defined within the ELP corridor is 460m long and up to 30m apparent width with outcropping spodumene observed and has the potential to add significant resource tonnes within the immediate project area. We look forward to keeping shareholders up to date as results become available.".
Despite the news, no real volume or upside was noted in the stock this morning. The price continues to trade above the 13p per share support area and the next major resistance is pretty high up at 20.8p.