IronRidge Resources (AIM: IRR) reported multiple high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa lithium project in Ghana, where the company has defined a JORC (2012) 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 a press release, the miner said that among relevant results, the highest reported grade to date yielded 4% Li2O over 1m in hole GRC0219 from 62m depth. This was followed by GRC0221 over 36m at 1.44% Li2O from 83m, including 10m at 1.8% Li2O from 87m.
“We are very pleased with the ongoing results received, which have confirmed high-grades and mineralisation continuity over 400m of strike, with true mineralised pegmatite widths up to 25m which remains open at depth and along strike to the east,” Vincent Mascolo, IronRidge CEO, said in the media brief.
“We have seen our highest grade, of over 4% Li2O, intersected to date at the ELP. Drilling is ongoing with approximately 10,000m of the expanded 16,500m completed.”
According to Mascolo, management is confident that additional targets tested in an upcoming 4,000-metre drilling campaign will increase the resource scale and improve project economics.
“Targeting a plus 10-year mine life, it is estimated that every additional year of production will add $40 million in NPV per annum on a scoping study that has defined a post-tax NPV of $345 million over an 8-year LOM,” the executive said.