Ironridge Resources (LSE:IRR) dropped 2.5pc to 19p on Tuesday despite announcing multiple new high-grade lithium intersections at two of its site in Ghana. The firm has now received all the assay results for a 4,684m second-phase RC programme carried out at its flagship Ewoyaa project and new Abonko discovery in the West African nation.
The latest round of results from drilling December showed good continuity of mineralisation along infill sections at Ewoyaa, with high-grade lithium pegmatite intersections. Highlights included 80m at 1.52pc lithium dioxide from surface including 22m at 1.76pc lithium dioxide from 52m ad 68m at 1.31pc lithium dioxide from 45m including 10m at 1.8pc lithium dioxide from 64m.
The drilling programme was designed to test strike extensions and newly-defined pegmatite zones at Ewoyaa and Abonko as well as completing infilling resource drilling along two sections at Ewoyaa.
Metallurgical sampling has now been completed, with sampled being sent to Nagrom in Perth for preliminary metallurgical test-work. Meanwhile, regional pitting around Ewoyaa-Abonka pegmatite clusters is ongoing, with new pegmatites and extensions continuing to be discovered.
Vincent Mascolo, chief executive and managing director of IronRidge, said: ‘Drilling results continue to confirm that Ewoyaa is a significant discovery, which is high-grade and spodumene dominant; the preferred feedstock for end users.
‘Located within 100km trucking distance of an operating deep-sea port and within 1km of a bitumen highway, Ewoyaa is well positioned to benefit from existing infrastructure. In addition, the project is situated in the favourable, pro-mining jurisdiction of Ghana, which is ideal for the future development of the Cape Coast Lithium Portfolio.
‘Confirmation of grade and continuity of mineralisation between 50m spaced cross-sections within the Central Zone of the main Ewoyaa deposit is very positive and bodes well for future resource estimation, as well as simplicity of mine design and process flow-sheet.
‘Ongoing mineralisation discovery within the immediate project area, including new pegmatites at Ewoyaa and Abonko and step out drilling extending the known high-grade mineralisation at Ewoyaa an additional 250m of strike is highly encouraging.
‘The recently discovered high-grade spodumene dominant pegmatites at Abonko, and around Ewoyaa, is significant as it adds further resource scale potential. Field teams have finalised metallurgical sampling, with 427kg of diamond drill core being dispatched to Nagrom laboratory in Perth for preliminary metallurgical test-work with initial results expected in the coming months.
‘Concurrently, field teams are continuing regional pitting programmes around the Ewoyaa-Abonko pegmatite cluster which continues to deliver new pegmatite discoveries for future drill testing, as well as successfully completing a Ground Penetrating Radar ('GPR') survey to target pegmatites at depth.’
Author: Daniel Flynn
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