Shares in IronRidge Resources Ltd (LON:IRR) opened higher after the company published high-grade lithium pegmatite trenching and rock chip sampling results from its Ghanaian assets.
The company said numerous target areas have been identified within its recently acquired high-resolution airborne geophysical survey in Ghana, West Africa.
It recently examined samples from the Ewoyaa and Abonku prospects with in the Mankessim licence area, and highlighted that multiple trenching intersections returned results that 65 metres (m) @ 1.1% Li2O, 25m @ 1.62% Li2O, 18m @ 1.67% Li2O and 4.5m @ 2.2% Li2O.
Multiple high-grade rock-chip samples included 2.95% Li2O, 2.61% Li2O and 2.35% Li2O.
The company published an extensive list of drilling results, along with some helpful maps of the target areas, on its web site.
"The Ghana lithium pegmatite project continues to deliver encouraging results; multiple high-grade and broad trenching intersections further define the coarse, spodumene bearing Ewoyaa and Abonku prospects,” said Vincent Mascolo, IronRidge’s chief executive.
"We have strengthened our in-country management team with the recruitment of a Ghanaian senior geologist in preparation for the initial drilling programme,” he added.
"The Cape Coast Lithium Project continues to tick the boxes; scale and grade potential, favourable mineralogy, excellent jurisdiction of Ghana with a supportive government looking to diversify its mining sector and an ideally located project within 90km of the Takoradi Port," he concluded.
The shares rose 4.5% to 32.4p in early deals.