27 August 2020
IronRidge Resources Limited
Joins European Battery Alliance
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the "Company"), the African focussed minerals exploration and development company, is pleased to announce it has been accepted as a member of the European Battery Alliance ("EBA250"); an organisation committed to driving a competitive and sustainable battery industry in Europe by 2025.
Ø IronRidge accepted as a member of the European Battery Alliance ("EBA250").
Ø The EBA250 network brings together interested stakeholders, industry specialists and participants from both the public and private sectors; a collaboration of more than 400 participants across the European Union's ("EU") battery value chain.
Ø The unique network includes the European Commission, EU member states and the European Investment Bank, with the objective to build a strong pan-European battery industry that can help Europe capture a growing market expected to be worth €250 billion/year from 2025.
Ø Membership provides IronRidge with a unique insight into the ongoing activities of the rapidly developing EU battery sector including:
o Access to a network of potential industrial, academic and government partners throughout the battery value chain (from mining to recycling);
o Access to market research information and insights;
o Holistic and dynamic observatory on battery projects;
o Visibility and cooperation opportunities.
Ø Access to InnoEnergy Venture Capital Community and potential alternate funding sources.
Ø Credibility for funding requests and connection with the European Battery Alliance's ("EBA250") financial partners.
The EBA was launched in October 2017 by European Commission Vice President Maroš Šefčovič. Its purpose is to ensure that all Europeans benefit from safer traffic, cleaner vehicles, and more sustainable technological solutions. This will be achieved by creating a competitive and sustainable battery cell manufacturing value chain in Europe.
The economic upside is clear: the market will have an estimated annual value of up to €250 billion by 2025. By combining European cutting-edge competences, financial strength and a cross-industrial approach, a competitive and sustainable production capacity is clearly within reach. Further insight into the EBA250 can be found via the following link: https://www.eba250.com/.
Commenting, Mr Thore Sekkenes, EBA250 Programme Director, said:
"In welcoming IronRidge to the EBA250 club, we recognise the potential and emerging importance of the west African region as a stable supply of raw materials for the European battery industry."
Commenting, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
"We are delighted to be accepted as a member of EBA250; a battery industry focussed network which will broaden our market exposure at a time when Europe is emerging as the next epicentre for the EV and stored energy sectors.
"With compelling benefits such as access to regulatory insights, business development opportunities and market intelligence, EBA250 membership will be highly valuable to the Company as we continue to progress our Cape Coast Lithium Portfolio.
"We are confident in our project fundamentals, and the project's proximity to Europe is highly advantageous and may deliver multiple pathways through the value-adding vertical integration ambitions of the EU.
"We therefore look forward to a long and mutually beneficial relationship with the EBA250, and the contribution that IronRidge can make to the industry."
About Cape Coast Lithium Portfolio
The Cape Coast Lithium Portfolio covers some 684km2 in Ghana, West Africa and includes the newly discovered spodumene rich Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt @ 1.39% Li2O in the indicated category (reported in accordance with the JORC Code).
The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa and secured first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.
The Project is exceptionally well located being within 110km of an operating deep sea port, adjacent to the national highway and grid power, all within the pro-mining jurisdiction of Ghana.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Officer)
Karl Schlobohm (Company Secretary)
Tel: +61 7 3303 0610
SP Angel Corporate Finance LLP
Tel: +4 (0)20 3470 0470
SI Capital Limited
Tel: +44 (0) 1483 413 500
Tel: +44 (0) 207 871 4038
Yellow Jersey PR Limited
Tel: +44 (0)20 3004 9512
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Notes to Editors
IronRidge Resources is an AIM-listed, Africa focussed minerals exploration company with a lithium pegmatite discovery in Ghana, extensive grassroots gold portfolio in Cote d'Ivoire and a potential new gold province discovery in Chad. The Company holds legacy iron ore assets in Gabon and a bauxite resource in Australia. IronRidge's strategy is to create and sustain shareholder value through the discovery and development of significant and globally demanded commodities.
The Company entered into conditional earn-in arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,584km2 and 1,172km2 area respectively. The projects are well located within access of an extensive bitumen road network and along strike from multi-million-ounce gold projects and mines. The Company's most advanced project is the Zaranou gold project which includes high-grade gold drilling intersections along 8km strike including 6m @ 6.44g/t gold from 132m, 6m @ 15.11g/t gold from 26m, 4m @ 5.16g/t gold from 110m and 22m @ 3.39g/t gold from 8m within a broader 47km long gold anomalous structure.
The Cape Coast Lithium Portfolio covers some 684km2 and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt @ 1.39% Li2O in the indicated category (reported in accordance with the JORC Code). The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.
The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 900km2 of highly prospective gold and other mineral projects in Chad, Central Africa. IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Kalaka licenses, which host multiple, large scale gold projects. Trenching results at Dorothe, including 84m @ 1.66g/t Au (including 6m @ 5.49g/t & 8m @ 6.23g/t), 4m @ 18.77g/t Au (including 2m @ 36.2g/t), 32m @ 2.02g/t Au (including 18m @ 3.22g/t), 24m @ 2.53g/t Au (including 6m @ 4.1g/t (including 2m @ 6.2g/t) and 2m @ 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining zones over a 3km by 1km area including the steep dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.
Monogorilby is prospective for province scale titanium and bauxite, with an initial maiden resource of 54.9MT of premium DSO bauxite. Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.
May Queen is located in Central Queensland within IRR's wholly owned Monogorilby license package and is highly prospective for gold. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals, including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.
Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km2 and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.
Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville. IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.
IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies: Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high-grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.