IronRidge Resources Ltd (LON:IRR) shares rose as much as 6% in Monday dealings after the explorer told investors that ongoing trenching and mapping at the Bakari licence in Ghana, continues to encounter lithium mineralisation.
The licence hosts the Ewoyaa and Abunko projects where the company has been carrying out the field exploration work ahead of a maiden drill programme later this year.
Trenching work at the projects continues to see broad, visible lithium spodumene bearing pegmatite intervals.
Adding detail, the company said it has defined multiple 250m long by up to 70m wide visible spodumene bearing lithium pegmatites within a broader 1.4km long pegmatite corridor at the Ewoyaa East prospect.
Meanwhile, a new area of spodumene pegmatites mapped and trenched within the adjacent Abunko Prospect with 27m and 15m widths of visible spodumene bearing pegmatites intersected in trenching to date, IronRidge added.
The company revealed that an ultra-high resolution helicopter borne magnetics and radiometrics has been completed, with 3,804 kilometres flown over both the Barari and Apam areas.
Preliminary data indicates a strong correlation between mapped lithium pegmatites to date and radiometrics response, IronRidge said.
The company added that multiple additional pegmatite targets are evident in the data.
Vincent Mascolo, IronRidge chief executive, said: "We are excited with the rapid exploration progress and positive results we are generating on our lithium projects in Ghana.
"IronRidge has defined a blueprint for rapid and successful identification which we intend to apply to other areas.
"With the demand for lithium and the renewable and stored energy space continuing to grow at an unprecedented pace, IronRidge is ideally positioned to take advantage of the current and expanding global initiatives.”
He added: “We are very pleased with the rapid development of our Ghana lithium project portfolio and look forward to keeping shareholders and investors updated as more news becomes available."