Ironridge Resources Ltd (LON:IRR) expects to move forward at all of its portfolio of projects over the next 12 months following its recent US$10.7mln fund raise.
The company now holds several potential world class projects in Africa, including gold projects in Chad and the Ivory Coast, and lithium projects in Ghana and the Ivory Coast said executive chairman Nicholas Mather in addition to its Australian bauxite and gold prospects.
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The funds came from new investors and its three cornerstone investors, DGR Global, Assore Limited and Sumitomo Corporation,and have boosted its cash holdings to US$12.3mln.
Over the next 12 months, programmes of work ranging from initial reconnaissance through to modelling and drilling are planned across the portfolio, said the company in a statement.
Mather highlighted the potential in Ghana. “Demand for lithium is growing at an unprecedented rate. We are ready to take advantage of this market with our Cape Coast Lithium Project in Ghana, a project that has added significant value to our portfolio.
“Positive drill results and a recent helicopter geophysical survey all indicate that our Ghana lithium project is a rich lithium resource. I look forward to reviewing the results of the maiden drill programme, which will commence later on in 2017.
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In Australia, IronRidge is also looking to expand its bauxite resource at Monogorillby and advance the May Queen gold prospect.
Losses for the year to June 2017 were A$5.3mln (A$2.3mln). Exploration and evaluation expenditure rose to A$6.8mln, a A$1.7mln rise over the prior year as initial field programmes started.
The year also saw 19 mln share options granted as incentives to directors and management.