Ironridge Resources Ltd (LON:IRR) shares rose on Tuesday after the firm said approvals have now been received for it to commence drilling at the Ewoyaa lithium project in Ghana and, accordingly, earthworks to allow drill access and for drill pads are now underway.
The plan is to undertake approximately 7,000 metres of reverse circulation and diamond drilling.
That could amount to up to 60 holes over two phases, with drilling expected to commence late April to early May.
The work is founded on a reinterpretation of the Ewoyaa pegmatite geology using data gathered from 32 trenches and 428 pits. This new data has allowed for the creation of a detailed, high-confidence surface geology map and the identification of three well-defined pegmatite zones with a combined 1,600 metres strike.
The single pegmatite is over 800 metres long and up to 90 metres wide at surface.
Separately, the Forest Entry permit has successfully renewed, and exploration license application submitted for the Egyasimanku Hill project, and field teams are now on site and mapping is underway.
"We have worked closely with our partners to secure the necessary approvals to allow us to commence earthworks and drilling,” said Vincent Mascolo, chief executive of Ironridge.
“The next crucial step is confirming Ewoyaa as a significant lithium discovery. Additionally, we have diligently used the intervening time to advance the portfolio, establishing a local office, community consultations and detailed orientation surveys over known deposit footprints to provide a cost-effective blueprint for future exploration success and discovery over our portfolios in Ghana and Ivory Coast.”
In early morning trading, IronRidge shares were 4.4% higher at 23.75p.
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