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IronRidge Resources Ltd

IronRidge Resources building strength in lithium and gold

Snapshot

In March, IronRidge reported multiple new high-grade lithium pegmatite intersections in reverse circulation drilling at Ewoyaa

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Quick facts: IronRidge Resources Ltd

Price: £0.15

Market: AIM
Market Cap: £47.13 m
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  • Ironridge Resources Limited (LON:IRR) has a diverse portfolio of early stage assets in West Africa and Australia.

  • Efforts currently are focused on lithium in Ghana and gold in the Ivory Coast

  • Company valued at £52.2mln at 16.9p

 

What it owns

 

Ghana

The combined land package in Ghana now totals over 645 sq km of highly prospective granted and under application lithium pegmatite tenure, including the advanced Ewoyaa and Abonku prospects, and re-discovered historic Egyasimanku Hill, which contains a historic resource of 1.48mln tonnes at 1.66% Li2O (lithoum oxide).

In March, IronRidge reported multiple new high-grade lithium pegmatite intersections in reverse circulation drilling at Ewoyaa and at the new Abonko discovery in Ghana, West Africa.

Highlights from infill drilling at Ewoyaa include 80 metres grading 1.52% lithium oxide, 68 metres grading 1.31% Li2O, and 60 metres grading 1.34% Li2O.

Metallurgcial test work also idicated a high-grade spodumene concentrate with low level contaminants can be produced by simple crushing to 6.3mm and using gravity Dense Media Separation.

This implies that the project will have a low capital intensity, since no flotation treatment was needed.

IronRidge presented Ewoyaa to VW in August as part of a roadshow to hihglight the potential of the asset to a number of EV manufacturers.

Ivory Coast

In Cote D’Ivoire, Ironridge has access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,110km2 and 400km2 area respectively. 

At Zaranou, channel and rock-chip samples to define an 8km high-priority target zone  recorded six metres grading 3.67 grams per tonne gold and three metres at 4.13grams.

Gabon

In Gabon, Ironridge has two province-scale iron ore projects.

Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. 

Chad

Ironridge has access to 1,000sq km of ground highly prospective for gold and other mineral projects in Chad, Central Africa. 

The Dorothe, Echbara, Am Ouchar, Nabagay and Ade licences host multiple, large-scale gold projects. 

Initial trenching results at Dorothe has defined significant gold mineralised quartz veining over a confirmed 1km strike

Australia

Ironridge’s Monogorilby project in Australia is prospective for province-scale titanium and bauxite, and already boasts an initial maiden resource of 54.9mln tonnes 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.

May Queen is located within the Monogorilby licence and is highly prospective for gold. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including two metres at 73.4 g/t gold.

 

What the boss says, Vincent Mascolo, CEO

“Drilling results continue to confirm that Ewoyaa is a significant discovery, which is high-grade and spodumene dominant, the preferred feedstock for end users.

"Located within 100 kilometres trucking distance of an operating deep-sea port and within one kilometre of a bitumen highway, Ewoyaa is well positioned to benefit from existing infrastructure.“

Inflexion points

  • Exploration of Zaranou gold project in Côte d'Ivoire hitting good grades .
  • The exploration licence covers 397 square kilometres of ground
  • Metallurgical work at Ewoyaa confirms simple crushing and gravity beneficiation techniques can be used
  • Resource and feasibility study underway at Ewoyaa, which is being shown off to potential EV makers
  • Further exploration in Chad

 

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