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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: 10.125 GBX

AIM:IRR
Market: AIM
Market Cap: £31.62 m
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  • IronRidge 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

  • Resources estimate expected for lithium assets early in 2020

 

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).

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.

Metallurgical test work also indicated 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 highlight the potential of the asset to EV manufacturers.

A maiden resource for these Cape Coast lithium assets is scheduled for the first quarter of 2020.

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. A drone survey has been undertaken to identify drill targets.

Results from shallow drilling at Bianouan in September indicated grades up to 5.87g/t gold down to 50m.

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.

A wide-ranging electrical resistivity programme has also identified multiple anomalies were identified that coincided with the high-grade gold trenching anomalies.

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.

 

How is it doing

Exploration and evaluation expenditure was £13.5mln (A$24.7mln) in the year to June 2019 increasing £4.5mln (A$8.3mln) as it conducted exploration programmes in Ghana, Ivory Coast, Chad and Australia. The cash position at the year-end was £3.6mln.

 

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

  • Drilling of Zaranou gold project in Côte d'Ivoire.
  • 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 following IP study at Dorothe

 

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