IronRidge Resources Limited (LON:IRR) said it expects to compile a maiden resource estimate for the Cape Coast lithium portfolio in Ghana sometime in the first quarter of next year.
The update came alongside a drilling report, which said that visual spodumene-bearing pegmatite zones had been discovered at the Ewoyaa North, Ewoyaa North-East and Abonko areas.
New coarse spodumene-bearing pegmatite has also been found in outcrops and trenching at the Kaampakrom target, one-kilometre north of the Ewoyaa site.
Mineralisation is estimated to extend over a 250-metre strike, though it may be double the length. IronRidge has made two further pegmatite discoveries – on the Ndasiman and Krofo areas.
The progress report said that to date 8,000 metres of a 13,200-metre drill programme has been completed.
"Drilling is progressing well with approximately a third of the planned RC and diamond programme remaining,” said chief operating officer Len Kloff.
“We are pleased to report that drilling has defined new pegmatite zones along the known Ewoyaa deposit footprint, with visual spodumene in RC drill chips and assays pending.”
Pegmatite is the source of hard-rock lithium, while spodumene is the lithium-aluminium mineral contained within it.
Australia, the US, Canada, Ireland, Finland and the Democratic Republic of Congo are known to host pegmatite lithium deposits.
The top-producing spodumene pegmatite operation, known as the Greenbushes Mine, is located in Australia, and is owned by Talison Lithium.