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IronRidge sees “exciting” year ahead

The company completed exploration results at the Ewoyaa lithium mine in Ghana and secured the Zaranou gold project in Cote d'Ivoire

IronRidge Resources Ltd -
The focus is on projects in Africa and Australia

IronRidge Resources Ltd (LON:IRR) said it has an “exciting year” ahead as it makes progress at its exploration projects in Africa and Australia.

In the financial year ending June 2019, the AIM-listed company completed exploration results at the Ewoyaa lithium mine in Ghana and secured the Zaranou gold project in Cote d'Ivoire, where it will start an air core drill programme next month.

READ: IronRidge Resources making progress with Ghana lithium project

Exploration and evaluation expenditure was £13.5mln (A$24.7mln), increasing from last year’s £4.5mln (A$8.3mln) as it conducted exploration programs in Ghana, Ivory Coast, Chad and Australia. The cash position was £3.6mln.

In August, the company signed a ‘drilling for equity’ deal with drilling contractor GeoDrill Ltd (TSE:GEO) for up to £3.2mln (US$4mln) in ordinary shares.

Shares were down 1.33% to 14.06p in the early afternoon.

Quick facts: IronRidge Resources Ltd

Price: 10.18 GBX

AIM:IRR
Market: AIM
Market Cap: £33.83 m
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