IronRidge Resources Limited (LON:IRR) said drilling has commenced at the Ewoyaa lithium project in Ghana in an attempt to expand the resource at the site.
The AIM-listed company said the first hole drilled has intersected visible spodumene, a source of lithium, on a new target within 500 metres (m) of the current resource, adding that 10,000m of the total 12,500m of planned drilling is designed to test seven high-priority targets to add potential resource tonnes.
READ: IronRidge Resources defines new targets at Ewoyaa Lithium Project
IronRidge said the remaining 2,500m of drilling will test an additional three exploration targets; Ndasiman, Amoanda and Hweda within the Saltpond and Apam West licenses, which are located within adjoining exploration licences and form part of an ongoing pipeline of project development within its “highly prospective” lithium portfolio.
Ewoyaa's current JORC resource estimate stands at 14.5mln tonnes at 1.31% of lithium oxide (Li2O) in the inferred and indicated category, including 4.5mln tonnes at 1.39% Li2O in the indicated category.
"Despite the challenges faced in the past year, IronRidge has made significant progress in driving its lithium assets and the Ewoyaa Lithium Project forward”, IronRidge chief executive Vincent Mascolo said in a statement.
"The company is well-positioned to take advantage of the increasing demand for lithium and its role in the future of stored energy transition. We look forward to keeping shareholders up to date as results become available", he added.