IronRidge Resources Ltd (LON:IRR) said multiple high-grade lithium targets were identified adjacent to the Ewoyaa lithium project (ELP) in Ghana.
The best initial results from reverse circulation drilling on the new targets included 13 metres at 1.86% Li2O (lithium oxide); 12 metres at 1.74% Li2O and 10 metres at 1.71% Li2O.
"We are very pleased with the initial results received, which have confirmed the high-grades and mineralisation continuity seen in the first pegmatites drill tested," said chief executive Vincent Mascolo. "High-grade mineralisation has been confirmed over a combined 440m of strike, with true widths between 10m to 12m which remains open at depth and along strike to the east."
He added that drilling was progressing well with about 7,800 metres completed so far of the planned 12,500 metre programme. The remaining drilling is estimated to be completed in April 2021. The drilling programme is designed to add resource tonnes within the immediate ELP resource area and test new exploration targets within the adjacent Saltpond license.
"We are confident the additional targets will increase resource scale and improve project economics," he said.
The AIM-listed company said it is looking at options to fast track the project to production.
The project, which is located within 110km of an operating deep-sea port, contains an estimated 14.5mln tonnes at 1.31% Li2O in the inferred and indicated category, including 4.5mln tonnes at 1.39% Li2O in the indicated category. The company has defined Ghana's first lithium JORC compliant resource.
"The company is well positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition," said Mascolo.