IronRidge Resources Ltd (LON:IRR) reported additional high-grade lithium pegmatite drill intersections, including multiple drill intersections over 2% lithium oxide, at new targets adjacent to the Ewoyaa lithium project in Ghana.
IronRidge has already defined a JORC compliant mineral resource estimate of 14.5mln tonnes at 1.31% lithium oxide (Li2O) in the inferred and indicated categories.
Among the highlights from the recent drill results were 18 metres at 2.24% Li2O, and 17 metres at 1.5% Li2O.
The company returned multiple drill intersections grading over 2% Li2O from new targets tested. Notable among the results was a flat-lying sill structure at the Anokyi South target, where a true width between five and 12 metres was identified over 230 metre by 130 metre area. This remains open at depth and to the north-west.
The highest reported grade to date has been 4.24% Li2O over one metre.
Drilling remains ongoing.
"We are excited to have defined a new mineralised structure at the Anokyi South target where a flat-lying five-to-12 metre thick pegmatite sill with consistent grades over 2% Li2O has been intersected in multiple holes and remains open down dip and along strike to the north-west,” said Vincent Mascolo, chief executive of IronRidge.
"Targeting a plus 10-year mine life, it is estimated that every additional year of production will add around US$40mln in NPV per annum on a scoping study that has defined a Post-tax NPV8 of US$345mln over an eight-year life of mine.”