IronRidge Resources Ltd (AIM:IRR, OTCQX:IRRLF) landed an exploration licence for the Cape Coast project, which is part of the company’s prospective lithium portfolio in Ghana.
Cape Coast spans some 139.23 square kilometres of what’s described as “highly prospective” lithium tenure.
The newly granted license is adjacent to the Mankessim exploration license which hosts the Ewoyaa Lithium Project, the company said. Ewoyaa is host to the company’s initial JORC 2012 compliant mineral resource estimate (14.5mln tonnes at 1.31% lithium oxide, across the inferred and indicated categories).
Also nearby is the historic Egyasimanku Hill deposit, previously estimated at 1.48Mt at 1.66% Li2O (non-JORC).
Altogether the company’s portfolio here spans some 560 square kilometres, and IronRidge highlighted that only 13 square kilometres of that ground has been tested by drilling.
"We are very pleased to have been granted this Cape Coast exploration license, strengthening our existing portfolio in Ghana,” said chief executive Vincent Mascolo. “We will move aggressively to commence regional exploration on the license to define additional pegmatite targets.
"The license is exceptionally well located, both geologically and from an infrastructure perspective, and provides the company with access to an additional 139 square kilometres of highly prospective geology, adjacent to the company's Ewoyaa Lithium Project.
"We are confident the additional exploration tenure will help generate targets to potentially increase resource scale and improve overall Ewoyaa project economics.”
Mascolo added: “The company is ideally positioned to take advantage of the increasing demand for lithium due to its role in the stored energy transition and we look forward to keeping shareholders updated as further results become available."
IronRidge said the Cape Coast project would be supported by ideal infrastructure. The project area is located within 110km of the operating Takoradi deep-sea port, within 100km of the capital Accra and adjacent to the sealed Takoradi - Accra highway and high-power transmission lines. And, highlighted that the government of Ghana is highly supportive with a long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.