IronRidge Resources Limited announces the commencement of drilling at the Ewoyaa Lithium Project ("Ewoyaa" or "ELP"), where it has defined a JORC compliant mineral resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category, including 4.5Mt at 1.39% Li2O in the indicated category in Ghana, West Africa.
Ø Drilling contractor GeoDrill Limited ("GeoDrill") mobilised to site and drilling commenced.
Ø First RC drill hole (GRC0199) intersects visible spodumene on a new pegmatite target within 500m of the current resource.
Ø 12,500m reverse circulation ("RC") drilling programme designed to add resource tonnes within the immediate Ewoyaa resource area.
Ø Approximately 10,000m of RC drilling designed to test seven new high-priority pegmatite targets, including outcropping spodumene pegmatite within the immediate Ewoyaa Lithium Project area to add potential resource tonnes.
Ø Approximately 2,500m of exploration RC drilling planned to test an additional three exploration targets; Ndasiman, Amoanda and Hweda within the Saltpond and Apam West licenses (refer RNS of 30 June 2020 and 7 Aug 2018).
Ø 6km of new access roads and 85 drill pads prepared within the Ewoyaa project area.
Ø Ideal infrastructure support: projects 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.
Ø Highly supportive government; long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.
Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
"We are delighted to report that drilling has commenced at the Ewoyaa Lithium Project, where we have defined Ghana's first lithium JORC compliant resource of 14.5Mt at 1.31% Li2O in the inferred and indicated category within 110km of an operating deep-sea port.
"Our first RC drill hole of the season has intersected 13m of visible spodumene mineralisation on a new pegmatite target within 500m of the current resource and from a depth of 34m down hole.
"The approximate 12,500m RC programme is designed to rapidly test seven new high-priority pegmatite targets within the immediate Ewoyaa resource area uncovered by the recently completed auger drilling programme, as well as test three exploration targets within the Saltpond and Apam West licenses.
"The single largest new pegmatite defined within the ELP corridor is 460m long and up to 30m apparent width with outcropping spodumene observed and the potential to add significant resource tonnes within the immediate project area.
"Over 6km of drill access and 85 drill pads have already been cleared and ready for drilling.
"Additionally, we will drill test the Ndasiman, Amoanda and Hweda exploration targets with approximately 2,500m of RC drilling, respectively 9km, 8km and 27km as the crow flies from Ewoyaa. The exploration targets occur within the adjoining exploration licenses and form part of our ongoing pipeline of project development within the highly prospective 684km2 lithium portfolio.
"Despite the challenges faced in the past year, IronRidge has made significant progress in driving its lithium assets and the Ewoyaa Lithium Project forward.
"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."