Source: IronRidge Resources Press Release
Multiple New High-Grade Drilling Intersections New Pegmatite Targets Defined Ewoyaa and Abonko Lithium Pegmatite Project Ghana, West Africa
Commenting on the Company’s latest progress, Vincent Mascolo, CEO & Managing Director of IronRidge, said:
“Drilling results continue to confirm that Ewoyaa is a significant discovery, which is high-grade and spodumene dominant; the preferred feedstock for end users.
“Located within 100km trucking distance of an operating deep-sea port and within 1km of a bitumen highway, Ewoyaa is well positioned to benefit from existing infrastructure.
“In addition, the project is situated in the favourable, pro-mining jurisdiction of Ghana, which is ideal for the future development of the Cape Coast Lithium Portfolio.
“Confirmation of grade and continuity of mineralisation between 50m spaced cross-sections within the Central Zone of the main Ewoyaa deposit is very positive and bodes well for future resource estimation, as well as simplicity of mine design and process flow-sheet.
“Ongoing mineralisation discovery within the immediate project area, including new pegmatites at Ewoyaa and Abonko and step out drilling extending the known high-grade mineralisation at Ewoyaa an additional 250m of strike is highly encouraging.
“The recently discovered high-grade spodumene dominant pegmatites at Abonko, and around Ewoyaa, is significant as it adds further resource scale potential.
“Field teams have finalised metallurgical sampling, with 427kg of diamond drill core being dispatched to Nagrom laboratory in Perth for preliminary metallurgical test-work with initial results expected in the coming months.
“Concurrently, field teams are continuing regional pitting programmes around the Ewoyaa-Abonko pegmatite cluster which continues to deliver new pegmatite discoveries for future drill testing, as well as successfully completing a Ground Penetrating Radar (‘GPR’) survey to target pegmatites at depth.”
Second Phase Drilling Results:
Final assay results have been received for the second phase RC drill programme completed during December 2018. A total of 44 drill holes for 4,684m of RC drilling was completed at Ewoyaa and Abonko.
Drilling was designed to test mineralisation continuity within the known Ewoyaa deposit footprint for resource estimation, also testing strike extensions at Ewoyaa where mineralisation was/is still open and to test newly defined targets at Abonko and peripheral to Ewoyaa where mapping and pitting had defined pegmatite targets (refer Figure 1).
Infill Resource Drilling:
Drilling intersected multiple spodumene mineralised pegmatite intervals across the Ewoyaa and Abonko target areas with all intersections listed in Table 1 (minimum 3m intersection length, 0.4% Li2O cut-off to pegmatite contact and a maximum 4m internal dilution) and on Figure 2 and Figure 3. All drilling results to date are shown on Figure 6.
Broad, high-grade spodumene dominant pegmatites were intersected within two resource infill sections within the central zone of the Ewoyaa project. High-grade results demonstrate good continuity between previously announced results (refer RNS of 8 October 2018) and confirm broad, spodumene dominant pegmatite intersections (refer Figure 2) including highlights:
• GRC0081: 80m @ 1.52% Li2O from surface, including 22m @ 1.76% Li2O from 52m
• GRC0082: 68m @ 1.31% Li2O from 45m, including 10m @ 1.8% Li2O from 64m & 6m @ 1.81% Li2O
• GRC0084: 60m @ 1.34% Li2O from 14m, including 44m @ 1.62% Li2O from 16m
• GRC0084: 19m @ 1.25% Li2O from 103m, including 11m @ 1.48% Li2O from 103m
Step out extensional drilling at the Ewoyaa North zone increased mineralised strike a further 250m with mineralisation remaining open in a north-east and south-west direction. Multiple spodumene dominant lithium pegmatite intersections (refer Figure 2) were returned including highlights:
• GRC0100: 32m @ 1.04% Li2O from 51m, including 20m @ 1.22% Li2O from 61m
• GRC0079: 25m @ 1.31% Li2O from 46m, including 5m @ 2.44% Li2O from 51m
• GRC0074: 28m @ 1.12% Li2O from 91m
• GRC0075: 19m @ 1.08% Li2O from 125m
Exploration drilling of new pegmatite targets defined in pitting peripheral to the Ewoyaa deposit (refer RNS of 10 December 2018) returned mixed results with new weathered and spodumene lithium pegmatites intersected in 40% of holes drilled (refer Figure 2). Importantly, new spodumene pegmatite trends were intersected outside of the known main Ewoyaa deposit, demonstrating the potential for additional resource upside within the immediate project area, and in addition with the Abonko target. Highlights from the Ewoyaa exploration drilling include:
• GRC0091: 13m @ 0.97% Li2O from 59m, including 5m @ 1.25% Li2O from 59m
• GRC0090: 15m @ 0.79% Li2O from 69m
• GRC0090: 22m @ 0.47% Li2O from 27m
• GRC0076: 8m @ 1% Li2O from 61m
• GRC0092: 7m @ 1.1% Li2O from 70m
• GRC0093: 6m @ 1% Li2O from 97m
• GRC0077: weathered pegmatite from 0m to 44m
• GRC0078: weathered pegmatite from 0m to 20m
Exploration drilling of pegmatite targets defined at Abonko intersected high-grade, spodumene dominant pegmatite intervals within three of the five targets tested (refer Figure 3). Intervals are narrower but generally higher grade and visually coarser grained spodumene in RC drill chips and outcrop, than those intersected in Ewoyaa, and will likely form valuable high-grade satellite deposits to the main Ewoyaa deposit. Highlights from the Abonko exploration drilling include:
• GRC0061: 25m @ 1.15% Li2O from 90m, including 8m @ 1.92% Li2O from 98m and 4m @ 1.56% Li2O from 110m
• GRC0066: 14m @ 1.93% Li2O from 16m
• GRC0065: 13m @ 2% Li2O from 45m
• GRC0060: 13m @ 1.4% Li2O from 37m
• GRC0064: 8m @ 1.61% Li2O from 18m
• GRC0067: 6m @ 1.86% Li2O from 46m
Regional Exploration Ongoing:
Regional exploration pitting has continued concurrent with the drilling programme. Pitting has focussed around the Ewoyaa pegmatite footprint as a high priority zone to discover additional satellite spodumene pegmatites. Pitting remains ongoing and infill pitting is underway to better define the newly discovered pegmatite targets. Three high-priority pegmatite targets have been discovered 200m to 500m west of Ewoyaa with the highest priority pegmatite target covering a 500m x 100m area (refer Figure 4).
Concurrently Ground Penetrating Radar (‘GPR’) has been trialled to assess its use as an exploration tool to seethrough weathered cover to define new pegmatite targets as well as better define dips of pegmatite targets defined in pitting prior to drill testing. The trial has proved successful in that GPR can be used to map depth of weathering over the Ewoyaa deposit to assist in geological modelling, as well as defining direct geophysical‘reflector’ targets which may represent pegmatites to depths up to 30m below surface in some instances (referFigure 5).
Metallurgical sampling of the completed diamond drill holes (refer RNS 31 January 2019) has been completed and 427kg of diamond drill core currently being air freighted to Nagrom laboratory in Perth, Western Australia for preliminary metallurgical test-work. Results from the initial test-work are expected in the coming months.
The Board is pleased with the progress that the Company has made to date and looks forward to keeping shareholders updated as further news becomes available.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For any further information please contact:
IronRidge Resources Limited
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Officer) Karl Schlobohm (Company Secretary) – Tel: +61 7 3303 0610
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Charlie Bouverat – Tel: +44 (0)20 3470 0470
Yellow Jersey PR Limited
Felicity Winkles Harriet Jackson – Tel: +44 (0) 7544 275882
Competent Person Statement:
Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.
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