Africa-focused mining exploration company IronRidge Resources announced on Friday that its application to Cape Coast had been granted as an exploration license.
The AIM-listed company said the newly granted license is adjacent to the Mankessim exploration license in Ghana, which is home to the Ewoyaa Lithium project, where the company had set an initial mineral resource estimate in line with the 2012 JORC of 14.5 Mt at 1.31% lithium oxide. in the inferred and indicated category, including 4.5 Mt at 1.39% lithium oxide in the indicated category.
It said granting the license would give it access to 139.23 square kilometers of “very promising” lithium tenure and strengthen its Cape Coast lithium portfolio.
The company said Cape Coast’s initial application was for 264 square kilometers, with 139.23 square kilometers granted under mining regulations, bringing Cape Coast’s total lithium portfolio in Ghana to 560 square kilometers.
He said only 13 square kilometers of IronRidge’s 560 square kilometer portfolio in Cape Coast had been drill tested to date, with “significant” exploration potential in a proven prospective pegmatite hosting terrain.
IronRidge said the project had an “ideal” infrastructure backing, with the projects located within 110 kilometers of the deepwater port of Takoradi, within 100 kilometers of the capital Accra, and next to the sea. sealed Takoradi-Accra highway and high power transmission lines. .
âWe are very pleased to have obtained this Cape Coast exploration license, strengthening our existing portfolio in Ghana,â said Managing Director Vincent Mascolo.
âWe will act aggressively to begin regional exploration on the permit to define additional pegmatite targets.
âThe license is exceptionally well located, both geologically and in terms of infrastructure, and gives the company access to an additional 139 km2 of very promising geology, adjacent to the company’s Ewoyaa Lithium project. “
Mascolo said the company was “confident” that the additional exploration permit would help generate targets to potentially increase resource scale and improve the overall economy of the Ewoyaa project, where it had defined the first compliant lithium resource. at Ghana’s JORC of 14.5 Mt at 1.31% lithium oxide, within 110 kilometers of an active deep-water port.
âThe company is uniquely positioned to take advantage of the growing demand for lithium due to its role in the stored energy transition and we look forward to keeping shareholders informed as further results become available. “
At 10:20 GMT shares of IronRidge Resources were up 4.88% to 22.55p.