IronRidge Resources Limited – DRILLING UPDATE, GHANA LITHIUM PROJECTS

IronRidge Resources Limited – DRILLING UPDATE, GHANA LITHIUM PROJECTS

IronRidge Resources Limited (AIM: IRR) is pleased to announce multiple, broad visible pegmatite intersections in reverse circulation drilling currently underway at the Ewoyaa Project in Ghana, West Africa.

HIGHLIGHTS: 

  • Multiple, broad visible pegmatite intersections in Reverse Circulation (RC) drilling currently underway at the Ewoyaa Project.
  • Broad, visible pegmatite intersections within first nine holes drilled, including:
    – Continuous 130m pegmatite interval from surface in hole GRC0004
    – 62m interval from 58m depth in hole GRC0007
    – 40m interval from 128m depth in hole GRC0008
  • Interpreted true pegmatite thickness between 20m to 60m intersected over 140m vertical depth and >300m strike length in current drilling within the central zone; open in all directions.
  • Pegmatite open at depth on each drill section and additional three target zones to be tested over 1km strike within the current drilling programme at the Ewoyaa project.
  • Suspected spodumene mineralisation intersected in pegmatites as well as potential lepidolite (lithium rich mica) mineralisation encountered.
  • Drilling samples from first 9 holes sent to the laboratory for analysis; assays expected within the next two months.
  • RC drilling ongoing with diamond core drilling planned on completion of RC for preliminary metallurgical test-work.
  • Ideal infrastructure support; projects located within 90km of the operating Takoradi deep-sea port, within 100km of the capital Accra and adjacent to the national highway and grid power.
  • Highly supportive government; long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.

Reference to figures and tables relate to the PDF version of this release visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4436P_-2018-5-29.pdf

Commenting on the Company’s latest progress, Len Kolff, Chief Geologist of IronRidge, said:

“130m of continuous visible pegmatite from surface in RC drilling is a very significant drill intersection; notwithstanding multiple additional visible pegmatite intersections including 62m and 40m in the first nine holes drilled.

“True pegmatite widths have been interpreted between 20m to 60m, with drilling having tested to 140m vertical depth and >300m strike, and mineralisation open down dip and along strike.

“With assays pending within the next two months and the high-grade surface trenching results reported previously including 100m @ 1.57% Li20 (incl. 40m @ 1.93% and 15m @ 2.18% Li2O), we are eagerly awaiting the results.

“The proximity of the project to an operating port, the national highway and grid power within the pro-mining jurisdiction of Ghana is potentially a real positive.”

Drilling Update, Ewoyaa Project

Multiple, broad visible pegmatite zones have been intersected in the first nine reverse circulation (RC) holes completed over the central zone of the Ewoyaa Project. The first phase 5,000m drilling programme is ongoing, currently assessing the southern and northern zones of the Ewoyaa Project and expected to be completed within the coming months (see Figures 2, 6 and 7).

Significant visible pegmatite intervals have been observed in RC drill chips, including a continuous pegmatite interval over 130m from surface in hole GRC0004, a 62m interval from 58m depth in hole GRC0007 and a 40m interval from 128m depth in hole GRC0008. Multiple additional visible pegmatite intersections were recorded with all visible intervals listed in Table 1 and shown in Figures 3, 4 and 5, assays pending.

An initial interpretation of the visual drilling results suggests true pegmatite widths within the central zone of 20m to 60m to depths greater than 140m and over a minimum 300m strike, with mineralisation open in all directions (see Figures 2,3, 4 and 5).

Samples from the first nine RC drill holes have been sent to SGS Ghana for sample preparation and analysis in SGS South Africa. Results are expected within one to two 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.

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