IronRidge confirms arrangements with Enchi Proci go unconditional

IronRidge Resources announced on Friday that the joint venture earn-in arrangements with Enchi Proci for the Adzope license application was now unconditional.

The AIM-traded company also announcd that two of its wholly-owned applications had now been registered on the cadastral map.

“This provides IronRidge with exclusive rights to a prospective lithium license portfolio covering 1,177 sq km in Ivory Coast, West Africa, complementing the company's exciting lithium portfolio in neighbouring Ghana,” the board said in its statement.

The conditional agreement with Enchi was first announced on 13 September 2016, and the company's wholly-owned applications were first announced on 25 November.

IronRidge said the highlights of the arrangements included the satisfaction by Enchi of all earn-in agreement terms to successfully ratify the partnership with IronRidge.

Access rights had been secured to one application through the partnership covering 400 sq km, and access rights had been secured to two wholly owned applications covering a further 777 sq km for a total 1,177 sq km prospective lithium portfolio in Ivory Coast.

A technical due diligence programme including 54 rock chip samples had been completed across the project area, the board said, adding that the 1,177 sq km Ivory Coast exploration portfolio complemented the company's “advanced and exciting” 314k sq km high-grade lithium exploration portfolio in Ghana.

The project was said to be well-positioned within 75 kilometres of the capital Abidjan, with “excellent” infrastructure, logistics and services support for potential rapid development.