IronRidge Resources acquires another licence in Ghana

IronRidge Resources announced the acquisition of an additional highly prospective “hard-rock” lithium pegmatite license in Ghana, West Africa on Thursday.

The AIM-traded firm said the highly prospective licence covers multiple lithium bearing pegmatite vein swarms, and is adjacent to its existing lithium project portfolio.

It covers a 76 square kilometre area of highly prospective geology with outcropping lithium bearing pegmatites.

Historic reports suggest the existence of eight lithium bearing pegmatites within the licence area between 350 ft to 560 ft strike length, 30 ft to 80 feet width and 0.5- 2.2% Li2O grade from mapping and bulk sampling by the Ghana Geological Survey.

Multiple untested pegmatite occurrences have been identified including lithium, tin, tantalum, niobium and beryllium targets throughout the license and project area.

The licence is adjacent to the coast and within 100km of the capital city Accra, with “excellent” infrastructure, logistics and services support for potential rapid development.

“This acquisition further consolidates our West African lithium portfolio and strategy,” said IronRidge CEO Vincent Mascolo.

“We see enormous potential in supplying the growing energy industry with lithium.

“Securing the remaining area of interest directly complements our recent acquisition activity in this space in Ghana.”

Mascolo said the asset presents a strategic opportunity that consolidates and covers resource scale potential, simple mineralogy and proximity to infrastructure in a mining-friendly jurisdiction of Ghana.

“We believe this endorses the potential for the project success as a first quartile cost producer, with low capital expenditure requirements and a simple mining and treatment process.”