IronRidge Resources Ltd (LON:IRR) told investors that visible mineralisation has been observed in holes during its ongoing drill programme at the Ewoyaa lithium project in Ghana.
The company, in a statement, noted that the programme is progressing well with 4,300 metres of reverse circulation drilling completed to date. Three of seven target zones have been tested to date, it added.
It highlighted that visible coarse spodumene mineralisation observed in 36 holes to date, with maximum reported pegmatite intervals of up to 36 metres.
The mineralisation is seen in the majority of pegmatite targets tested to date, with good continuity over up to 300 metres along strike and down-dip.
IronRidge noted that the drill programme is designed to add resource tonnes within the immediate Ewoyaa resource area and test new exploration targets within the adjacent Saltpond license.
“Seeing multiple drill holes with coarse visible spodumene within each of the new pegmatite targets tested to date confirms the growth potential of the project,” said Vincent Mascolo, IronRidge chief executive.
“We are confident the additional targets will increase resource scale and improve project economics, where we have defined Ghana’s first lithium JORC compliant resource of 14.5Mt at 1.31% Li2O and within 110km of an operating deep-sea port.
“This drilling programme is a key part of our work towards expanding the resource base on what is widely considered to be an industry-leading asset.”
Mascolo, meanwhile, highlighted that the company is now evaluating options to fast track the project to production.
It comes amidst rising demand for lithium and its role in the future growth of stored energy initiatives.