The Cape Coast application has been granted as an exploration license. IronRidge Resources announced that the newly granted license is adjacent to the Mankessim exploration license which hosts the Ewoyaa Lithium Project, where the Company has defined an initial JORC 2012 compliant mineral resource estimate of 14.5 Mt at 1.31% Li2O in the inferred and indicated category, including 4.5 Mt at 1.39% Li2O in the indicated category in Ghana, West Africa.
“We are very pleased to have been granted this Cape Coast exploration license, strengthening our existing portfolio in Ghana. We will move aggressively to commence regional exploration on the license to define additional pegmatite targets. The license is exceptionally well located, both geologically and from an infrastructure perspective, and provides the Company with access to an additional 139 km2 of highly prospective geology, adjacent to the Company’s Ewoyaa Lithium Project.
“We are confident the additional exploration tenure will help generate targets to potentially increase resource scale and improve overall Ewoyaa project economics, where we have defined Ghana’s first lithium JORC compliant resource of 14.5 Mt at 1.31% Li2O, within 110 km of an operating deep-sea port.
“The Company is ideally positioned to take advantage of the increasing demand for lithium due to its role in the stored energy transition and we look forward to keeping shareholders updated as further results become available,” said Vincent Mascolo, CEO of IronRidge.
Cape Coast exploration license now granted, providing the Company access to 139.23 km2 of highly prospective lithium tenure. Newly granted license further bolsters the Company’s Cape Coast Lithium Portfolio, which hosts the 14.5 Mt at 1.31% Li2O Ewoyaa Lithium resource (JORC) and the historic 1.48Mt at 1.66% Li2O Egyasimanku Hill deposit (non-JORC).
Original Cape Coast application for 264 km2 with 139.23 km2 granted in line with mining regulations, bringing total Ghana Cape Coast Lithium Portfolio to 560 km2. Only 13 km2 of IronRidge’s 560 km2 Cape Coast Lithium Portfolio drill tested to date; significant exploration potential within proven prospective pegmatite hosting terrain.