Africa-focused minerals explorer IronRidge Resources has found additional high-grade lithium pegmatite drill intersections, including multiple drill intersections over 2% lithium oxide, at new targets adjacent to the Ewoyaa lithium project (ELP), in Ghana.

The company has a defined Joint Ore Reserves Committee- (Jorc-) compliant mineral resource estimate of 14.5-million tonnes at 1.31% lithium oxide (Li₂O) in the inferred and indicated category, including 4.5-million tonnes at 1.39% Li₂O in the indicated category at ELP.

Commenting on IronRidge’s latest progress, CEO Vincent Mascolo says the company has “defined a new mineralised structure at the Anokyi South target where a flat-lying between 5-m- and 12-m-thick pegmatite sill with consistent grades over 2% Li₂O has been intersected in multiple holes and remains open down dip and along strike to the north-west”.

He explains that IronRidge has surpassed its previous highest grade intersected to date with over 4.2% Li₂O over 1 m in hole GRC0269A and can report multiple drill intersections over 2% Li₂O at new targets tested.

“Targeting a plus-ten-year mine life, it is estimated that every additional year of production will add about $40-million in net present value (NPV) [a year] on a scoping study that has defined a post-tax NPV of $345-million over an eight-year life-of-mine.”

Given the resurgence in the enterprise value and stored energy space, spodumene concentrate pricing is increasing and forecast to climb significantly which bodes well for improved economics for the ELP, IronRidge adds.

“The project is well leveraged to spodumene concentrate (SC6) pricing; it is estimated that every $25/t SC6 price rise results in an additional $60-million to the post-tax NPV over an eight-year mine life and an additional $75-million to the post-tax NPV over a ten-year mine life,” Mascolo says.

He adds that the company is “well positioned” to take advantage of the increasing demand for lithium and its role in the stored energy transition.