IronRidge Resources secures exploration rights for licences in Ghana

23 April 2018 (Last Updated April 23rd, 2018 14:28)

IronRidge Resources has secured exclusive exploration rights to the Saltpond exploration license and Cape Coast application in Ghana after finalising a joint venture (JV) with Joy Transporters.

IronRidge Resources has secured exclusive exploration rights to the Saltpond exploration license and Cape Coast application in Ghana after finalising a joint venture (JV) with Joy Transporters.

Joy Transporters is the registered licence holder of the Saltpond licence and the Cape Coast project licence application.

"The addition of these strategic and highly prospective licences to our lithium portfolio dovetails nicely into our exciting and advancing lithium portfolio in Ghana."

The JV tenure will grant IronRidge access to a tenure covering a combined 318km² surface area of highly prospective geology adjacent to its Ewoyaa lithium prospect, where earthworks are currently underway and a maiden drill programme is expected to take place in the coming weeks.

The acquisition increases the company’s Cape Coast portfolio to a total area of around 645km², including Ewoyaa, Abonku and the historic Egyasimanku Hill lithium deposit.

Additionally, the latest acquisition complements IronRidge’s lithium portfolio in neighbouring Cote D’Ivoire.

IronRidge Resources CEO Vincent Mascolo said: “The addition of these strategic and highly prospective licences to our lithium portfolio dovetails nicely into our exciting and advancing lithium portfolio in Ghana, where we see enormous potential in the stored energy space and beyond.

“We are very pleased to have secured a joint venture arrangement with Joy Transporters who are a highly professional and experienced team with a proven track record in mining and stevedore logistics, which bodes well for the future development of our Cape Coast portfolio.”

The company has begun a soil sampling programme across the Saltpond licence in an attempt to identify additional pegmatite targets.

The newly acquired projects are located in close proximity to the operating Takoradi deepsea port.