IronRidge Resources Limited acquires Ghana project

IronRidge Resources Limited, the global mineral exploration company with exploration tenements in Gabon, West Africa and Queensland, Australia, has announced the acquisition of a highly prospect hard rock lithium tenement package in Ghana, West Africa.

Global demand for lithium is increasing at an unprecedented rate since the emergence of consumer electronics, the electric vehicle and energy storage markets, driven by a desire to reduce carbon emissions and improve efficiencies.

The project, located on the southern margin of the Cape Coast Batholith, a 100x200km granitict intrusive complex. The company has announced that the site contains multiple untested pegmatite occurrences identified - including lithium, tin, tantalum, niobium and beryllium targets throughout the tenement package.

Speaking of the company’s progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said: “Our global search initiatives continue to yield positive results with this advanced opportunity, an impressive historical lithium resource complimented with adjacent highly prospective licenses and applications is a timely opportunity considering the emerging battery and storage energy markets.

"We are very excited about the emerging energy space and today's news development presents a compelling opportunity covering resource scale potential, simple mineralogy, proximity to infrastructure and mining friendly jurisdiction, all imply the potential for a first quartile, low capital and operating intensity project."

The Company has entered into a Joint Venture Agreement with Obotan Minerals Ltd and Merlink Resources Ltd of Ghana, West Africa, under which IronRidge can acquire up to 100% of the projects through staged earn in arrangements and expenditure to Feasibility Study within a 4-year period subject to Obotan and Merlink retaining a NSR of 2.5% of which 50% may be acquired for US$3 million at any stage. Funding will be used to undertake further exploration work and, pending results, defining a maiden resource and complete project studies.

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