6th Sep 2016 09:53
LONDON (Alliance News) - IronRidge Resources Ltd on Tuesday said it has acquired a highly prospective "hard-rock" lithium tenement package and associated access rights to a lithium resource in Ghana.
The London-listed miner said it has secured rights to acquire the historic Egyasimanku Hill spodumene rich lithium resource through its joint venture agreement with Obotan Minerals Co Ltd and Merlink Resources Ltd.
The company can acquire up to 100% of the projects through staged earn-in arrangements and expenditure to feasibility study within a four-year period subject to Obotan and Merlink retaining a net smelter return of 2.5% of which 50% may be acquired for USD3.0 million at any stage.
IronRidge said the deposit occurs within the Yenku Forest Reserve in Ghana, West Africa, and the application for access rights had been lodged by the joint venture partner. Approval of this is pending and there is no certainty that a grant of access will be assigned at this stage, IronRidge said.
IronRidge said that it has also submitted a licence application over an area to the east of the resource and along interpreted extensions of the pegmatite trend at the site. This is pending approval.
"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," said Chief Executive Vincent Mascolo.
Shares in IronRidge were up 4.2% at 13.55 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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