Ghana will soon be among the World's producers of lithium  after  an Agreement with IronRidge Resources Limited to carry on with exploration  on deposit of 1.48Mt at 1.66% Li2O (lithium) resource at Egyasimanku Hill in the Central Region.

Historic surveys  dating back 50 years indicate a potential deposit of 1.48Mt at 1.66% Li2O (lithium)  in and around the deposit.

The Australian mining Company  acquired  a "historic" highly prospective hard-rock lithium tenement package with associated access rights to proceed with exploration works.

Through the Joint Venture Agreement with Obotan Minerals and Merlink resources, IronRidge Resources Limited   has secured the  rights to acquire the historic Egyasimanku Hill spodumene rich lithium resource.

"IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleased to announce the acquisition of a highly prospective 'hard-rock' lithium tenement package and associated access rights to an historic (non-JORC compliant) 1.48Mt at 1.66% Li(2) O lithium resource in Ghana, West Africa", an announcement by the company read.

Under the agreement ,the company can  acquire up to 100% aquisition 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, a statement by IronRidge Resources Limited reveals.

Commenting on the Company's latest 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."

lith

The  deposit, which was drilled by the Ghana Geological Survey in 1962 is located on the southern margin of the Cape Coast Batholith, a major 100x200km granitic intrusive complex occurring along the southern-central coastline of Ghana and part of the West African shield..

The Egyasimanku Hill Lithium deposit occurs within the Yenku Forest Reserve, a designated forested area set aside for the local population. Access rights for minerals exploration and development within a forest reserve are granted to an adjacent exploration license holder with due course on approval from the Forestry Commission, Environmental Protection Agency and the local landholders. The application has been lodged by the Joint Venture partner and approval is pending; no certainty to the grant of access can be assigned at this stage.

Completion of the Investment is subject to certain conditions being met by the Company, Obotan and Merlink, principally in relation to the securing of shareholder approvals.

By Fiifi Abdul-Malik/ghanaguardian.com