Shares of IronRidge Resources (LON: IRR) are trading higher on Tuesday after the company reported additional high-grade lithium pegmatite drill intersections, including multiple drill intersections over 2% lithium oxide at a new target adjacent to the Ewoyaa Lithium Project in Ghana.
IronRidge’s share price is up 0.93% at 21.1p per share heading into London’s last hour of trading.
The drilling program is designed to test multiple new targets identified through the company’s recent and ongoing auger drill program.
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The company’s current JORC (2012) compliant mineral resource is estimated to be around 14.5 million tonnes at 1.31% Li2O.
Commenting on the progress, IronRidge CEO Vincent Mascolo said: “Given the resurgence in the EV and stored energy space, spodumene concentrate pricing is increasing and forecast to climb significantly which bodes well for improved economics for the Ewoyaa Lithium Project.
“The project is well leveraged to spodumene concentrate (“SC6”) pricing; it is estimated that every US$25/t SC6 price rise results in an additional US$60m to the post-tax NPV over an 8-year mine life and an additional US$75m to the post-tax NPV over a 10-year mine life.”
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