Now Owns 9.9% Of IronRidge Lithium Find
Piedmont Lithium Inc, has completed a 9.9% investment in IronRidge Resources (AIM: IRR) following satisfaction of conditions pursuant to the Subscription Agreement between PLL and IRR announced July 1, 2021.
Piedmont previously entered into a Project Agreement with IRR to acquire up to 50% of IRR’s lithium portfolio in Ghana via staged investments over three to four years supporting exploration, definitive feasibility study, and initial capital costs for IRR’s Ewoyaa Project. The Ewoyaa Project has an initial Mineral Resource estimate of 14.5Mt at 1.31% Li20,
An SC6 supply agreement signed between PLL and IRR in June 2021 gives Piedmont the right to purchase 50% of the production from the Ewoyaa Project at market pricing terms for life-of-mine.
A scoping study announced by IRR in January 2021 outlined a business case for 295,000 tons per year (t/y) of SC6 production from the Ewoyaa Project. Ewoyaa is approximately 70 miles from the port of Takoradi with favourable logistics to ports in North America.
SC6 production from Ewoyaa is expected to support Piedmont’s future lithium hydroxide production plans in North America. Offtake rights from Ewoyaa could support a phased expansion of the Carolina Lithium Project in North Carolina or provide optionality for lithium hydroxide production in Quebec in combination with SC6 offtake from Sayona Quebec and North American Lithium.Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America.
The centrepiece of its operations, Carolina Lithium, is located in the renowned Carolina Tin Spodumene Belt of North Carolina. Combining our U.S. assets with equally strategic and in-demand mineral resources, and production assets in Quebec and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world.
About Ironridge
The company has made a lithium discovery in Ghana, proving a 14.5Mt @ 1.35% Li2O resource (JORC compliant) including 3.5Mt @ 1.39% Li2O in the indicated category within 110km from an operational port, coarse spodumene mineralogy amenable to gravity beneficiation and within the pro mining jurisdiction of Ghana
Ironridge has secured a large 3,584 sq. km gold portfolio in Côte d’Ivoire which includes its flagship Zaranou gold project where we have identified a 47km long gold prospective structure and drilled multiple high-grade gold intersections including 6m @ 15.11g/t gold from 26m, 22m @ 3.39g/t gold from 8m, 4m at 17.9g/t gold from 44m, 5m at 11.4g/t gold from 38m, 6m @ 6.44g/t gold from 132m and 4m @ 5.16g/t gold from 110m in our first and second phase programmes; drilling is ongoing.
In Chad, it has uncovered a substantial gold bearing province with a surface footprint rivalling some of today’s largest operating gold mines.
For further information please visit: https://www.ironridgeresources.com.au
