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04 Feb 2021 | 15:18

IronRidge acquires Joy Transporters in Ghana

(Sharecast News) - Africa-focussed minerals exploration company IronRidge announced the acquisition of Joy Transporters on Thursday, in return for the issue of 2,360,035 shares in IronRidge, providing it with full ownership of the highly prospective Saltpond license and Cape Coast application in Ghana. The AIM-traded firm said a 12,500 metre reverse circulation drilling programme was currently underway to grow the resource, including exploration drilling of two pegmatite targets within the Saltpond license.

It said long-lead baseline environmental, social studies and monitoring were ongoing, adding that the projects had "ideal" infrastructure support; being located 110 kilometres from the operating Takoradi deep-sea port, within one kilometre of the sealed bitumen Takoradi - Accra highway, and adjacent to high-power transmission lines.

The company also said Ghana had a "highly supportive" government with a long mining history, strong diversification drive and pro renewable and stored energy space initiatives.

IronRidge said its team would advance the licenses and future growth strategies with simplified operations and a structure for future growth.

"We are delighted to have completed this significant acquisition, providing IronRidge full ownership of the highly prospective Saltpond license and Cape Coast application in Ghana," said chief executive officer Vincent Mascolo.

"This extensive tenure package is adjacent to the Company's flagship Ewoyaa Lithium Project where, in January, we announced results of a scoping study supporting a business case for a two million tonnes-per-annum production operation, producing an average 295,000 tonnes per annum of 6% lithium oxide spodumene concentrate, with life of mine revenues exceeding $1.55bn."

Mascolo said the acquisition was part of the company's strategic plan in the region, providing "valuable synergies" with its existing portfolio and team, as well as its growth strategy of creating and sustaining shareholder value through the discovery of "fundamentally robust" lithium projects at a time when demand for lithium was increasing.

"The exploration reverse circulation drilling programme currently underway is progressing well and we look forward to keeping shareholders updated with our progress."

At 1500 GMT, shares in IronRidge Resources were up 1.87% at 22.92p.
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