IronRidge Resources has expanded its lithium portfolio in Ghana with the acquisition of an additional prospective lithium pegmatite site adjacent to its Ewoyaa prospect.

The company has signed conditional and binding terms with local company Joy Transporters to acquire exclusive rights to the granted Saltpond exploration license and Cape Coast lithium project covering a combined area of 318km².

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Under the transaction, IronRidge can acquire up to 100% of the areas through staged earn in arrangements and financing the feasibility study subject to Joy Transporters retaining a net smelter return (NSR) of 2.5%.

The company can acquire 50% of NSR by paying $3m at any stage.

Situated within the broader Cape Coast Lithium Project area, the acquired prospects further expand the company’s lithium interests in the country.

IronRidge Resources CEO Vincent Mascolo said: “Enhancing and consolidating the company’s ground position along the Cape Coast Lithium project corridor is an integral step in the company’s strategy of building a lithium project pipeline in Ghana.”

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“We will continue with definition pitting at the Ewoyaa prospect, ahead of planned drilling.”

Furthermore, IronRidge Resources has submitted an exploration licence application through its Ghanaian subsidiary Green Metals Resources along the interpreted southern extension of the Ewoyaa prospect.

The company also stated that comprehensive preliminary mineralogical studies conducted on a suite of surface samples from the Ewoyaa prospect confirmed the presence of spodumene as the dominant lithium bearing phase.

Mascolo added: “We will continue with definition pitting at the Ewoyaa prospect, ahead of planned drilling.”

Ongoing mapping and sampling across the portfolio along with helicopter-borne radiometrics and magnetics geophysical survey suggest that the acquired areas are highly prospective for additional lithium pegmatite bodies.

With this acquisition, IronRidge Resources’ combined Cape Coast portfolio comprises an area of 645km².