“We are delighted to have completed this significant acquisition,” said chief executive Vincent Mascolo
() said it has completed the acquisition of Joy Transporters Ltd, giving it full ownership of the Saltpond and Cape Coast projects in Ghana.
The company described the Saltpond and Cape Coast portfolio as a highly prospective ground holding with high priority pegmatite targets.
The exploration area is positioned adjacent to IronRidge’s Ewoyaa lithium project, which is host to a 14.5mln tonne mineral resource.
READ: Ewoyaa scoping sees annual earnings above US$100mln
A 12,500-metre drill programme is presently underway in Ghana aimed at expanding resources, and it will include exploration holes on two pegmatite targets at Saltpond.
“We are delighted to have completed this significant acquisition, providing IronRidge full ownership of the highly prospective Saltpond license and Cape Coast application,” said Vincent Mascolo, IronRidge chief executive in a statement.
“The acquisition is part of the company’s strategic plan in the region, providing valuable synergies with IronRidge’s 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 is increasing significantly.
“The exploration RC drilling programme currently underway is progressing well and we look forward to keeping shareholders updated with our progress.”
IronRidge noted that the 2.36mln shares issued in the acquisition are subject to a 12-month lock-in.
Read More: IronRidge Resources Ltd completes full acquisition of Saltpond and Cape Coast