“We are very pleased with the ongoing results received, which have confirmed high-grades and mineralisation continuity over 400m of strike, with true mineralised pegmatite widths up to 25m which remains open at depth and along strike to the east,” Vincent Mascolo, IronRidge CEO, said in the media brief.
“We have seen our highest grade, of over 4% Li2O, intersected to date at the ELP. Drilling is ongoing with approximately 10,000m of the expanded 16,500m completed.”
According to Mascolo, management is confident that additional targets tested in an upcoming 4,000-metre drilling campaign will increase the resource scale and improve project economics.
“Targeting a plus 10-year mine life, it is estimated that every additional year of production will add $40 million in NPV per annum on a scoping study that has defined a post-tax NPV of $345 million over an 8-year LOM,” the executive said.