ASX-listed lithium focused exploration and development company Atlantic Lithium (ASX:A11) reports it has extended mineralisation following a resource and exploration drilling program at its Ewoyaa Lithium Project in Ghana, West Africa.
The results, generated by a further 10,679m worth of reverse circulation (RC) and diamond drilling (DD) fall both within and outside of the currently defined JORC 2012 Mineral Resource Estimate (MRE) and have extended mineralisation at the Ewoyaa North-East and Ewoyaa Main deposits.
These results have also defined new mineralisation from surface at the Kaampakrom North deposit and provide further confidence in resource conversion at the Kaampakrom West deposit.
Key results from outside the MRE include 13m at 1.91% Li2O from 117m (GRC0775); 14m at 1.89% Li2O from 140m (GRC0777); and 10m at 1.96% Li2O from 190m (GRC0776).
Meanwhile, key results from within the current MRE include 63.6m at 1.86% Li2O from 14.3m (GDD0090); 24.4m at 1.72% Li2O from 38.6m (GDD0098); and 68m at 1.37% Li2O from 15m (GDD0089).
It is reported that 37,000m worth of results from the 47,000m drilling program have been reported to date, with results also returning the highest grade of Li2O observed so far at 6.78% Li2O from 31m to 32m in previously reported drillhole GDD0071.
Commenting on the results, Atlantic Lithium Interim CEO, Lennard Kolff says: “Drilling continues to deliver ‘high-grade’ drill intersections both within and outside the current MRE.
This latest batch of results has delivered multiple drill intersections outside the resource footprint at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of 35m at 1.48% Li2O from 111m and 27m at 1.71% Li2O from 155m at the Ewoyaa North-East deposit.
“Drilling continues to deliver ‘high-grade’ drill intersections both within and outside the current MRE”
With the Prefeasibility Study now delivered, the mining licence application submitted, ongoing positive drilling results and with the support of our funding agreement with Piedmont Lithium, we feel the company is ideally positioned to benefit from the unprecedented levels of lithium demand that are expected over the coming years.”
The company also notes that infill drilling provided further material for test-work and customer acceptance samples within the planned starter pit.
In addition, the company’s recently announced PFS has delivered ‘exceptional’ financial outcomes for a 2Mtpa operation, producing an average of 255,000tpa of 6% Li2O spodumene concentrate over a 12.5-year operation.
The PFS also indicated that the project would boast a maiden ore reserve of 18.9Mt at 1.24% Li2O and would also return an average life of mine (LOM) EBITDA of US$248 million per annum.
Atlantic Lithium’s flagship Ewoyaa project is located in Ghana and is set to become the nation’s first Li2O-producing mine. The project is funded under an agreement with ASX-listed Piedmont Lithium (ASX:PLL) for US$103 million and currently boasts an updated indicated and inferred MRE of 30.1Mt at 1.26% Li2O.
With the remaining 10% of assays still pending, Atlantic Lithium announces a resource upgrade for the project is expected in early 2023 and will warrant a definitive feasibility study, which is targeted for completion by mid-2023.
Images: Atlantic Lithium Ltd
