Atlantic Lithium (ASX:A11) has been granted 2 new prospecting licences within its Cape Coast lithium portfolio in Ghana through its wholly owned subsidiary, Green Metals Resources.
The Bewadze and Senya Beraku prospecting licences lie in the eastern portion of the Cape Coast portfolio, which holds Atlantic’s flagship Ewoyaa Lithium Project.
Atlantic, which has a market capitalisation of $241.83 million, says these granted licences offer ‘significant’ potential to enhance the Ewoyaa Project and demonstrate the Government of Ghana’s desire to support the company’s exploration efforts.
The company plans to ‘systematically’ evaluate the lithium and associated minerals potential of the Bewadze licence, with particular emphasis on the potential for spodumene pegmatite extensions of the Egyasimanku Hill occurrence, directly to the southeast of the licence boundary.
Atlantic also plans to extend a soil sampling program in the area on a 100m-by-100m grid over the licence area, as well as conduct field mapping over ‘high-priority’ areas.
Pending the results from these activities, Atlantic will look to conduct reverse circulation (RC) drill testing on potential targets for mineralisation below the weathering profile.
At the Senya Beraku licence, the company will complete reconnaissance field mapping and rock chip sampling to define gross lithological domains and uncover potential pegmatites.
Subject to these results, Atlantic will design a 100m-by-100m soil sampling grid over the areas of interest ahead of determining its next exploration steps.
Atlantic Lithium Executive Chairman Neil Herbert says since initiating exploration activities in Ghana, the company has always bookmarked Bewadze to be ‘highly prospective’ for lithium.
“Subject to the success of our exploration efforts, we hope that we will be able to incorporate the licences into the project footprint to further enhance the economics of the project.
We believe that the grant of the licences serves as the latest indication of the Government’s strong underlying support for the Ewoyaa Project and for the company as its partner of choice in its ambitions of delivering long-term lithium production in Ghana.
“We believe that the grant of the licences serves as the latest indication of the Government’s strong underlying support for the Ewoyaa Project…”
We have a number of licences still under application and hope that we see these granted in the near term, which will further assist us as we look to grow the current resource at Ewoyaa.”
Herbert adds that both new licences benefit from ‘exceptional’ existing infrastructure, including operational high-voltage transmission lines and the adjacent N1 highway, which provides direct access to the company’s flagship project.
The Bewadze licence covers a 9.93km-square of ‘highly prospective’ tenure, where no modern-day exploration has been carried out.
Meanwhile, the Senya Beraku licence covers an 82.11km-square area and lies within 20km of the Bewadze licence. No previous exploration has been completed at Senya Beraku.
Atlantic Lithium is an ASX-listed lithium company focused on advancing its portfolio of lithium projects.
As of 30 September 2023, the company had $10.6 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Atlantic Lithium
