Atlantic Lithium sees greater potential for resource growth as initial drilling results reveal high lithium grades at its flagship Ewoyaa project in Ghana.
After completing a drilling programme at the Grasscutter North, Atlantic Lithium reported significant high-grade intersections including 22 metres at 1.25% lithium oxide from a depth of 104 metres; 15 metres at 1.35% lithium oxide; and 13m at 1.26% lithium oxide.
“These results, being in close proximity to the currently defined resource, give us confidence to deliver future resource upgrades for the project,” said interim Chief Executive Lennard Kolff.
With regards to drilling at the Ewoyaa project, approximately 15,000m of the planned 37,000m programme completed to date. Assays for the ongoing resource evaluation and exploration drilling are still pending, with the programme targeted to complete in Q3 2022.
Considering ongoing exploration activities, these results demonstrate considerable opportunities for resource growth, Kolff said, adding that this ensures “the improvement of Project metrics significantly beyond the current defined mine life”.
In extension, this further improves the economic benefits due to increases in spodumene concentrate pricing, which have far exceeded our initial internally forecasted SC6 price modelling parameters. On the basis of these fundamentals, the Ewoyaa project continues to shape into an industry-leading asset.
Lennard Kolff, Interim CEO of Atlantic Lithium, said:
“We are pleased to report that initial reported assay results from RC drilling at the Grasscutter North target at the Ewoyaa project in Ghana have returned high-grade lithium intersections in a new target area outside of the resource footprint.
“With the pre-feasibility study, targeted for completion in Q3 2022, and the project being funded to production through our agreement with Piedmont Lithium, we feel the company is ideally positioned to benefit from the growing lithium demand.”
Lennard Kolff
Initial drilling results of Grasscutter North Target
Initial assay results have been received for approximately 4,560 metres of Reverse Circulation (RC) drilling from the planned 37,000m resource evaluation and exploration drill programme, which remains ongoing.
Multiple high-grade drill intersections are reported for the Grasscutter North target, which falls outside of the currently defined 30.1 million tonnes at 1.26% Li2O Multi-Drilling Resource Estimate (MRE).
Drilling results received to date at the Grasscutter North exploration target confirmed multiple sub-parallel spodumene pegmatite which occur in close proximity to the Grasscutter West deposit, Atlantic Lithium noted.
The planned 37,000m programme consists of approximately 13,000m in 124 collars of exploration drilling as well as 18,000m in 100 collars of resource expansion and inferred to indicated infill drilling.
It also includes a 5,000m in 60 collars of indicated to measured infill drilling for the first 1.5 years of mine life and 1,000m in six collars of geotechnical diamond drilling. The majority of the programme is RC with approximately 3,000 m to 5,000 m of diamond drilling planned.
According to Atlantic Lithium, drilling is ongoing with approximately 15,000m of the planned 37,000m programme completed to date. Assays are still pending, including for the broad spodumene mineralised zones up to 80m long observed in holes GRC666, GRC667, GRC669 and GRC670 below the Ewoyaa Main deposit.
