Africa-focused Lithium producer, Atlantic Lithium after announcing favorable in-fill drilling results for its Ewoyaa Lithium project, continues to remain upbeat about the prospects of the project, announcing that first lithium concentrate is expected to be delivered in 2023.
Recent Scoping studies reveal an upside of the project, placing the life of mine (LOM) of the project at 11.4 years, with prospects of improved LOM expected as further resource drilling is completed on the project.
The company expects a significant 47 per cent increase in its mineral resource estimate which now totals 21.3 Mt at 1.31% Li₂O for the Ewoyaa deposit and surrounding pegmatites, which fall into a larger portfolio (560 km²) known as Cape Coast Lithium.
The Company previously announced that it is targeting more than 80 per cent resource conversion over the recently upgraded 21.3Mt at 1.31% Li2O resource, as well as a tonnage increase to over 24Mt.
Among these favorable highlights of the project is the latest drilling results that showcases the highest metal content drill intersection to date with a broad 91.6m intercept of high-grade pegmatite at 1.6% Li2O returned at the Ewoyaa Main deposit.
With much optimism about the project, and in line with these positive fundamentals, Vincent Mascolo, chief executive officer of Atlantic Lithium commented:
“Our sights are set on delivering first lithium concentrate towards the end of 2023. Ambitious yes, but we also have full endorsement from the Ghanaian government who are eager to put lithium production on the map. No major challenges stand in our way to delivering on this objective.
“The project is fully funded with US$103 million in hand. In support of our exceptional metallurgy and geology, we are also well positioned to export product and can do so easily with the necessary infrastructure in place. We also have no debt and C$20 million in the bank. What’s not to like about this story?”
Vincent Mascolo, CEO, Atlantic Lithium
Further Resource Drilling Underway
What’s more? These positive results that signal mineral resource growth have led the company to revise its scoping study which already shows positive economics for the project. This presents the potential to fast-track this in order to move directly to pre-feasibility study which is underway and well advanced.
Furthermore, exploration upside remains crucial to the company’s overall strategy. “We will explore our property further, beyond the 13 km² we’ve looked at to date and build a greater production profile on the back of this,” Mascolo said. To date the company has explored a historic 1.48 Mt at 1.67% Li₂O that comprises part of the Egyasimanku Hill deposit.
Further mineralisation at Ewoyaa remains open at depth and along strike with additional untested pegmatites within the immediate deposit area, presenting potential for further resource upgrades.
The Company has targeted further resource expansion and exploration drilling with assays pending over the Grasscutter West extension zone, Kaampakrom West target and depth extensions at Ewoyaa_NE, Okewesi, Anokyi and Grasscutter zones. Meanwhile, further resource drilling is expected to re-commence in early 2022.
“We consider ourselves ‘outside the box’ thinkers and we’ve ensured we have optionality and flexibility to take advantage of opportunities. In a nutshell, that is our business– designed to guarantee company making deals”.
Vincent Mascolo, CEO
