Atlantic Lithium’s final drilling results for December 2021 exploration campaign at the Ewoyaa project in Ghana shows upside project economics as the company remains on track to become West Africa’s largest lithium mine.
The mining company said that the results confirmed grade and continuity across the Ewoyaa deposits, and also confirmed new mineralization outside of the current mineral resource estimate area, at the Kaampakrom West, Ewoyaa Sill and Grasscutter West targets.
The program comprised 73 holes, and Atlantic highlighted a 30-meter mineralization interval grading 1.5 per cent lithium oxide at the Ewoyaa Northeast deposit. Earlier in December 2021, Atlantic Lithium published a mineral resource estimate of 21.3 million metric tons for Ewoyaa, grading an average of 1.31% lithium oxide.
Commenting on the Company’s latest progress,Vincent Mascolo, CEO of Atlantic Lithium, said:
“Drilling results received confirm grade and continuity where tested across the Ewoyaa deposits, including a broad, high-grade intersection of 30m at 1.5% Li2O at the Ewoyaa Northeast deposit, as well as new zones of mineralisation defined outside of the current Resource footprint.
“Multiple high-grade drill intersections have been returned over the eastern strike extension of the Grasscutter West deposit; all of which occur outside of the Resource and expected to add further tonnes.
“Additional assay results received over the Ewoyaa Sill target continue to impress, with high-grade mineralisation and good widths occurring in flat lying structures favourable for tonnage addition and low strip ratio; also, outside of the Resource which is expected to add further tonnes”.
Vincent Mascolo, CEO, Atlantic Lithium
Resource Drilling to Recommence in March 2022
Considering expectations in line with the project, the Company is targeting more than 80 per cent resource conversion from inferred to indicate over the 21.3Mt @ 1.31% Li2O JORC Resource, as well as a targeted tonnage increase to over 24Mt in support of a 12-year mine life for future studies.
Vincent Mascolo further averred that, “our resource continues to grow, and the upside of the Project is clear; not only do we believe that Project metrics will improve significantly beyond the current defined mine life, however we also see further potential for substantial economic improvement due to the recent increases in spodumene concentrate pricing which have far exceeded our initial SC6 price modelling parameters”.
For Atlantic Lithium, these fundamentals continue to demonstrate Ewoyaa as an industry-leading asset; with the Company ideally positioned to benefit from the growing lithium market.
“We look forward to progressing the Project towards production and establishing Atlantic Lithium as a new player in the lithium supply chain,” Mascolo said.
In line with the project schedule, exploration and resource drilling programmes are planned to recommence in March 2022 to test new targets along strike and at depth, as well as diamond core drilling in support of geotechnical, hydrogeology and site investigation studies.
More so, planning is underway for airborne geophysical and grid soil geochemistry over the recently granted Cape Coast license, the company said.
Vincent Mascolo is cited to have said that the company has its sights set on delivering first lithium concentrate towards the end of 2023, although ambitious, he noted that “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”.
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