Atlantic Lithium Limited, the African focused lithium exploration and development company, has announced the completion of an initial infill drilling at the Ewoyaa Lithium Project with results showing highest metal content reported to date.
The results were reported for approximately 10,200metres (m) of infill drilling in 98 holes at the Ewoyaa Lithium Project. This is expected to rise to approximately 3,700m of infill upon completion of drilling activities for the year, the company said.
The company indicated that an additional estimated 26,800m of infill, extensional and exploration drilling assay results was left to report post-completion of drilling activities for the year.
Also, multiple high-grade drill intersections were returned in reverse circulation (RC) and diamond drilling (DD) holes, with highlights reported at a 0.4% Li2O cut-off and maximum 4m of internal dilution.
Sampling for the infill drilling was completed at 1m sampling intervals at the drill site and submitted for analysis at Intertek laboratory with sample preparation completed in Ghana and sample analysis in Perth, Western Australia.
All results passed internal and laboratory Quality Assurance and Quality Control protocols, providing confidence in the reported results, the company said.
Commenting on the Company’s latest progress, Vincent Mascolo, CEO of Atlantic Lithium, said: “The infill drilling results received to date have confirmed mineralisation grade and continuity were tested within the Ewoyaa deposit.
“We have also received our 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.”Vincent Mascolo, CEO
Atlantic Lithium Targets 80% Resource Conversion
The Company is targeting more than 80% resource conversion over the recently upgraded 21.3Mt at 1.31% Li2O resource, as well as a tonnage increase to over 24Mt in support of a 12-year mine life for future studies, Mascolo said.
“Our resource continues to grow, and the upside of the Project is clear; as such, we expect that the Project metrics will improve beyond the current defined life of mine (LOM). It is estimated by the Company that every additional year of production will add up to US$60m in post-tax NPV per annum.
“Given these fundamentals, we are very excited by the resurgence and exponential growth potential across the lithium supply chain and reaffirm to the market that Atlantic Lithium is ideally poised to benefit from the growing lithium market going forward.”Vincent Mascolo, CEO
Additionally, 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.
Recall that the recently announced Scoping Study update delivers exceptional financial outcomes for a 2Million tonnes per annum (Mtpa) operation, producing an average 300,000tpa of 6% Li2O spodumene concentrate over an 11.4-year operation.
The scoping study on the Ewoyaa lithium project incorporated the increased Joint Ore Reserves Committee (JORC) resource of 21.3 million tonnes (Mt), resulting in a significant improvement in project economics and life of mine.