Atlantic Lithium’s (formerly IronRidge Resources) new exploration license to expand its Cape Coast project in Ghana provides a unique opportunity to expedite the country’s benefits from the ongoing energy transition.
Market forecasters project an increased demand for Lithium due to its role in the wave of change towards cleaner energy technologies and away from ‘dirtier’ fuels such as oil and gas, as the pace of the transition is fastest in Europe and the US.
With this new license acquired, in addition to the Company’s Ewoyaa lithium project in Mankessim, the prospects for the country as a strong exporter of the metal also widens.
Precious metals which previously were less demanded are expected to see massive growth: aluminum, copper, lead, lithium, manganese, nickel, silver, steel, and zinc, among other rare earth metals.
For the company, this bodes well for its pro-renewable development projects across West Africa and solidifies the company’s sustained progress into the foreseeable future.
The newly awarded license further strengthens its Cape Coast lithium portfolio, which houses the estimated 14.5 million tonnes (Mt) at 1.31% Li2O of the Ewoyaa lithium project. The portfolio also includes Egyasimanku Hill deposit’s historic mineral resource of 1.48Mt at 1.66% Li2O.
Atlantic Lithium to Benefit from Increased Lithium Demand
Atlantic Lithium’s new license spans an area of 139.23km2, near the company’s Mankessim exploration site, Ewoyaa Lithium and also adjacent to the company’s Saltpond license.
This brings the Company’s Lithium portfolio at Cape Coast now to 560km2. Of this, only 13km2 has been drill tested so far and there is considerable exploration potential within proven prospective pegmatite hosting landscape.
The Chief Executive Officer of Atlantic Lithium, Vincent Mascolo said this project propels the company’s aggressive move to launch regional exploration on the newly granted license for defining more pegmatite targets.
Mascolo said: “The license is exceptionally well located, both geologically and from an infrastructure perspective, and provides the Company with access to an additional 139km2 of highly prospective geology, adjacent to the Company’s Ewoyaa Lithium Project.
“We are confident the additional exploration tenure will help generate targets to potentially increase resource scale and improve overall Ewoyaa project economics, where we have defined Ghana’s first lithium JORC compliant resource of 14.5Mt at 1.31% Li2O, within 110km of an operating deep-sea port.
“The Company is ideally positioned to take advantage of the increasing demand for lithium due to its role in the stored energy transition and we look forward to keeping shareholders updated as further results become available.”Vincent Mascolo , CEO, Atlantic Lithium
Atlantic Lithium indicated plans to extend its ongoing airborne geophysical survey over the new license area apart from the 100m x 100m soils geochemistry survey.
The company stated that the Mankessim, Saltpond, and Cape Coast licenses have various targets that are untested as drilling has been so far focused within the immediate Ewoyaa resource area.
Recall that in August 2021, Atlantic Lithium closed a major deal under which Piedmont Lithium had agreed to fully fund and expedite the Ewoyaa lithium project for $102 million. More of these projects geared towards widening the company’s portfolio puts Ghana on a better spot in terms of adding to the streams of revenue accrued to the country.