Atlantic Lithium Ltd (AIM:ALL) High-Grade Drill Results – Highest Grade to Date

Mineralisation Extended – Multiple Intersections

Highest Grade of 6.78% Li2O reported

Ongoing Resource Extension and Infill Drilling Results

Ewoyaa Lithium Project Ghana, West Africa

Atlantic Lithium Limited (AIM: ALL, OTCQX: ALLIF, ASX: A11 “Atlantic Lithium” or the “Company”), the funded African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa .

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/8509H_1-2022-11-28.pdf

HIGHLIGHTS:

Ø Assay results reported for a further 10,679m of exploration and infill diamond drilling (“DD”) and reverse circulation (“RC”) drilling completed at the Ewoyaa Main, Ewoyaa North-East, Kaampakrom and Grasscutter West deposits, part of the now completed resource evaluation and exploration RC and DD programme.

Ø Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li2O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate (“MRE” or the “Resource”); extending mineralisation at the Ewoyaa North-East and Ewoyaa Main deposits, defining new mineralisation from surface at the Kaampakrom North deposit and providing further confidence in Resource conversion at the Kaampakrom West deposit.

Ø Multiple high-grade exploration drill intersections outside of the current MRE reported at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of:

 GRC0785: 35m at 1.48% Li2O from 111m

 GRC0760: 27m at 1.71% Li2O from 155m

 GRC0769: 46m at 0.96% Li2O from 51m

 GRC0775: 20m at 1.85% Li2O from 72m

 GRC0777: 24m at 1.43% Li2O from 108m

 GRC0763: 26m at 1.26% Li2O from 163m

 GRC0759A: 17m at 1.69% Li2O from 114m

 GRC0777: 14m at 1.89% Li2O from 140m

 GRC0775: 13m at 1.91% Li2O from 117m

 GRC0800: 23m at 1.01% Li2O from 263m

 GRC0759A: 18m at 1.24% Li2O from 148m

 GRC0779: 14m at 1.43% Li2O from 137m

 GRC0776: 10m at 1.96% Li2O from 190m

Ø Broad and high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main and Ewoyaa North-East deposits, including highlights of:

 GDD0090: 63.6m at 1.86% Li2O from 14.3m

 GDD0089: 68m at 1.37% Li2O from 15m

 GRC0756: 60m at 1.36% Li2O from 29m

 GDD0098: 24.4m at 1.72% Li2O from 38.6m

 GDD0090: 17.9m at 1.37% Li2O from 79.5m

 GDD0094: 21m at 0.96% Li2O from 46m

Ø Highest grade of 6.78% Li2O confirmed in previously reported hole GDD0071 from 31m to 32m (refer RNS of 20 October 2022), and additional high-grades of 5.14% Li2O in hole GDD0090 from 30m to 31m and 4.78% Li2O from 31m to 31.8m.

Ø Approximately 37,000m of results from the 47,000m drilling programme reported to date.

Ø Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li2O spodumene concentrate (“SC6”) over a 12.5-year operation:

 LOM revenues exceeding US$4.84bn, Post-tax NPV8 of US$1.33bn, IRR of 224% over 12.5 years

 US$125m capital cost with industry-leading payback period of <5 months

 C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board (“FOB”) Ghana Port, after by-product credits

 Average Life of Mine (“LOM”) EBITDA of US$248m per annum

 18.9Mt at 1.24% Li2O Maiden Ore Reserve

 Average annualised US$1,359/dry metric tonne SC6 pricing used

Commenting on the Company’s latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

“Drilling continues to deliver high-grade drill intersections both within and outside the current MRE.

“This latest batch of results has delivered multiple drill intersections outside the resource footprint at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of 35m at 1.48% Li2O from 111m and 27m at 1.71% Li2O from 155m at the Ewoyaa North-East deposit.

“Drilling has returned high-grade results at the Kaampakrom West deposit, including highlights of 20m at 1.85% Li2O from 72m, 14m at 1.89% Li2O from 140m, 14m at 1.89% Li2O from 140m and 13m at 1.91% Li2O from 117m, in addition to our highest-grade assay result of 6.78% Li2O over a 1m interval in drilling at the Ewoyaa Main ‘Starter Pit’ for this programme.

“We have reported approximately 37,000m of the 47,000m programme to date, with 10,000m of assays pending and a Resource upgrade expected early 2023. The increased Resource estimate will inform a Definitive Feasibility Study, targeted for completion in mid-2023.

 W ith the Pre-Feasibility Study now delivered, the Mining Licence application submitted, ongoing positive drilling results and with the support of our funding agreement with Piedmont Lithium, we feel the Company is ideally positioned to benefit from the unprecedented levels of lithium demand that are expected over the coming years.”

New Drilling Results:

Further assay results have been received for an additional 10,679m of RC and DD drilling from the recently completed drill programme at the Ewoyaa Project. Multiple high-grade drill intersections are reported for exploration drilling results outside of the currently defined Resource at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West and deposits (refer Table 1, Appendix 1 and Appendix 2).

High-grade infill drill intersections are reported within the Ewoyaa Main and Ewoyaa North-East deposits, which fall within the currently defined 30.1Mt @ 1.26% Li2O MRE (refer Table 2, Appendix 1 and Appendix 2).

Table 1: High-grade exploration drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li2O cut-off and a maximum of 4m internal dilution at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West deposits.

Hole ID

Target

Deposit

From m

To m

Interval m

Hole depth m

assay Li2O %

Intersection

metal content

Li x m

GRC0785

EXPL

NE

111

146

35

190

1.48

GRC0785: 35m at 1.48% Li2O from 111m

51.68

GRC0760

EXPL

NE

155

182

27

240

1.70

GRC0760: 27m at 1.71% Li2O from 155m

45.94

GRC0769

EXPL

KPKW

51

97

46

119

0.96

GRC0769: 46m at 0.96% Li2O from 51m

44.16

GRC0775

EXPL

KPKW

72

92

20

150

1.85

GRC0775: 20m at 1.85% Li2O from 72m

37.00

GRC0777

EXPL

KPKW

108

132

24

180

1.42

GRC0777: 24m at 1.43% Li2O from 108m

34.12

GRC0763

EXPL

NE

163

189

26

270

1.25

GRC0763: 26m at 1.26% Li2O from 163m

32.56

GRC0759A

EXPL

NE

114

131

17

230

1.69

GRC0759A: 17m at 1.69% Li2O from 114m

28.73

GRC0777

EXPL

KPKW

140

154

14

180

1.89

GRC0777: 14m at 1.89% Li2O from 140m

26.42

GRC0775

EXPL

KPKW

117

130

13

150

1.91

GRC0775: 13m at 1.91% Li2O from 117m

24.80

GRC0800

EXPL

Main

263

286

23

347

1.00

GRC0800: 23m at 1.01% Li2O from 263m

23.01

GRC0759A

EXPL

NE

148

166

18

230

1.24

GRC0759A: 18m at 1.24% Li2O from 148m

22.31

GRC0779

EXPL

NE

137

151

14

272

1.43

GRC0779: 14m at 1.43% Li2O from 137m

19.98

GRC0776

EXPL

NE

190

200

10

260

1.95

GRC0776: 10m at 1.96% Li2O from 190m

19.51

GRC0798

EXPL

Main

254

267

13

322

1.16

GRC0798: 13m at 1.17% Li2O from 254m

15.09

GRC0796

EXPL

Main

237

248

11

300

1.32

GRC0796: 11m at 1.33% Li2O from 237m

14.53

GRC0762

EXPL

NE

81

88

7

223

1.88

GRC0762: 7m at 1.88% Li2O from 81m

13.16

GRC0799

EXPL

NE

182

194

12

210

0.99

GRC0799: 12m at 1% Li2O from 182m

11.92

GRC0755

EXPL

GrassW

172

194

22

241

0.53

GRC0755: 22m at 0.53% Li2O from 172m

11.66

Table 2: High-grade infill drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li2O cut-off and maximum of 4m of internal dilution at the Ewoyaa Main and Ewoyaa North-East deposits.

Hole ID

Target

Deposit

From m

To m

Interval m

Hole depth m

assay Li2O %

Intersection

metal content

Li x m

GDD0090

IND

NE

14.3

77.9

63.6

114

1.86

GDD0090: 63.6m at 1.86% Li2O from 14.3m

118.02

GDD0089

MEA

Main

15

83

68

90.8

1.37

GDD0089: 68m at 1.37% Li2O from 15m

92.88

GRC0756

MEA

Main

29

89

60

90

1.35

GRC0756: 60m at 1.36% Li2O from 29m

81.23

GDD0098

IND

Main

38.6

63

24.4

170.4

1.72

GDD0098: 24.4m at 1.72% Li2O from 38.6m

41.94

GDD0090

IND

NE

79.5

97.4

17.9

114

1.36

GDD0090: 17.9m at 1.37% Li2O from 79.5m

24.41

GDD0094

IND

Main

46

67

21

95.4

0.95

GDD0094: 21m at 0.96% Li2O from 46m

19.97

GDD0096

IND

Main

45

62

17

83.4

0.95

GDD0096: 17m at 0.95% Li2O from 45m

16.07

GRC0781

IND

KPKW

80

88

8

110

1.74

GRC0781: 8m at 1.75% Li2O from 80m

13.95

Exploration drilling results outside the 30.1Mt at 1.26% Li2O Resource continue to demonstrate further resource scale potential at the Ewoyaa Project, where multiple new drilling intersections have confirmed mineralisation extensions at the Ewoyaa North-East, Kaampakrom West, Ewoyaa Main and Grasscutter West deposits (refer Figure 1, Figure 2, Figure 3 and Figure 4).

Resource infill drilling results received to date at the Ewoyaa Main and Ewoyaa North-East deposits have confirmed good mineralisation continuity and increased resource confidence on a nominal 40m x 40m Indicated grid and 20m x 20m Measured grid. Measured drilling targeted the first 1.5 to 2 years of planned production at the Ewoyaa Main deposit. Additionally, infill drilling provided further material for test-work and customer acceptance samples within the planned starter pit.

High grades were reported within the Kaampakrom West deposit including highlights of 20m at 1.85% Li2O from 72m, 14m at 1.89% Li2O from 140m, 14m at 1.89% Li2O from 140m and 13m at 1.91% Li2O from 117m.

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth with all reported results passing QA/QC protocols, providing confidence in reported results.

Figure 1: Location of reported assay results with highlight drill intersections.

 

Figure 2: Cross-section A-A’ showing assay results received for GDD0089 at the Ewoyaa Starter Pit deposit.

Figure 3: Cross-section B-B’ assay results received forGRC0775 and GRC0777 at the Kaampakrom West target.

Figure 4: Cross-section C-C’ assay results received for GDD0090, GRC0776 and GRC0772 at the Ewoyaa North-East deposit.

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists.  Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

The reported Ore Reserves have been compiled by Mr Harry Warries.  Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd.  He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia.  Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For any further information, please contact:

Atlantic Lithium Limited

Lennard Kolff (Interim CEO)

Amanda Harsas (Finance Director and Company Secretary)

www.atlanticlithium.com.au

Tel:  +61 2 8072 0640

 

 


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.

Tweet
WhatsApp
Email
Pocket
Share
Share