Atlantic Lithium provides exploration update

Highlights

• Assay results received for an additional approximate 2900 m of reverse circulation (RC) drilling completed at the Ewoyaa Main and Grasscutter North targets, part of the ongoing 37 000 m resource evaluation and exploration RC and diamond core drilling (DD) programme.
• Broad, high-grade drill intersections returned at the Ewoyaa Main deposit, including:
  • GRC0667: 69 m at 1.34% Li₂O from 129 m.
  • GRC0666: 67 m at 1.2% Li₂O from 112 m.
  • GRC0670: 59 m at 1.07% Li₂O from 125 m.
  • GRC0669: 59 m at 0.95% Li₂O from 113 m.
• Newly reported drilling results fall outside the current Ewoyaa JORC (2012) compliant mineral resource estimate (MRE) and extend mineralisation a further 75 m downdip at the Ewoyaa Main deposit, providing confidence in future resource growth potential.
• Additional results have extended mineralisation a further 40 m west at the Grasscutter North target outside of the current resource, including:
  • GRC0653: 7 m at 1.16% Li₂O from 129 m.
  • GRC0654: 4 m at 1.12% Li₂O from 96 m.
  • GRC0655: 9 m at 0.68% Li₂O from 157 m.
• Approximately 27 000 m of the planned 37 000 m drilling programme completed to date with the remainder planned for completion in 3Q22.
• The company announced a significant resource upgrade in March 2022 to 30.1 million t at 1.26% Li₂O for the Ewoyaa Lithium deposit, which represented a 42% increase from the previous MRE. This included 20.5 million t at 1.29% Li₂O in the indicated category and was reported in accordance with the JORC Code (2012).

Lennard Kolff, Interim CEO of Atlantic Lithium, said: “We are pleased to report high-grade pegmatite intervals up to 69 m long below the Ewoyaa Main deposit and outside of the currently defined resource estimate. Furthermore, mineralisation remains open along strike and at depth.

“Approximately 27 000 m of the planned 37 000 m programme at Ewoyaa has now been completed. Drilling is ongoing, with further assays pending and the programme targeted for completion this quarter.

“These latest assays continue to demonstrate the potential for resource growth outside of the current resource and for an extended mine life beyond the metrics of the scoping study reported in December 2021 and prior to the updated resource estimate of 30.1 million t at 1.26% Li₂O, announced in March 2022.

“It is clear from Ewoyaa's ongoing positive drilling results, available off take capacity combined with the pre-feasibility study targeted for completion in 3Q22 and our funding agreement with Piedmont Lithium, we are in an exceptional position to benefit from the continued global lithium demand.”

Read the article online at: https://www.globalminingreview.com/exploration-development/03082022/atlantic-lithium-provides-exploration-update/