Atlantic Lithium provides exploration update

Highlights

• Initial assay results received for approximately 4560 m of reverse circulation (RC) drilling completed at the Grasscutter North target.
• High-grade drill intersections returned, including highlights of:
  • GRC0647: 22 m at 1.25% Li2O from 104 m.
  • GRC0646: 15 m at 1.35% Li2O from 71 m.
  • GRC0642: 13 m at 1.26% Li2O from 185 m.
  • GRC0636: 9 m at 1.24% Li2O from 131 m.
  • GRC0649: 9 m at 1.09% Li2O from 182 m.
• Assay results pending for an additional 10 400 m of RC drilling completed from the ongoing 37 000 m resource evaluation and exploration drilling programme; planned for completion in 3Q22.
• The company announced a significant mineral resource estimate (MRE) upgrade to 30.1 million t at 1.26% Li2O for the Ewoyaa Lithium deposit, which represented a 42% increase in the previous MRE, included 20.5 million t at 1.29% Li2O in the indicated category and was reported in accordance with the JORC Code (2012).
• These newly reported drilling results fall outside the current MRE, providing confidence in future resource growth potential.
• Assay results pending for 80 m zones of visible spodumene observed down drill holes below the Ewoyaa Main deposit.
• Infill resource drilling for conversion of Indicated to Measured resources commenced over the Ewoyaa Starter pit with multiple drill holes intersection mineralised spodumene from surface to end of hole.

Lennard Kolff, Interim CEO of Atlantic Lithium, said: “We are pleased to report that initial reported assay results from RC drilling at the Grasscutter North target at the Ewoyaa project in Ghana have returned high-grade lithium intersections in a new target area outside of the resource footprint. These results, being in close proximity to the currently defined resource, give us confidence to deliver future resource upgrades for the project.

“Drilling at the Ewoyaa project is ongoing, with only approximately 15 000 m of the planned 37 000 m programme completed to date. Assays for the ongoing resource evaluation and exploration drilling are still pending, with the programme targeted to complete in 3Q22.

“Our ongoing exploration activities demonstrate considerable opportunities for resource growth, the improvement of Project metrics significantly beyond the current defined mine life, and also for further economic benefits due to increases in spodumene concentrate pricing, which have far exceeded our initial internally forecasted SC6 price modelling parameters. These fundamentals continue to demonstrate Ewoyaa as an industry-leading asset.

“With the pre-feasibility study, targeted for completion in 3Q22, and the project being funded to production through our agreement with Piedmont Lithium, we feel the company is ideally positioned to benefit from the growing lithium demand.”

Initial drilling results Grasscutter North Target

Initial assay results have been received for approximately 4560 m of RC drilling from the planned 37 000 m resource evaluation and exploration drill programme, which remains ongoing. Multiple high-grade drill intersections are reported for the Grasscutter North target, which falls outside of the currently defined 30.1 million t at 1.26% Li2O MRE.

Drilling results received to date at the Grasscutter North exploration target have confirmed multiple sub-parallel spodumene pegmatite dykes which occur in close proximity to the Grasscutter West deposit.

The planned 37 000 m programme consists of approximately 13 000 m in 124 collars of exploration drilling, 18 000 m in 100 collars of resource expansion and inferred to indicated infill drilling, 5000 m in 60 collars of indicated to measured infill drilling for the first 1.5 years of mine life and 1000 m in six collars of geotechnical diamond drilling. The majority of the programme is RC with approximately 3000 m to 5000 m of diamond drilling planned.

Drilling is ongoing, with approximately 15 000 m of the planned 37 000 m programme completed to date. Assays are still pending, including for the broad spodumene mineralised zones up to 80 m long observed in holes GRC666, GRC667, GRC669 and GRC670 below the Ewoyaa Main deposit, and the programme is expected to complete during 3Q22.

Infill resource drilling has commenced over the Ewoyaa Starter pit to convert indicated status resources to measured resources for the first 1.5 years of life of mine. Drilling has returned multiple drill holes with visible spodumene from surface to end of hole at 90 m to 100 m with mineralisation remaining open at depth and assays pending.

Read the article online at: https://www.globalminingreview.com/exploration-development/24062022/atlantic-lithium-provides-exploration-update/