Atlantic Lithium Ltd issues exploration and resource drilling programmes update

The following 2023 exploration drilling programme is planned:

• Approximately 20 000 m of auger drilling over a five-month period to test multiple targets identified within the Project area and broader Portfolio; auger drilling has now commenced at the Assan target in the north of the Project area, with four auger rigs active to test for and define pegmatite footprints.
• Passive seismic geophysics survey to test for potential concealed pegmatite targets within the immediate Ewoyaa Mineral Resource Estimate (“MRE” or “Resource”) footprint.
• Approximately 6500 m of follow-up exploration RC drilling on new targets defined in auger drilling and the passive seismic survey, dependent on results.
• Soil geochemistry survey, which has now commenced over the Cape Coast licence.

An additional resource drilling programme is planned to run concurrently:

• Approximately 10 000 m of resource infill and extensional reverse circulation (“RC”) and diamond core (“DD”) drilling at the Project consisting of:

- 3 000 m of infill drilling to convert Inferred resources to the higher confidence Indicated category at the Ewoyaa South 2 deposit for future mine sequencing optionality; drill pads and access construction is currently underway;

- 7000 m of step out extensional drilling along strike and at depth below the Ewoyaa Main, Ewoyaa North-East and Kaampakrom corridor deposits aiming to grow the current MRE.

• Approximately 2000 m of DD for Project studies including water monitoring, metallurgy and resource twinning of RC holes.

• Analysis of pegmatite drill intersections from stored pulps and retention samples for multi-element geochemistry to help define a feldspar MRE in support of future mine studies.
• The Front-End Engineering Design (“FEED”) and Definitive Feasibility Study (“DFS”) for the Project is well progressed.
• The delivery of the DFS, which will be based on the current 35.3 Mt @ 1.25% Li₂ O MRE, is targeted for completion at the end of 2Q23; the planned 2023 programmes will not impact delivery of the DFS.

Commenting on the Company’s latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said: “The objectives of these significant 2023 exploration and resource drilling programmes are to test for concealed pegmatites within the immediate Resource footprint, improve Resource confidence, add potential tonnes to the current MRE and expand the regional exploration pipeline of targets. We are commencing the field programmes on all fronts, with four auger rigs active in the Assan target area, a dozer on site constructing drill access and pads ahead of an infill resource programme at the Ewoyaa South 2 deposit, and the regional geochemistry soil survey underway over the broader Cape Coast Lithium Portfolio area. We are excited to have engaged Fleet Space Technologies to complete a passive seismic geophysical survey, using their ExoSphere solution, over the Ewoyaa footprint looking for potential concealed pegmatites. All the drilling focus to date has been on outcropping pegmatites whilst typically they occur in clusters and there is potential for concealed pegmatites. The technology has been successfully deployed on lithium pegmatite targeting elsewhere so we look forward to seeing the results of the survey on Ewoyaa. With a significant MRE infill and extensional programme planned, we are confident of further resource upgrades. Importantly, these will not impact the planned delivery date of the DFS, which will be based on the current MRE. The infill programme planned at the Ewoyaa South 2 deposit is designed to convert additional near surface Inferred resources to the higher confidence Indicated category, aiming to provide mine scheduling optionality nearer to the commencement of mining operations. Further to the 2023 exploration and resource drilling programmes, which are now underway, both the FEED and DFS are well progressed. These represent major landmarks for the Company in advancing Ewoyaa towards the mine build. The DFS remains on track for release at the end of Q2. With the Pre-Feasibility Study delivered, the Mining Licence application submitted, the FEED engineering contract awarded and the funding agreement with our partner Piedmont Lithium in place, the Company is pushing ahead to achieve production and benefit from the ongoing lithium demand expected over the coming years.”

Read the article online at: https://www.globalminingreview.com/mining/20032023/atlantic-lithium-ltd-issues-exploration-and-resource-drilling-programmes-update/