Atlantic Lithium announce drill results from Ewoyaa Lithium project

Highlights:

• Assay results reported for a further 10 679 m 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.
• Newly reported drilling results fall both within and outside the currently defined 30.1 million t @ 1.26% Li₂O Ewoyaa JORC (2012) compliant mineral resource estimate (MRE); 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.
• 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: 35 m at 1.48% Li₂O from 111 m.
  • GRC0760: 27 m at 1.71% Li₂O from 155 m.
  • GRC0769: 46 m at 0.96% Li₂O from 51 m.
  • GRC0775: 20 m at 1.85% Li₂O from 72 m.
  • GRC0777: 24 m at 1.43% Li₂O from 108 m.
  • GRC0763: 26 m at 1.26% Li2O from 163 m.
  • GRC0759A: 17 m at 1.69% Li₂O from 114 m.
  • GRC0777: 14 m at 1.89% Li₂O from 140 m.
  • GRC0775: 13 m at 1.91% Li₂O from 117 m.
  • GRC0800: 23 m at 1.01% Li₂O from 263 m.
  • GRC0759A: 18 m at 1.24% Li₂O from 148 m.
  • GRC0779: 14 m at 1.43% Li₂O from 137 m.
  • GRC0776: 10 m at 1.96% Li₂O from 190 m.
• 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: 63.6 m at 1.86% Li₂O from 14.3 m.
  • GDD0089: 68 m at 1.37% Li₂O from 15 m.
  • GRC0756: 60 m at 1.36% Li₂O from 29 m.
  • GDD0098: 24.4 m at 1.72% Li₂O from 38.6 m.
  • GDD0090: 17.9 m at 1.37% Li₂O from 79.5 m.
  • GDD0094: 21 m at 0.96% Li₂O from 46 m.
• Highest grade of 6.78% Li₂O confirmed in previously reported hole GDD0071 from 31 m to 32 m, and additional high-grades of 5.14% Li₂O in hole GDD0090 from 30 - 31 m and 4.78% Li₂O from 31 - 31.8 m.
• Approximately 37 000 m of results from the 47 000 m drilling programme reported to date.
• Recently announced pre-feasibility study (delivers exceptional financial outcomes for a 2 million tpy operation, producing an average around 255 000 tpy of 6% Li₂O spodumene concentrate (SC6) over a 12.5-year operation:
  • LOM revenues exceeding US$4.84 billion, Post-tax NPV8 of US$1.33 billion, IRR of 224% over 12.5 years.
  • US$125 million capital cost with industry-leading payback period of <5 months.
  • C1 cash operating costs of US$278/t of 6% lithium spodumene concentrate free on board (FOB) Ghana Port, after by-product credits.
  • Average life of mine (LOM) EBITDA of US$248 million/yr.
  • 18.9 million t at 1.24% Li₂O maiden ore reserve.
  • Average annualised US$1359/dry t 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 35 m at 1.48% Li₂O from 111 m and 27 m at 1.71% Li2O from 155 m at the Ewoyaa North-East deposit.

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

"We have reported approximately 37 000 m of the 47 000 m programme to date, with 10 000 m 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.

"With 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."

Read the article online at: https://www.globalminingreview.com/mining/30112022/atlantic-lithium-announce-drill-results-from-ewoyaa-lithium-project/