- Atlantic Lithium (A11) reports the highest-grade result to date from the Ewoyaa lithium project in Ghana
- The intercept reads one metre at 4.52 per cent lithium oxide from 54 metres at the Ewoyaa Main deposit where the company recently completed infill and reverse circulation drilling
- Infill drilling aimed to convert the indicated resources to the measured category and RC drilling targeted resource growth across other deposits outside of Ewoyaa Main
- The company aims to complete the updated mineral resource estimate by the end of this year or early 2023 which will support a definitive feasibility study
- Atlantic Lithium shares are up 24.1 per cent to trade at 87.5 cents at 3:43 pm AEDT
Atlantic Lithium (A11) has received drill results from the Ewoyaa lithium project in Ghana, West Africa.
The results account for 5668 metres of infill and exploration reverse circulation (RC) drilling completed at the Ewoyaa Main, Grasscutter East, Grasscutter West and Anokyi deposits, as part of the now-completed resource drilling program.
The infill portion of the program aimed to convert the indicated resources to the measured category, while the RC aspect is targeting resource growth outside the current mineral resource estimate (MRE).
Amongst the new assays is an intercept of one metre at 4.52 per cent lithium oxide from 54 metres, which is the the highest-grade single RC result reported from the project.
The same hole, GRC0704, also returned a grade of 3.99 per cent lithium oxide from 53 metres at the Ewoyaa Main deposit which falls within the current MRE area.
Interim CEO Lennard Kolff said the latest infill results from within the current resource at Ewoyaa Main has provided “further confidence” in converting the resource to reserves.
Atlantic Lithium also received broad, high-grade results from deposits outside the MRE area which include the Grasscutter East, Grasscutter West and Anokyi deposits.
Assays include 45 metres at 1.16 per cent lithium oxide from 274 metres, 29 metres at 1.72 per cent lithium oxide from 141 metres, and 25 metres at 1.49 per cent lithium oxide from 171 metres.
“These results reaffirm the significant growth potential at the Ewoyaa project, which we hope to unlock,” Mr Kolff said.
Atlantic Lithium expects to receive further drill results and is targeting a resource upgrade either at the end of this year or early 2023. The updated MRE will support a definitive feasibility study which the company will aim to complete by mid-next year.
Company shares were up 24.1 per cent to trade at 87.5 cents at 3:43 pm AEDT.