Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAtlantic Lithium Regulatory News (ALL)

Share Price Information for Atlantic Lithium (ALL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 19.30
Bid: 18.78
Ask: 19.30
Change: -0.04 (-0.21%)
Spread: 0.52 (2.769%)
Open: 19.02
High: 19.62
Low: 18.80
Prev. Close: 19.34
ALL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Further Lithium Infill Drilling Results, Ghana

25 Jan 2022 07:00

RNS Number : 4644Z
Atlantic Lithium Limited
25 January 2022
 

 

25 January 2022

 

further High-Grade Infill drilling results

ewoyaa lithium project, ghana west africa 

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, "Atlantic Lithium" or the "Company"), the fully-funded African focussed lithium exploration and development company on track to become West Africa's first lithium producing mine, is pleased to announce further high-grade infill drilling results at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa, where the Company recently announced an updated Scoping Study and increased JORC resource of 21.3Mt @ 1.31% Li2O, resulting in a significant improvement in project economics and life of mine ("LOM").

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:http://www.rns-pdf.londonstockexchange.com/rns/4644Z_1-2022-1-25.pdf

HIGHLIGHTS:

Ø High-grade infill and extensional resource drilling assay results reported for diamond core ("DD") and reverse circulation ("RC") holes, including highlights at a 0.4% Li2O cut-off and maximum 4m of internal dilution of:

o GRC0570: 65m at 1.66% Li2O from 159m

o GRC0546: 23m at 1.64% Li2O from 87m

o GRC0560: 35m at 0.96% Li2O from 32m

o GDD0059: 21.1m at 1.53% Li2O from 92.5m

o GRC0539: 20m at 1.6% Li2O from 48m

o GRC0502: 24m at 1.29% Li2O from 98m

o GDD0061: 27.8m at 1.11% Li2O from 44.2m

o GRC0531: 22m at 1.4% Li2O from 45m

o GRC0538: 21m at 1.21% Li2O from 52m

o GRC0568: 12m at 1.84% Li2O from 104m

o GDD0056: 14.4m at 1.17% Li2O from 24m

o GRC0566: 11m at 1.5% Li2O from 117m

o GRC0532: 9m at 1.8% Li2O from 96m

Ø Further infill drilling results continue to confirm grade and continuity across the Ewoyaa deposits.

Ø Second highest metal content (grade x interval length) drill intersection returned to date with hole open in mineralisation; 65m at 1.66% Li2O from 159m in GRC0570.

Ø 10,688m of infill drilling assay results reported herewith in 90 holes, with additional approximate 11,800m of infill and extensional drilling assay results pending post completion of drilling activities for further resource upgrades.

Ø First results received for newly drilled Kaampakrom West target confirm good grades and widths outside of the current resource footprint with further results pending.

Ø Additional results received over the Ewoyaa Sill target continue to confirm good grades and widths outside of the current resource footprint with further results pending.

Ø Recently announced Scoping Study update (refer RNS of 7 December 2021) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 300,000tpa of 6% Li2O spodumene concentrate ("SC6") over an 11.4-year operation:

o LOM revenues exceeding US$3.43bn, Post-tax NPV8 of US$789m, IRR of 194% over 11.4 years

o US$70m capital cost with industry-leading payback period of

o C1 cash operating costs of US$249 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits

o Pre-tax NPV8 of US$1.23bn and EBITDA of US$2.02bn for LOM

o Average EBITDA of US$178m per annum

Ø Significant potential for resource upgrades to extend the planned LOM; Project metrics substantially improve with an LOM beyond 12 years.

Ø Exploration auger drilling recommenced on site with six power auger rigs active; regional airborne geophysical and soil sampling surveys planned over newly granted Cape Coast license.

Ø Exploration and resource expansion drilling planned to recommence in February 2022.

 

Commenting on the Company's latest progress, Vincent Mascolo, CEO of Atlantic Lithium, said:

"The ongoing infill drilling results received continue to confirm mineralisation grade and continuity where tested across the Ewoyaa deposit.

"First assay results received over the Kaampakrom West target are encouraging and have returned good grades and widths outside of the current resource footprint which will add further tonnes.

"Additional assay results received over the Ewoyaa Sill target continue to impress, with mineralisation occurring in flat lying structures favourable for tonnage addition and low strip ratio.

"We have reported our second highest metal content and one of our deepest drill intersections to date with the hole open in mineralisation, highlighting the potential for further resource expansion.

"An additional 11,800m of drilling results are pending, predominantly within the Kaampakrom West and Ewoyaa Sill targets outside of the current resource.

"The Company is targeting >80% resource conversion from inferred to indicated over the recently upgraded 21.3Mt @ 1.31% Li2O JORC resource, as well as a targeted tonnage increase to over 24Mt in support of a 12-year mine life for future studies.

"Our resource continues to grow, and the upside of the Project is clear. As such, we believe that the Project metrics will improve beyond the current defined Life of Mine. It is estimated by the Company that every additional year of production will add up to c. US$60m[1] in post-tax NPV per annum. These fundamentals continue to demonstrate Ewoyaa as an industry-leading asset and, with the Company being ideally poised to benefit from the growing lithium market, we look forward to progressing the Project towards production and establishing Atlantic Lithium as new player in the lithium supply chain."

Infill Drilling Results

Further infill drilling results are reported herewith for 10,688m of infill and extensional drilling in 90 holes at the Ewoyaa Project. An additional approximate 11,800m of resource and exploration drilling results are pending from the c. 37,500m drilling programme completed post reporting of the updated Mineral Resource Estimate ("MRE") of 21.3Mt @ 1.31% Li2O (refer RNS of 1 December 2021).

Multiple high-grade drill intersections have been returned in Reverse Circulation ("RC") and Diamond core ("DD") infill and extensional drilling, with highlights reported in Table 1 and Figure 1 at a 0.4% Li2O cut-off and maximum 4m of internal dilution (refer Appendix 1 for all reported intersections).

All sampling was completed at 1m sampling intervals at the drill site and submitted for analysis at Intertek laboratory with sample preparation completed in Ghana and sample analysis in Perth, Western Australia. All results passed internal and laboratory QA/QC protocols, providing confidence in the reported results.

Highlight drill sections are shown in Figure 2 and Figure 3 below for the Anokyi and Kaampakrom West deposits.

Hole GRC0570 has returned the second highest metal content (grade x interval length) of 65m at 1.66% Li2O from 159m for the current programme and is one of the deepest drill intersections to date at the Project. The hole remains open in mineralisation and demonstrates the continuity of high-grade mineralisation at depth at the Anokyi target as well as potential for further resource upgrades (refer Figure 2).

Ongoing infill drilling results validate grade and mineralisation continuity where returned to date over the Ewoyaa Main, Ewoyaa_NE, Okwesi, Anokyi and Grasscutter_E deposits, providing confidence in future resource upgrades from inferred to indicated status.

New mineralisation has been intersected and initial high grade assay results returned at the Kaampakrom West target, whilst the Ewoyaa Sill target continues to deliver encouraging results, where mineralisation is associated with flat lying sill structures favourable for tonnage and low strip ratio potential. Both targets fall outside of the currently defined mineral resource estimate.

Additionally, the Company targeted further resource expansion and exploration drilling as part of last years programme, with assays pending over the Grasscutter extension, Ewoyaa Sill, Kaampakrom West targets and depth extensions at Ewoyaa_NE, Okewesi and Anokyi targets (refer Figure 4).

Approximately 11,800m of additional resource infill, extensional and exploration drilling assay results are pending.

Field teams have returned to site and six auger rigs have commenced drilling activities for both regional exploration and resource expansion targeting over the Mankessim, Mankessim South and Saltpond licenses.

Exploration and resource drilling programmes are planned to recommence in February 2022 to test new targets along strike and at depth, as well as diamond core drilling in support of geotechnical, hydrogeology and site investigation studies.

Planning is underway for airborne geophysical and grid soil geochemistry over the recently granted Cape Coast license (refer RNS of 19 November 2021).

 

 For any further information, please contact: 

Atlantic Lithium Limited

Vincent Mascolo (Chief Executive Officer)

Amanda Harsas (Company Secretary)

www.atlanticlithium.com.au

Tel: +61 2 8072 0640

 

 

SP Angel Corporate Finance LLP

Nominated Adviser

Jeff Keating

Charlie Bouverat

Tel: +44 (0)20 3470 0470

 

Canaccord Genuity Limited

Joint Company Broker

Raj Khatri

James Asensio

Harry Rees

 

Tel: +44 (0) 20 7523 4500

 

 

Liberum Capital Limited

Joint Company Broker

Scott Matheson

Edward Thomas

Kane Collings

 

Tel: +44 (0) 20 3100 2000 

 

 

SI Capital Limited

Joint Company Broker

Nick Emerson

Jon Levinson

 

Tel: +44 (0) 1483 413 500

Tel: +44 (0) 207 871 4038

 

 

Yellow Jersey PR Limited

Henry Wilkinson

Matthew McHale 

Dominic Barretto

 

 

 

Tel: +44 (0)20 3004 9512

 

Competent Persons

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

 

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company.

 

Information in this report relating to metallurgical results is based on data reviewed by Mr Noel O'Brien, Director of Trinol Pty Ltd. Mr O'Brien is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr O'Brien consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

 

Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au

 

Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.

 

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become West Africa's first lithium producing mine. The project is fully funded to production under an agreement with Piedmont Lithium for US$102m and set to produce a premium lithium product. A robust update Scoping Study indicates Life of Mine revenues exceeding US$3.4bn.

 

Atlantic Lithium holds a 560km2 & 774km2 tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

 

 

[1] https://www.investegate.co.uk/atlantic-lithium-ltd--all-/rns/exceptional-lithium-scoping-study-update-ghana/202112070700018028U/

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLGXGDBRDDDGDU
Date   Source Headline
19th Mar 20247:00 amRNSFurther Broad and High-Grade Drill Intersections
15th Mar 20247:00 amRNSHalf-year Financial Report
27th Feb 20247:00 amRNSConference Attendance
15th Feb 20247:00 amRNSDirector/PDMR Dealings
5th Feb 20247:00 amRNSMultiple Broad and High-Grade Drill Intersections
2nd Feb 20247:00 amRNSConference Attendance – Mining Indaba
1st Feb 20248:20 amRNSInvestor Presentation - Investor Webinar
31st Jan 20247:00 amRNSQuarterly Activities and Cash Flow Report
29th Jan 20247:00 amRNSInvestor Webinar
25th Jan 20247:00 amRNSUpdate on Competitive Offtake Partnering Process
24th Jan 20247:00 amRNSCompletion of US$5m MIIF Subscription
23rd Jan 20247:00 amRNSTR-1 Notification of Major Holdings
2nd Jan 20247:00 amRNSCorporate Update - Director / PDMR Shareholding
29th Dec 20237:00 amRNSCorporate Update - Director / PDMR Shareholding
28th Dec 20237:00 amRNSGrant of PDMR Performance Rights
22nd Dec 20237:00 amRNSDirector / PDMR Dealings & Shareholding Update
21st Dec 20237:00 amRNSCorporate Update - Director / PDMR Dealings
20th Dec 20237:00 amRNSBoard Changes
15th Dec 20237:00 amRNSSuccessful Completion of A$8million Equity Placing
14th Dec 20234:45 pmRNSA$7 million Equity Placing
12th Dec 20237:00 amRNSMaiden Feldspar Mineral Resource Estimate
30th Nov 202311:57 amRNSAmended Constitution
30th Nov 202311:50 amRNSResult of Annual General Meeting
30th Nov 20237:02 amRNSAGM Statement
28th Nov 20237:00 amRNS106m Continuous Pegmatite Interval Reported
23rd Nov 20239:39 amRNSUpdated Quarterly Activities and Cash Flow Report
22nd Nov 20237:00 amRNSProject Development Update
16th Nov 20237:00 amRNSInvestor Presentation - Noosa Mining Conference
15th Nov 20237:00 amRNSRejection of Non-Binding Indicative Offers
14th Nov 20237:00 amRNSGrant of Highly Prospective Licences for Lithium
10th Nov 20237:00 amRNSConference Attendance
7th Nov 20237:00 amRNSAdditional Resource Extension Drilling Planned
1st Nov 20237:00 amRNSChange of Registered Office
31st Oct 20237:05 amRNSNotice of AGM
31st Oct 20237:00 amRNSQuarterly Activities and Cash Flow Report
20th Oct 20237:00 amRNSMining Lease Granted for Ewoyaa Lithium Project
19th Oct 202311:35 amRNSStatement re Media Speculation
13th Oct 20237:00 amRNSConference Attendance
10th Oct 20237:00 amRNSApproval to Divert Transmission Lines at Ewoyaa
29th Sep 20239:55 amRNSInvestor Presentation
28th Sep 20237:00 amRNS2023 Annual Financial Report
21st Sep 20237:00 amRNSNotice of Results and Investor Presentation
15th Sep 20237:00 amRNSConference Attendance
8th Sep 20237:05 amRNSInvestor Presentation
8th Sep 20237:00 amRNSUS$32.9m Strategic Investment
6th Sep 20237:00 amRNSResource and Exploration Drilling Results
4th Sep 20238:45 amRNSConference Attendance
30th Aug 20237:00 amRNSIssue of Equity - ESOP Options
22nd Aug 20237:00 amRNSIssue of Equity - Exercise of ESOP Options
17th Aug 20237:00 amRNSPartner Commits to Ewoyaa Development Funding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.