If you have any questions for next week's webinar guest speakers (Pyx Resources, Helix Exploration, Fulcrum Metals and Metals One), please submit them 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: 20.00
Bid: 19.06
Ask: 19.98
Change: 0.60 (3.09%)
Spread: 0.92 (4.827%)
Open: 19.30
High: 20.00
Low: 19.02
Prev. Close: 19.40
ALL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Highest Reported Grade to Date of 4.52% Li2O

2 Nov 2022 07:00

RNS Number : 9992E
Atlantic Lithium Limited
02 November 2022
 

2 November 2022

 

Highest Reported Grade to Date of 4.52% Li2O over 1m

Multiple High-Grade and Broad Drill Intersections

Ewoyaa Lithium Project Ghana, West Africa

 

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, ASX: A11 "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.

 

Figures, Tables and Appendices referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/9992E_1-2022-11-1.pdf

HIGHLIGHTS:

Ø Assay results reported for 5,668m of infill and exploration reverse circulation ("RC") drilling completed at the Ewoyaa Main, Grasscutter East, Grasscutter West and Anokyi deposits, part of the now-completed resource evaluation and exploration RC and diamond drilling ("DD") programme.

Ø Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li2O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate ("MRE" or the "Resource"), providing further confidence in Resource conversion at the Ewoyaa Main deposit, and extending mineralisation downdip at the Grasscutter East, Grasscutter West and Anokyi deposits.

Ø Highest reported single RC assay result to date of 4.52% Li2O over 1m in hole GRC0704 from 54m and 3.99% Li2O from 53m.

Ø Broad, high-grade infill drill intersections within the current MRE reported at the Ewoyaa Main deposit including highlights of:

GRC0697: 95m at 1.48% Li2O from 5m

GRC0703: 87m at 1.61% Li2O from 0m

GRC0701: 78m at 1.67% Li2O from 12m

GRC0710: 74m at 1.65% Li2O from 15m

GRC0692: 76m at 1.43% Li2O from 14m

GRC0720: 62m at 1.34% Li2O from 28m

GRC0722: 57m at 1.31% Li2O from 23m

GRC0717: 47m at 1.57% Li2O from 43m

GRC0696: 44m at 1.41% Li2O from 7m

GRC0712: 72m at 0.85% Li2O from 18m

GRC0700: 44m at 1.32% Li2O from 46m

GRC0725: 43m at 1.13% Li2O from 44m

GRC0706: 27m at 1.57% Li2O from 38m

GRC0704: 23m at 1.4% Li2O from 36m

GRC0711: 23m at 1.38% Li2O from 39m

GRC0696: 30m at 0.94% Li2O from 58m

GRC0704: 16m at 1.65% Li2O from 73m

GRC0724: 21m at 1.18% Li2O from 30m

GRC0694: 20m at 1.05% Li2O from 24m

 

Ø Broad, high-grade exploration drill intersections outside of the current MRE, reported at the Grasscutter East, Grasscutter West and Anokyi deposits, including highlights of:

GRC0721: 45m at 1.16% Li2O from 274m

GRC0695: 29m at 1.72% Li2O from 141m

GRC0705: 25m at 1.49% Li2O from 171m

GRC0693: 23m at 1.18% Li2O from 274m

GRC0699: 14m at 1.66% Li2O from 213m

GRC0716: 13m at 1.36% Li2O from 302m

GRC0721: 11m at 1.44% Li2O from 177m

GRC0718A: 14m at 0.93% Li2O from 193m

GRC0713: 10m at 1.2% Li2O from 172m

GRC0709: 10m at 1.02% Li2O from 176m

Ø Approximately 21,000m of results from the 47,000m drilling programme reported to date.

Ø Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li2O spodumene concentrate ("SC6") over a 12.5-year operation:

LOM revenues exceeding US$4.84bn, Post-tax NPV8 of US$1.33bn, IRR of 224% over 12.5 years

US$125m capital cost estimate with an industry-leading payback period of

C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits

Average Life of Mine ("LOM") EBITDA of US$248m per annum

18.9Mt at 1.24% Li2O Maiden Ore Reserve

Average annualised US$1,359/dry metric tonne SC6 pricing used

Ø Significant potential for resource upgrades and exploration upside; potential for project metrics to substantially improve with increased scale.

Commenting on the Company's latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

"We are delighted to report ongoing high-grade drill intersections, both within the infill programme targeting conversion of Indicated to Measured resources and within the exploration programme targeting resource growth outside the current MRE.

"The latest infill drilling results from within the current Resource at the Ewoyaa Main deposit have returned multiple high-grade pegmatite intervals over 1.5% Li2O and up to 95m long with the hole ending in mineralisation, providing further confidence in future Resource to Reserve conversion.

"Exploration drilling outside of the current Resource has returned multiple intersections, including highlights of 29m at 1.72% Li2O and 25m at 1.49% Li2O at the Anokyi deposit, 45m at 1.16% Li2O at the Grasscutter West deposit and 23m at 1.18% Li2O at the Grasscutter East deposit. These results reaffirm the significant growth potential at the Ewoyaa Project, which we hope to unlock.

"We are thrilled to report our highest-grade RC drilling result to date at the Ewoyaa Project of 4.52% Li2O over 1m, including an adjacent 1m interval of 3.99% Li2O in infill drilling at the Ewoyaa Main deposit.

"We anticipate further news flow from pending drilling results into the end of the year and are targeting a Resource upgrade at the end of 2022 or early 2023, dependent on lab turn-around time. 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."

 

New Drilling Results:

Further assay results have been received for an additional 5,668m of RC drilling from the recently completed drill programme at the Ewoyaa Project. Multiple high-grade and broad infill 'Measured' drill intersections are reported within the Ewoyaa Main deposit, which falls within the currently defined 30.1Mt @ 1.26% Li2O MRE (refer Table 1, Appendix 1 and Appendix 2). Additionally, multiple drill intersections are reported for exploration drilling results outside of the currently defined Resource (refer Table 2, Appendix 1 and Appendix 2).

ble 1: High-grade infill drill intersection highlights at greater than 20 Li x m, reported at a 0.4% Li2O cut-off and maximum of 4m of internal dilution at the Ewoyaa Main deposit.

Hole ID

Target

From m

To m

Interval m

Hole depth m

assay Li2O %

Intersection

Comment

metal content

Li x m

GRC0697

MEA

5.00

100.00

95.00

100.00

1.48

GRC0697: 95m at 1.48% Li2O from 5m

140.33

GRC0703

MEA

0.00

87.00

87.00

90.00

1.61

GRC0703: 87m at 1.61% Li2O from 0m

139.85

GRC0701

MEA

12.00

90.00

78.00

90.00

1.66

GRC0701: 78m at 1.67% Li2O from 12m

129.68

GRC0710

MEA

15.00

89.00

74.00

90.00

1.64

GRC0710: 74m at 1.65% Li2O from 15m

121.66

GRC0692

MEA

14.00

90.00

76.00

90.00

1.42

GRC0692: 76m at 1.43% Li2O from 14m

108.29

GRC0720

MEA

28.00

90.00

62.00

90.00

1.34

GRC0720: 62m at 1.34% Li2O from 28m

83.05

GRC0722

MEA

23.00

80.00

57.00

90.00

1.30

GRC0722: 57m at 1.31% Li2O from 23m

74.25

GRC0717

MEA

43.00

90.00

47.00

90.00

1.57

GRC0717: 47m at 1.57% Li2O from 43m

73.68

GRC0696

MEA

7.00

51.00

44.00

90.00

1.41

GRC0696: 44m at 1.41% Li2O from 7m

62.00

GRC0712

MEA

18.00

90.00

72.00

90.00

0.85

GRC0712: 72m at 0.85% Li2O from 18m

61.20

GRC0700

MEA

46.00

90.00

44.00

90.00

1.31

GRC0700: 44m at 1.32% Li2O from 46m

57.76

GRC0725

MEA

44.00

87.00

43.00

90.00

1.12

GRC0725: 43m at 1.13% Li2O from 44m

48.37

GRC0706

MEA

38.00

65.00

27.00

90.00

1.56

GRC0706: 27m at 1.57% Li2O from 38m

42.22

GRC0704

MEA

36.00

59.00

23.00

90.00

1.40

GRC0704: 23m at 1.4% Li2O from 36m

32.20

GRC0711

MEA

39.00

62.00

23.00

90.00

1.37

GRC0711: 23m at 1.38% Li2O from 39m

31.60

GRC0696

MEA

58.00

88.00

30.00

90.00

0.94

GRC0696: 30m at 0.94% Li2O from 58m

28.20

GRC0704

MEA

73.00

89.00

16.00

90.00

1.65

GRC0704: 16m at 1.65% Li2O from 73m

26.39

GRC0724

MEA

30.00

51.00

21.00

90.00

1.18

GRC0724: 21m at 1.18% Li2O from 30m

24.70

GRC0694

MEA

24.00

44.00

20.00

81.00

1.05

GRC0694: 20m at 1.05% Li2O from 24m

20.91

 

 

 

Table 2: High-grade exploration drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li2O cut-off and maximum of 4m of internal dilution at the Grasscutter East, Grasscutter West and Anokyi deposits.

Hole ID

Target

From m

To m

Interval m

Hole depth m

assay Li2O %

Intersection

Comment

metal content

Li x m

GRC0721

EXPL

274.00

319.00

45.00

347.00

1.15

GRC0721: 45m at 1.16% Li2O from 274m

51.77

GRC0695

EXPL

141.00

170.00

29.00

190.00

1.71

GRC0695: 29m at 1.72% Li2O from 141m

49.70

GRC0705

EXPL

171.00

196.00

25.00

219.00

1.48

GRC0705: 25m at 1.49% Li2O from 171m

37.03

GRC0693

EXPL

274.00

297.00

23.00

348.00

1.18

GRC0693: 23m at 1.18% Li2O from 274m

27.12

GRC0699

EXPL

213.00

227.00

14.00

261.00

1.66

GRC0699: 14m at 1.66% Li2O from 213m

23.22

GRC0716

EXPL

302.00

315.00

13.00

337.00

1.35

GRC0716: 13m at 1.36% Li2O from 302m

17.60

GRC0721

EXPL

177.00

188.00

11.00

347.00

1.43

GRC0721: 11m at 1.44% Li2O from 177m

15.75

GRC0718A

EXPL

193.00

207.00

14.00

254.00

0.92

GRC0718A: 14m at 0.93% Li2O from 193m

12.93

GRC0713

EXPL

172.00

182.00

10.00

210.00

1.20

GRC0713: 10m at 1.2% Li2O from 172m

11.95

GRC0709

EXPL

176.00

186.00

10.00

207.00

1.01

GRC0709: 10m at 1.02% Li2O from 176m

10.14

Resource infill drilling results received to date at the Ewoyaa Main deposit have confirmed mineralisation continuity and ability to convert from Inferred and Indicated resources to Measured resources on a nominal 20m x 20m grid. Measured drilling targeted the first 1.5 to 2 years of planned production at the Ewoyaa Main deposit and was planned to provide Proven Reserves in support of the Definitive Feasibility Study, in addition to further material for test-work and customer acceptance samples within the planned starter pit.

High grades over broad intervals were reported from near surface within the proposed starter pit zone of the Ewoyaa Main deposit, including highlights of 95m at 1.48% Li2O from 5m, 87m at 1.61% Li2O from surface, 78m at 1.67% Li2O from 12m and 74m at 1.65% Li2O from 15m (refer Figure 1 and Figure 2).

Exploration drilling results outside the 30.1Mt at 1.26% Li2O Resource continue to demonstrate further resource scale potential at the Ewoyaa Project, where new drilling results have returned highlights of 45m at 1.16% Li2O at the Grasscutter West deposit, 29m at 1.72% Li2O and 25m at 1.49% Li2O at the Anokyi deposit and 23m at 1.18% Li2O at the Grasscutter East deposit (refer Figure 1, Figure 3 and Figure 4).

The highest-grade meter interval reported to date in RC drilling of 4.52% Li2O, including an adjacent 1m downhole interval of 3.99% Li2O was achieved in hole GRC0704 between 53m to 55m at the Ewoyaa Main deposit. The mineralisation occurs within a larger reported interval of 23m at 1.4% Li2O from 36m in hole GRC0704 as part of the infill programme and demonstrates the high grades present at the deposit.

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth with all reported results passing QA/QC protocols, providing confidence in reported results.

Figure 1: Location of reported assay results with highlight drill intersections for Measured holes and Exploration holes (inclusive holes highlighted individually outside of Ewoyaa Main).

 

Figure 2: Cross-section A-A' showing assay results received for infill holes GRC0700, GRC0701 and GRC0703 at the Ewoyaa Main deposit.

 

Figure 3: Cross-section B-B' assay results received for exploration holes GRC0695 and GRC0699 at the Anokyi deposit.

 

Figure 4: Cross-section C-C' assay results received for exploration holes GRC0721 and GRC0726 at the Grasscutter West deposit.

 

 

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'. 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. Mr Searle consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

 

The reported Ore Reserves have been compiled by Mr Harry Warries. Mr Warries is a Fellow of the Australasian Institute of Mining and Metallurgy and an employee of Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking, to qualify as a Competent Person as defined in the 'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists and the Minerals Council of Australia. Mr Warries gives Atlantic Lithium Limited consent to use this reserve estimate in reports.

 

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.

 

For any further information, please contact:

 

Atlantic Lithium Limited

Lennard Kolff (Interim CEO)

Amanda Harsas (Finance Director and Company Secretary)

www.atlanticlithium.com.au

Tel: +61 2 8072 0640

 

 

atlantic@yellowjerseypr.com

 

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 Mathieson

Edward Thomas

Kane Collings

 

Tel: +44 (0) 20 3100 2000 

 

 

Yellow Jersey PR Limited

Henry Wilkinson

Dominic Barretto

James Lingfield

Tel: +44 (0)20 3004 9512

Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au

 

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

 

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet.

 

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

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
 
 
MSCFFFLVLILLIIF
Date   Source Headline
12th Jul 20248:30 amRNSEwoyaa Lithium Project Update
10th Jul 20247:00 amRNSFatal Incident at the Ewoyaa Lithium Project
30th May 20247:00 amRNSField Work Underway at Senya Beraku Licence
15th May 20249:55 amRNSBoard Appointment - Replacement
15th May 20247:00 amRNSBoard Appointment
10th May 20247:00 amRNSAdmission to Trading on the Ghana Stock Exchange
7th May 20247:10 amRNSConference Attendance – CG Global Metals & Mining
7th May 20247:00 amRNSDog-Leg Delivers Further High-grade Intersections
2nd May 20247:00 amRNSApproval to List on the Ghana Stock Exchange
24th Apr 20247:00 amRNSQuarterly Activities and Cash Flow Report
18th Apr 20247:00 amRNSExploration-focused Investor Webinar
16th Apr 20247:00 amRNSInvestor Presentation - Paydirt Battery Minerals
8th Apr 20247:00 amRNSDirector/PDMR Shareholding
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

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.