Atlantic Lithium reports latest assay results from Ewoyaa

Africa-focussed explorer and developer Atlantic Lithium released initial assay results for its ongoing resource and exploration drilling program at the Ewoyaa Lithium Project in Ghana on Tuesday.

The AIM-traded company reported positive findings from 2,208 metres of infill reverse circulation (RC) drilling, which was part of the broader 18,500-metre drilling programme planned for the year.

It said the assay results confirmed the continuity of mineralisation within the Ewoyaa South-2 deposit, which was included in the Ewoyaa mineral resource estimate.

The estimate indicated a total resource of 35.3 million metric tonnes at a grade of 1.25% lithium oxide.

Atlantic said the objective of the drilling programme was to upgrade the inferred resources to higher-confidence indicated resources at the Ewoyaa South-2 deposit, allowing for future mine sequencing options.

The company reported multiple high-grade drill intersections as downhole intercepts, with true widths estimated in the intersections table.

Notable highlights, based on a 0.4% lithium oxide cut-off and maximum four-metre internal dilution, included 57 metres at 1.17% lithium oxide from 45 metres at GRC0892, 54 metres at 1.14% lithium oxide from three metres at GRC0899, and 41 metres at 1.16% lithium oxide from 73 metres at GRC0900.

It also highlighted 33 metres at 1.12% lithium oxide from 78 metres at GRC0909A, 18 metres at 1.16% lithium oxide from 80 metres at GRC0896, and 19 metres at 0.93% lithium oxide from 47 metres at GRC0908.

Finally, GRC0906 showed 11 metres at 1.5% lithium oxide from 38 metres, GRC0906 had 17 metres at 0.91% lithium oxide from 54 metres, and GRC0908 revealed 10 metres at 1.53% lithium oxide from 33 metres.

The board said the drilling programme and regional exploration efforts were ongoing, as it announced in April and March.

Atlantic Lithium remained on track to release the definitive feasibility study by the end of the second quarter.

It was also awaiting approval of the Mankessim licence consolidation, which it described as crucial for the resubmission of the Mining Lease application for the Ewoyaa Lithium Project.

“We are pleased to kick off the 2023 drilling season with our first set of infill drilling assay results - these include some significant apparent widths and grades from relatively shallow depths,” said executive chairman Neil Herbert.

“Results are from the Ewoyaa South-2 deposit where we are infill drilling to convert Inferred to Indicated category resources to provide optionality for future mine scheduling to more easily enable the relocation of the overhead power lines.

“Initial infill results at the Ewoyaa South-2 deposit are encouraging and show good continuity of mineralisation between drill sections.”

Herbert said a total of 18,500 metres of infill, extensional and exploration reverse circulation drilling had been planned for the 2023 season.

“We also await approval of the consolidation of the licence covering the proposed mine and processing plant site, which was undertaken to facilitate a smoother approvals process and simplified operational structure, as advised by Ghana's Minerals Commission Technical Committee.

“The company expects no further major amendments to the application, so believes that the Mining Lease will be granted for the project in the coming months.

“Meanwhile, the study team is working hard to deliver the definitive feasibility study by the end of the second quarter.”

At 1355 BST, shares in Atlantic Lithium were down 1.6% at 31.88p.

Reporting by Josh White for Sharecast.com.