Final Resource Drilling Results Received At Ewoyaa
Atlantic Lithium, the funded African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, has announced final assay results from the resource and exploration drilling programme completed at the Ewoyaa Lithium Project in Ghana, West Africa.
On the latest progress of the company, Lennard Kolff, Interim CEO of Atlantic Lithium, commented, “We are seeing positive results as drilling continues to uncover high-grade drill intersections beyond the existing MRE (Mineral Resource Estimate).”
Thes last batch of results has delivered multiple near-surface drill intersections in new pegmatites defined outside of the resource footprint at the Kaampakrom North and Grasscutter North targets including highlights of 36m at 1.23% Li2O from 42 m and 20 m at 1.62% Li2O from 44 m.
Drilling has also returned high-grade, near-surface results at the Assan target approximately 3 km north-east of the northern-most current pit design including highlights of 6 m at 1.49% Li2O from 66 m and 6 m at 1.44% Li2O from 45 m, demonstrating further potential within the mineralized pegmatite swarm.
“We have now reported all assay results for the approximate 47,000 m drilling programme, with a resource upgrade targeted for Q1 2023 and a DFS targeted for completion mid-2023.
With the PFS delivered, the mining license application submitted, the FEED engineering contract awarded and the funding agreement with our partner Piedmont Lithium in place, we feel the company is ideally positioned to benefit from the ongoing lithium demand expected over the coming years.” He said.
Highlights
Final assay results received for a further 10,052 m of exploration and infill diamond core drilling and reverse circulation drilling completed at the Ewoyaa Project, part of the now completed resource evaluation and exploration RC and DD programme.
Newly reported assay results confirm new mineralised pegmatites at the Grasscutter North, Kaampakrom North and Assan targets, outside the currently defined 30.1 Mt @ 1.26% Li2O Ewoyaa JORC (2012) Compliant MRE.
Multiple high-grade drill intersections reported at the Kaampakrom North, Grasscutter North, Anokyi and Grasscutter West targets, including highlights of:
GRC0825: 36 m at 1.23% Li2O from 42 m
GDD0102A: 22.2 m at 1.62% Li2O from 73.3 m
GRC0837: 20 m at 1.6% Li2O from 44 m
GDD0103: 15.1 m at 1.24% Li2O from 55.4 m
GRC0842: 12 m at 1.55% Li2O from 93 m
GRC0839: 13 m at 1.35% Li2O from 99 m
GRC0850: 12 m at 1.24% Li2O from 96 m
GRC0341: 12 m at 1.03% Li2O from 134 m
GRC0844: 7 m at 1.69% Li2O from 162 m
GRC0872: 8 m at 1.48% Li2O from 34 m
All assay results now reported for the total approximate 47,000 m drilling programme completed.
Resource upgrade targeted for Q1 2023; to inform DFS targeted for completion mid-2023.
Recently announced processing plant FEED engineering contract awarded to Primero to optimise the project’s flow sheet, identify long lead items, maximise the project’s long-term profitability, reduce execution risk and ultimately support the advancement of the Project towards becoming a financially and operationally robust lithium-producing mine.
Recently announced PFS delivers exceptional financial outcomes for a 2 Mtpa operation, producing an average c. 255,000 tpa 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 per tonne of 6% lithium spodumene concentrate Free on Board (FOB) Ghana Port, after by-product credits
Average LOM EBITDA of US$248 million per annum
18.9 Mt at 1.24% Li2O Maiden Ore Reserve
Average annualised US$1,359/dry metric tonne SC6 pricing used
