Atlantic Lithium expands drilling programme at Ewoyaa
By Josh White
Date: Thursday 26 May 2022
(Sharecast News) - Africa-focussed explorer and developer Atlantic Lithium announced the mobilisation of an additional three drill rigs, the expansion of its drilling programme, and new drilling observations at the Ewoyaa Lithium Project in Ghana on Thursday.
The AIM-traded firm has defined a JORC 2012-compliant mineral resource estimate ("MRE") of 30.1 million tonnes at 1.26% lithium oxide at Ewoyaa.
It said it had completed about 9,166 metres of reverse circulation drilling on 52 holes to date, with assays pending.
"Multiple and significant" visual spodumene pegmatite drill intercepts had been observed up to 80 metres long in reverse circulation drill chips, the board added, with assays there also pending.
The second and third reverse circulation drill rigs had arrived on site and started drilling, with a diamond core drilling rig due to arrive on site next week, increasing the total number of rigs on site to four.
Atlantic said it was increasing its original planned drilling programme to 37,000 metres of exploration from approximately 19,000 metres.
An airborne geophysical survey and 100 metre by 100 metre grid soil geochemical survey for 9,145 samples had been completed over the Cape Coast licence as well, with those results pending.
Atlantic said the exploration reverse circulation drilling was designed to test new targets defined in auger drilling within the Ewoyaa pegmatite corridor, to the north and south of the current mineral resource estimate.
Resource extension and infill reverse circulation and diamond drilling, meanwhile, was designed to test depth and strike extensions of known mineralisation, convert inferred to indicated resources, and define measured resources for the first one-and-a-half years of mine production.
Geotechnical diamond drilling was designed to test the proposed mine pit wall ground conditions for detailed engineering design.
The company said regional exploration auger drilling was ongoing over the Mankessim and Saltpond licences.
Atlantic Lithium said its intention to deliver a pre-feasibility study during the third quarter was unchanged, despite delays in receiving assay results from labs experiencing heightened demand.
"The exploration potential is clear, and we see significant opportunity for resource growth," said interim chief executive officer Len Kolff.
"Not only do we believe that Project metrics will improve significantly beyond the current defined mine life, but we also see the potential for further economic improvement due to the recent increases in spodumene concentrate pricing which have far exceeded our initial SC6 price modelling parameters.
"These fundamentals continue to demonstrate Ewoyaa as an industry-leading asset; with the company ideally positioned to benefit from the growing lithium demand."
At 1230 BST, shares in Atlantic Lithium were flat at 52.1p.
Reporting by Josh White at Sharecast.com.
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