Atlantic Lithium Limited Announces Ongoing High-Grade Lithium Intersections at Ewoyaa
Resource Evaluation Update
Multiple High-Grade and Broad Drill Intersections Reported
Drilling Programme Now Completed
Ewoyaa Lithium Project Ghana, West Africa
SYDNEY, AUSTRALIA / ACCESSWIRE / October 20, 2022 / Atlantic Lithium Limited (AIM:ALL)(OTCQX: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.
HIGHLIGHTS:
Assay results reported for 1,879m of infill diamond drilling ("DD") and 3,488m of infill and exploration reverse circulation ("RC") drilling completed at the Ewoyaa Main, Grasscutter East and Anokyi targets, part of the now completed resource evaluation and exploration RC and DD programme.
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 and extending mineralisation downdip at the Ewoyaa Main and Grasscutter East deposits.
Broad, high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main deposit, including highlights of:
GDD0073: 84.5m at 1.63% Li2O from 6m
GRC0690: 89m at 1.52% Li2O from 9m
GDD0071: 90.5m at 1.48% Li2O from 0m
GDD0070: 77.5m at 1.5% Li2O from 13m
GDD0069: 71.5m at 1.49% Li2O from 25m
GRC0686: 62m at 1.29% Li2O from 32m
GDD0077: 50m at 1.51% Li2O from 40m
GDD0074: 63.3m at 1.1% Li2O from 27m
GDD0075: 44.6m at 1.56% Li2O from 37m
GDD0078: 47.3m at 1.4% Li2O from 43.2m
GRC0677: 50m at 1.25% Li2O from 33m
GDD0079: 55m at 1% Li2O from 23m
GRC0669: 59m at 0.95% Li2O from 113m
Broad, high-grade exploration drill intersections outside of the current MRE, reported at the Ewoyaa Main and Grasscutter East deposits, including highlights of:
GRC0688A: 67m at 1.51% Li2O from 235m at Grasscutter East
GRC0680: 28m at 1.27% Li2O from 116m
GRC0676: 20m at 0.75% Li2O from 142m
GRC0684: 8m at 1.43% Li2O from 96m
GRC0675: 7m at 1.53% Li2O from 187m
GRC0684: 9m at 1.12% Li2O from 154m
Completion of the planned 37,000m RC and DD drilling programme, which was increased by an additional 10,000m for a total of 47,000m with approximately 15,000m of assay results reported to date.
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 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 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
Significant potential for resource upgrades and exploration upside; project metrics substantially improve with increased LOM beyond 12.5 years.
Click on, or paste the following link into your web browser, to view the full announcement text: http://www.rns-pdf.londonstockexchange.com/rns/4989D_1-2022-10-20.pdf
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SOURCE: Atlantic Lithium Limited
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