Atlantic Lithium Limited Announces High-Grade Drill Results - Highest Grade to Date

In This Article:

Mineralisation Extended - Multiple Intersections Highest Grade of 6.78% Li2O reported Ongoing Resource Extension and Infill Drilling Results Ewoyaa Lithium Project Ghana, West Africa

SYDNEY, AUSTRALIA / ACCESSWIRE / November 29, 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.

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

http://www.rns-pdf.londonstockexchange.com/rns/8509H_1-2022-11-28.pdf

HIGHLIGHTS:

  • Assay results reported for a further 10,679m of exploration and infill diamond drilling ("DD") and reverse circulation ("RC") drilling completed at the Ewoyaa Main, Ewoyaa North-East, Kaampakrom and Grasscutter West deposits, 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"); extending mineralisation at the Ewoyaa North-East and Ewoyaa Main deposits, defining new mineralisation from surface at the Kaampakrom North deposit and providing further confidence in Resource conversion at the Kaampakrom West deposit.

  • Multiple high-grade exploration drill intersections outside of the current MRE reported at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of:

    • GRC0785: 35m at 1.48% Li2O from 111m

    • GRC0760: 27m at 1.71% Li2O from 155m

    • GRC0769: 46m at 0.96% Li2O from 51m

    • GRC0775: 20m at 1.85% Li2O from 72m

    • GRC0777: 24m at 1.43% Li2O from 108m

    • GRC0763: 26m at 1.26% Li2O from 163m

    • GRC0759A: 17m at 1.69% Li2O from 114m

    • GRC0777: 14m at 1.89% Li2O from 140m

    • GRC0775: 13m at 1.91% Li2O from 117m

    • GRC0800: 23m at 1.01% Li2O from 263m

    • GRC0759A: 18m at 1.24% Li2O from 148m

    • GRC0779: 14m at 1.43% Li2O from 137m

    • GRC0776: 10m at 1.96% Li2O from 190m

  • Broad and high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main and Ewoyaa North-East deposits, including highlights of:

    • GDD0090: 63.6m at 1.86% Li2O from 14.3m

    • GDD0089: 68m at 1.37% Li2O from 15m

    • GRC0756: 60m at 1.36% Li2O from 29m

    • GDD0098: 24.4m at 1.72% Li2O from 38.6m

    • GDD0090: 17.9m at 1.37% Li2O from 79.5m

    • GDD0094: 21m at 0.96% Li2O from 46m

  • Highest grade of 6.78% Li2O confirmed in previously reported hole GDD0071 from 31m to 32m (refer RNS of 20 October 2022), and additional high-grades of 5.14% Li2O in hole GDD0090 from 30m to 31m and 4.78% Li2O from 31m to 31.8m.

  • Approximately 37,000m of results from the 47,000m drilling programme 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