- Atlantic Lithium (A11) Receives Additional Results from a Recently Completed Resource Drilling and Exploration Program at the Ewoyaa Lithium Project in Ghana
- The company reported high grades outside of the current Mineral Resource Estimate (MRE), including seven meters at 2.02% lithium oxide.
- Drilling also intersected broad high grades in the MRE with results of 57 meters at 1.49% lithium oxide at the main Ewoyaa deposit.
- Atlantic Lithium expects results from an additional 21,000 meters of drilling and aims to upgrade the MRE later this year or early 2023
- Shares of the company are down 6.95% to close at 87 cents
Atlantic Lithium (A11) has received assays from a recently completed resource drilling and exploration program at the Ewoyaa lithium project in Ghana.
Today’s results include an additional 4,709 meters of exploration drilling and reverse circulation (RC) infill drilling completed at the Grasscutter West, Ewoyaa North and Ewoyaa Main deposits.
The infill portion of the program was aimed at converting Indicated Resources to the Measured category, while the RC aspect is aimed at resource growth outside of the current Mineral Resource Estimate (MRE).
The company reported several high-grade intersections outside of the current MRE at the Grasscutter West and Ewoyaa North deposits.
Highlighted results include 24 meters at 1.54% lithium oxide at 100 meters, 21 meters at 1.41% lithium oxide at 88 meters and seven meters at 2.02% lithium oxide 50 meters away.
“These results demonstrate the significant upside potential of the Ewoyaa project, with mineralization still open along strike and dip,” said interim CEO Lennard Kolff.
Today’s batch assays also include broad high-grade intersections in the current MRE, reported at the main Ewoyaa deposit. Best results include 57 meters at 1.49% lithium oxide from 24 meters and 52 meters at 1.33% lithium oxide from 26 meters.
Atlantic Lithium said the filling results within the MRE gave it more confidence in the future conversion of resources to reserves.
“We anticipate further news from an additional 21,000 meters of pending drill results through year end and are targeting a resource upgrade in late 2022 or early 2023,” Mr. Kolff concluded.
The upgraded MRE will support a definitive feasibility study that the company hopes to complete by the middle of next year.
A11 shares fell 6.95% to close at 87 cents.