Atlantic Lithium has released a significant mineral resource estimate (MRE) upgrade to 21.3-million tonnes at 1.31% lithium oxide (Li2O) for the Ewoyaa deposit and surrounding pegmatites within the Cape Coast lithium portfolio, in Ghana.
The Aim-listed said the estimate includes 5.2-million tonnes at 1.39% Li2O of indicated mineral resource. This provides the company with a significant exploration upside within the broader 560 km2 Cape Coast lithium portfolio, including 1.48-million tonnes at 1.67% Li2O at the Egyasimanku Hill deposit.
The current resource upgrade is based on about 56 500 m of drilling, as well as an additional 28 000 m of infill and extensional drilling completed, with results pending not included in this resource upgrade. Commenting on the company’s latest progress, CEO Vincent Mascolo said the delivery of the upgraded MRE is an important derisking milestone for the project.
“With Ewoyaa being fully funded to production through our agreement with Piedmont Lithium, this upgrade highlights the exceptional potential of the project and the value that it brings to the company,” said CEO Mascolo.
Atlantic Lithium’s strategy is to create and sustain shareholder value through the development and production of its lithium assets in West Africa. The Company’s flagship project, the Ewoyaa Lithium Project in Ghana, is set to be West Africa’s first lithium producing mine and is fully funded to production under an agreement with Piedmont Lithium for $102m. A robust Scoping Study indicates Life of Mine revenues exceeding US$1.5bn.