Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) said resource drilling at its Ewoyaa lithium project in Ghana revealed “significant” results, including multiple high-grade and broad extensional drill intersections.
With further drilling underway, once all results are in it plans to deliver a mineral resource estimate (MRE) upgrade for the project in the second half of the year.
The latest 874m of drilling was from the new mineralised area at the Dog-Leg target, located on the northern tip of the Ewoyaa Main deposit, outside of the current MRE, where drilling has already returned multiple high-grade and broad near surface extensional intersections.
The standout intersection was 69 metres at 1.25% lithium oxide (Li2O) from 45 metres depth, with other noteworthy results including 34 metres at 1.02% Li2O from 160 metres in GRC1027, and shorter intervals showing elevated lithium grades.
As drilling intersected shallow dipping, near surface mineralised pegmatite bodies with thicknesses up to 35m outside of the initial MRE it proves “potential for significant resource growth”, the company said.
Executive chairman Neil Herbert said: “The final assay results from drilling completed in 2023 have again delivered impressive intersections, providing further confidence in the growth potential of the current 35.3Mt @ 1.25% Li2O Resource at the Ewoyaa Lithium Project.”
He said the MRE upgrade targeted by the end of the year will include updates to both the lithium and feldspar and incorporate all of the results received from drilling completed in 2023 and results pending for 2024.
Herbert said the plant site sterilisation programme had been recently completed “without any surprises”, allowing the company to continue with mine site designs and permitting.