Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) has released the results from a further 10,679 metres of drilling at the Ewoyaa lithium project in Ghana.
The company undertook diamond drilling and reverse circulation drilling at the Ewoyaa Main, Ewoyaa North-East, Kaampakrom and Grasscutter West deposits.
Some of the drilling was to infill the existing resource of 30.1mln tonnes at 1.26% Li2O, while additional holes represented new exploration that extended mineralisation at the Ewoyaa North-East and Ewoyaa Main deposits and defined new mineralisation from surface at the Kaampakrom North deposit.
Among the best intercepts were 35 metres at 1.48% Li2O, 27 metres at 1.71% Li2O, and 46 metres at 0.96% Li2O.
A recently released pre-feasibility study for Ewoyaa shows life of mine revenues exceeding US$4.84bn.
"Drilling continues to deliver high-grade drill intersections both within and outside the current mineral resource estimate,” said Lennard Kolff, interim chief executive of Atlantic Lithium in a statement.
"This latest batch of results has delivered multiple drill intersections outside the resource footprint at the Ewoyaa North-East, Kaampakrom West and Ewoyaa Main deposits, including highlights of 35 metres at 1.48% Li2O from 111 metres and 27 metres at 1.71% Li2O from 155 metres at the Ewoyaa North-East deposit. Drilling has returned high-grade results at the Kaampakrom West deposit, including highlights of 20 metres at 1.85% Li2O from 72 metres, 14 metres at 1.89% Li2O from 140 metres, 14 metres at 1.89% Li2O from 140 metres and 13 metres at 1.91% Li2O from 117 metres," he added.
The company has reported on approximately 37,000 metres of the 47,000 metres programme to date, with 10,000 metres of assays pending and a resource upgrade expected in early 2023. The increased resource estimate will inform a definitive feasibility study, targeted for completion in mid-2023.
Development funding is also assured via an agreement with Piedmont Lithium (NASDAQ:PLL).