Atlantic Lithium Ltd (AIM:ALL, OTCQX:ALLIF, ASX:A11) has increased the mineral resource estimate for the Ewoyaa lithium project in Ghana to 36.8Mt at an average grade of 1.24%.
The upgrade follows drilling at the Dog-leg target, with 81% of the total resource also now in the higher confidence Measured and Indicated categories.
That breaks down to 3.7Mt at 1.37% in the Measured category, 26.1Mt at 1.24% in the Indicated category and 7.0Mt at 1.15% Li₂O in the Inferred category.
Neil Herbert, executive chairman, said the new resource reaffirms Ewoyaa’s status as one of the world's leading hard rock lithium projects.
"The increase follows the limited drilling programme completed recently, which was focused on supporting our mine planning activities rather than expanding the resource base, but through which we identified the Dog-Leg target, which has added near-surface tonnes to the Ewoyaa Resource.
“We are pleased to see this lucky strike at Dog-Leg contributing an additional circa 891,000 tonnes to the enlarged 36.8Mt at 1.24% Li2O Resource.”
Herbert added the company expects to have its mining licence ratified in the current parliamentary sitting.
"Following the grant of the Mining Lease in October 2023, we received notification this month that the Mining Lease had been submitted to parliament to undergo the necessary approval process to enable the advancement of the Project towards construction and operation.
"It is expected that the Mining Lease will be ratified in the current parliamentary sitting or in the next parliamentary session, expected to commence in October.
“We are prepared for all eventualities and will adapt plans as events unfold.
Cash and equivalents at the end of the quarter to June 2024 were A$12.7 million (£6.5 million).