Atlantic Lithium boosts Ewoyaa lithium resource by 42%

AIM-listed Atlantic Lithium has announced a significant upgrade to the lithium resource at the Ewoyaa spodumene deposit in Ghana, following 37,500 metres of drilling at the back end of 2021.

The total mineral resource estimate at Ewoyaa rose by 42% to 30.1 million tonnes (Mt) of lithium oxide (Li2O) with a 294% increase in the more certain indicated category at 20.5 Mt. Grades were largely unchanged, at 1.29% Li2O in the indicated category and 1.19% in inferred.

In an update to the London Stock Exchange, Atlantic said the mineralisation remains open at depth and along the strike, giving it confidence in the further expansion of the resource base with more exploration. One drill remains active at the site with exploration continuing across the licence.

“Our goal was to increase the resource to support a greater than 12-year mine life and to convert more than 80% of the previous resource from Inferred to Indicated status,” Atlantic’s interim chief executive Lennard Kolff said.

“We have comfortably achieved both goals, demonstrating the robust geological fundamentals of the project. With the commencement of additional resource and exploration drilling along strike and at depth, we are confident of further resource upgrades.

Mining studies in support of a pre-feasibility study for the Ewoyaa project are well advanced. The project is located just 110 km from the operating deep-sea port at Takoradi in Southern Ghana.