THE RESULTS OF THE FILLING DRILLING VALIDATE THE LEVEL AND THE CONTINUITY

HIGHEST QUALITY BOREHOLE INTERSECTION REPORTED TO DATE

EWOYAA LITHIUM PROJECT, GHANA WEST AFRICA

SYDNEY, AUSTRALIA / ACCESSWIRE / December 15, 2021 / Atlantic Lithium Limited (AIM: ALL, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the Africa-focused lithium exploration and development company, is pleased to announce the first drilling results infill at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa, where the Company recently announced an updated scoping study and an increase in JORC resources of 21.3 Mt @ 1.31% Li₂O, resulting in a significant improvement in the economics of the project and the life of the mine.

The figures and tables mentioned in this press release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/7138V_1-2021-12-15.pdf

STRONG POINTS:

• The initial infill drilling results received validate the grade and continuity of drilling on the project.
• Intersection with highest metal grade (lithium grade x meters) reported to date of 91.6 m at 1.6% Li₂O from 8m in the GDD0015 hole.
• High-grade infill drill results reported for diamond drilling (“DD”) and reverse circulation holes (“RC”), including highlights at 0.4% Li₂O threshold and maximum 4m internal dilution of:
  • GDD0015: 91.6 m at 1.6% Li₂O from 8m
  • GDD0039: 67.7 m at 1.36% Li₂O from 41m
  • GRC0425: 75 m at 1.17% Li₂O from 68m
  • GDD0047: 62 m at 1.4% Li₂O from 36m
  • GDD0022: 58.8 m at 1.45% Li₂O from 34.1 m
  • GRC0428: 66 m at 1.26% Li₂O from 41m
  • GRC0426: 64 m at 1.28% Li₂O from 74m
  • GDD0014: 52.3 m at 1.3% Li₂O from 20.4 m
  • GDD0016: 35.7 m at 1.83% Li₂O from 58.3m
  • GDD0036: 44.5 m at 1.43% Li₂O from 36.5m
  • GDD0044: 37.7 m at 1.59% Li₂O from 50.3m
  • GDD0020: 36.5 m at 1.64% Li₂O from 17m
  • GRC0454: 33 m at 1.67% Li₂O from 107m
  • GDD0017: 43.4 m at 1.23% Li₂O from 45.6m
  • GDD0048: 24.7 m at 2.01% Li₂O from 14.5m
• 10,200 m of infill drill results reported in 98 holes. Approximately 26,800 m of additional infill, extension and exploration assay results remain to be reported following the completion of drilling activities for the year.
• Update to the recently announced scoping study (refer to RNS of December 7, 2021) delivers exceptional financial results for a 2 Mtpa operation, producing an average of around 300,000 tpa of 6% Li₂Spodumene concentrate (“SC6”) on an 11.4 year old farm:
  • LOM revenues over US $ 3.43 billion, after-tax NPV₈ of US $ 789 million, IRR of 194% over 11.4 years
  • US $ 70 million capital cost with an industry-leading payback period of less than one year
  • C1 operating costs of 249 USD per tonne of 6% lithium spodumene concentrate Free on Board (“FOB”) Port of Ghana, after by-product credits
  • NPV before tax₈ of US $ 1.23 billion and EBITDA of US $ 2.02 billion for LOM
  • Average EBITDA of US $ 178 million per year
• Significant potential for upgrading resources; project metrics improve dramatically with an increase in LOM beyond 12 years.

Commenting on the company’s latest progress, Vincent Mascolo, CEO of Atlantic Lithium, said:

“the Infill drill results received to date have confirmed the grade and continuity of mineralization when tested in the Ewoyaa deposit.

“We also received our highest metal grade drill intersection to date with a 91.6m wide intersection of high grade 1.6% Li pegmatite.₂O returned to the main Ewoyaa depot.

“Company is targeting> 80% inferred to indicated resource conversion on the recently upgraded 21.3 Mt @ 1.31% Li₂O, as well as an increase in tonnage to over 24 Mt to support a mine life of 12 years for future studies.

“Our resource continues to grow and the benefit of the project is clear; as such, we expect the project’s metrics to improve beyond the currently defined LOM. It is estimated by the company that each additional year of production will add up to c Given these fundamentals, we are very excited about the resurgence and exponential growth potential of the entire lithium supply chain and reaffirm to the market that ‘Atlantic Lithium is ideally placed to take advantage of the growing lithium market. go forward.”

Infill drilling results

Initial infill drilling results are reported below for approximately 10,200 m of infill drilling in 98 holes at the Ewoyaa Lithium project. At the end of drilling activities for the year, an additional 37,000 m of infill, extension and exploration drilling were completed following the publication of the updated Mineral Resource Estimate (“MRE”), of which 10,200 m are attached (refer RNS of December 1, 2021).

Several high-grade drill intersections were returned in the RC and DD infill drilling, with highlights reported in Table 1 and Figure 1 at 0.4% Li₂O threshold and maximum 4m internal dilution (refer Annex 1 for all marked intersections).

All sampling was done at 1m sampling intervals at the drill site and submitted for analysis to the Intertek laboratory with sample preparation completed in Ghana and sample analysis in Perth, Western Australia. All results have passed internal and laboratory QA / QC protocols, ensuring confidence in reported results.

Initial infill drilling results validate grade and continuity of mineralization when returned to date on the Ewoyaa Main, Ewoyaa_NE, Okwesi, Anokyi and Grasscutter_E deposits, providing confidence in future upgrades to the resource. ‘state presumed to state indicated.

In addition, the Company has targeted resource expansion and additional exploration drilling with pending assays on the Grasscutter West Extension Zone, the Kaampakrom West Target and deep extensions in the Ewoyaa_NE, Okewesi, Anokyi and Grasscutter (refer Figure 2).

Approximately 26,800 m of additional infill resources and exploration drill assay results are pending.

For any further information, please contact:

Competent people

The information in this report regarding exploration results is based on data reviewed by Mr. Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr. Kolff is a fellow of the Australian Institute of Geoscientists who has over 20 years of experience in mineral exploration and is a Qualified Person under AIM rules. Mr. Kolff consents to the inclusion of information in the form and context in which it appears.

The information in this report regarding mineral resources has been compiled by Shaun Searle, fellow of the Australian Institute of Geoscientists. Mr. Searle has sufficient experience which is relevant to the style of mineralization and type of deposit under study and the activity undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australian Code for communication of exploration results, mineral resources and ore reserves ”(JORC Code). Mr. Searle is a director of Ashmore. Ashmore and the relevant person are independent of the company and, other than receiving fees for services related to the compilation of this report, neither of them has any financial interest (direct or contingent) in the company.

The information in this report regarding metallurgical results is based on data reviewed by Mr. Noel O’Brien, Director of Trinol Pty Ltd. Mr. O’Brien is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience that is relevant to the style of mineralization and type of deposit under study and the activity he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. O’Brien consents to the inclusion in the report of facts based on the information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it is part of UK domestic law under the European Union Act 2018 (Withdrawal) (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium (formerly “IronRidge Resources”) is an AIM listed lithium company that advances a portfolio of projects in Ghana and Côte d’Ivoire through production.

The Company’s flagship project, the Ewoyaa project in Ghana, is a major lithium pegmatite discovery set to become the leading lithium-producing mine in West Africa. The project is fully funded for production under an agreement with Piedmont Lithium for US $ 102 million and is expected to produce a premium lithium product. A robust, updated scoping study indicates that life-of-mine revenues exceed US $ 3.4 billion.

Atlantic Lithium owns a 560km² & 774km² tenure in Ghana and Côte d’Ivoire respectively, comprising largely under-explored and very promising licenses.

This information is provided by RNS, the information service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as the main information provider in the UK. General conditions relating to the use and dissemination of this information may apply. For more information, please contact [email protected] or visit www.rns.com.

THE SOURCE: Atlantic Lithium Limited

See the source version on accesswire.com:
https://www.accesswire.com/677763/Atlantic-Lithium-Limited-Announces-Initial-Lithium-Infill-Drilling-Results-Ghana