Atlantic Lithium Ltd announced a 47% increase in estimated resources for its flagship Ewoyaa project in Ghana, West Africa.
The JORC-compliant mineral resource estimate for the Ewoyaa deposit was lifted to 21.3 million tonnes (Mt) at 1.31% lithium oxide (Li2O) in the indicated and inferred categories.
The total resource grade remains unchanged, highlighting its robust geological fundamentals, the AIM-listed company said. The estimate includes 5.2Mt at 1.39% Li2O at the indicated level.
The resource upgrade was based on about 56,500 meters (m) of drilling. About 28,000m of additional drilling has been completed but the results are pending and not included.
"We are pleased to have increased Ghana's first lithium resource by nearly 50%,” chief executive Vincent Mascolo said.
"With some 28,000m of infill and extensional drilling not included in the current resource estimate and with mineralisation open at depth and along strike we are confident of further resource upgrades.”
Mascolo said the upgrade was an “important de-risking milestone for this industry standout project”.
“With Ewoyaa being fully funded to production through our agreement with Piedmont Lithium, this upgrade highlights the exceptional potential of the project and the value that it brings to the company."