Atlantic Lithium Ltd said initial results from infill drilling confirmed mineralisation grade and continuity within the Ewoyaa deposit in Ghana.
The results include the highest metal content intersection reported to date with one drill hole intercepting 91.6 metres (m) at 1.6% lithium oxide from a depth of 8m.
The initial results were for about 10,200m of infill drilling in 98 holes at the Ewoyaa lithium project. Approximately 26,800m of additional resource infill and exploration drilling assay results are pending.
The company recently announced an updated scoping study and an increased JORC-compliant resource of 21.3 million tonnes (Mt) for Ewoyaa.
READ: Atlantic Lithium showcases updated scoping study for Ewoyaa
Atlantic said it is targeting an over 80% resource conversion from the inferred to indicated category thanks to the recently upgraded resource estimate, as well as increasing tonnage to more than 24Mt in support of a 12-year mine life for future studies.
"Our resource continues to grow, and the upside of the project is clear; as such, we expect that the project metrics will improve beyond the current defined LOM [life of mine],” said chief executive Vincent Mascolo.
The company estimates that every additional year of production will add up to about US$60mln in post-tax net present value per annum, he said.
“Given these fundamentals, we are very excited by the resurgence and exponential growth potential across the lithium supply chain and reaffirm to the market that Atlantic Lithium is ideally poised to benefit from the growing lithium market going forward."