Atlantic Lithium Limited (AIM:ALL) has announced a significant upgrade to the lithium resource at the Ewoyaa deposit in Ghana.
Total indicated and inferred resources have risen by 42% to 30.1Mt of lithium oxide (Li2O) with a 294% increase in the more certain indicated category at 20.5Mt.
Grades were largely unchanged, added the junior, at 1.29% Li2O in the indicated category and 1.19% in the inferred section.
The mineralisation remains open at depth and along the strike, the company added, which makes it confident it will build the resource base even further in future with more exploration.
This new resource followed 37,500m of drilling in the run-up to the end of 2021 with one drill still active on-site and more exploration ongoing over the rest of the licence.
Lennard Kolff, Atlantic’s interim chief executive, said: “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.
“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.
"In conjunction with the ongoing drilling, mining studies in support of the Pre-Feasibility Study are well advanced.
"The resource is exceptionally well located, being only 1km from the sealed national highway and 110km from the operating deep-sea port of Takoradi with adjacent grid power; it is challenging to find other lithium pegmatite projects better located.”