Atlantic Lithium Limited (AIM:ALL) chairman Neil Herbert said the recent resource upgrade at its Ewoyaa lithium project in Ghana should "significantly improve" the overall economics of the project.
Total indicated and inferred resources have risen by 42% to 30.1 million tonnes (Mt) of lithium oxide (Li2O) with a 294% increase in the more certain indicated category at 20.5Mt.
Herbert said reverse circulation (RC) drilling is underway to test new targets to the north and south of the current resource.
To date, approximately 28 square kilometres (sq km) has been auger drill tested, with only 13sq km drill tested within Atlantic's broader 560sq km portfolio in Ghana.
“This demonstrates the true untapped value potential that the Ewoyaa Project offers,” said Herbert.
Atlantic upped its exploration and evaluation expenditure to A$13.1mln (£7.5mln) in the second half of 2021, making a total for the year of A$15.9mln and reflecting exploration programmes across all its projects in Ghana.
Cash in hand was A$23.3mln at the end of December with losses for the 12 months rising to A$13.2mln (A$1.4mln).
Herbert again paid tribute to founder and former chief executive Vincent Mascolo, who died suddenly earlier this month.
“Vincent was the driving force behind the company's success. The outpouring of condolences from the industry and from those that met Vincent has been truly touching and indicates his unique, charming personality. He will be sorely missed.”