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REG - Atlantic Lithium Ltd - Maiden Feldspar Mineral Resource Estimate

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RNS Number : 4104W  Atlantic Lithium Limited  12 December 2023

 

12 December 2023

Maiden Feldspar Mineral Resource Estimate

15.7Mt at 40.2% Feldspar

Ewoyaa Lithium Project, Ghana

Maiden MRE reported for feldspar at Ewoyaa, intended to be supplied to the local Ghanaian ceramics industry and expected to further enhance the Project's economics

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, "Atlantic Lithium"
or the "Company"), the African-focused lithium exploration and development
company targeting to deliver Ghana's first lithium mine, is pleased to
announce a maiden JORC (2012) compliant Mineral Resource Estimate of 15.7Mt at
40.2% feldspar ("Feldspar MRE") for the Company's flagship Ewoyaa Lithium
Project ("Ewoyaa Project" or the "Project") in Ghana, West Africa.

Highlights

-       Maiden 15.7Mt at 40.2% Feldspar Mineral Resource Estimate
reported for the Ewoyaa Lithium Project, including 13.7Mt (87%) in the
Measured and Indicated categories.

 

-       The Feldspar MRE is confined to the Ewoyaa Main, Ewoyaa
Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, which constitute
approximately the first five years of planned spodumene concentrate production
at the Project, as indicated by the Ewoyaa Definitive Feasibility Study
("DFS", refer announcement of 29 June 2023).

 

-      The Feldspar MRE is based on the same geological model that
resulted in the 35.3Mt at 1.25% Li(2)O MRE(1) for the Project ("MRE" or
"Resource"; refer announcement of 1 February 2023) and includes 31.1% quartz
and 11.7% muscovite, as additional potential by-products of spodumene
concentrate production at Ewoyaa.

 

-      Maiden Feldspar MRE enables the potential inclusion of feldspar
by-product credits in future revisions of the Ewoyaa feasibility studies,
believed to drive down operating costs and further enhance the value of the
Project.

 

-      Feldspar is widely used in the ceramics industry; the Company
believes Ewoyaa could become a major producer of domestic feldspar in Ghana,
which Atlantic Lithium intends to supply into the local Ghanaian ceramics
market.

 

-     Metallurgical test work and ceramic application trials undertaken;
ceramic trials successfully produced acceptable, industry-standard ware,
comparable in all aspects, including contraction, water absorption, density,
porosity, shape, colour and appearance.

 

-       Further Feldspar MRE growth targeted through the inclusion of
analysis of historic drilling samples across remaining pegmatite deposits and
new drilling currently underway.

 

-       Maiden Feldspar MRE will be incorporated into the ongoing
Feldspar Definitive Feasibility Study ("Feldspar Study") being undertaken to
assess the viability and prospective market conditions for the production of
feldspar at Ewoyaa (refer announcement of 15 August 2023); with results due in
Q1 2024.

Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

"Identified early on by the Company as a by-product of spodumene concentrate
production at Ewoyaa, the definition of the maiden Feldspar MRE now confirms
the Project's potential as a major source of domestic feldspar in Ghana,
capable of delivering industry-standard saleable ware.

"Currently supplied only by small-scale mining operations, we intend to supply
the feldspar into the local Ghanian ceramics market. The Feldspar MRE
indicates Ewoyaa's potential to meet and even surpass Ghana's demand
requirements, further demonstrating the significant contribution the Project
is expected to bring to Ghana.

"The Feldspar MRE is based on the same geological model that delivered the
35.3Mt MRE for the Project, as announced in February 2023, and incorporates
approximately the first five years mine schedule, as outlined in the DFS. With
87% of the resource in the higher confidence Measured and Indicated
categories, the Feldspar MRE represents a further significant de-risking and
potentially value-enhancing milestone for the Project as we move closer
towards construction.

"Currently, the economic outcomes indicated by the Definitive Feasibility
Study for the Project do not consider the production of feldspar at Ewoyaa.
The definition of the Feldspar MRE, therefore, enables the inclusion of
feldspar by-product credits in future revisions of the Project's economics,
offering the potential to further enhance the already impressive financial
outcomes expected to be delivered at Ewoyaa.

"With only the first approximate five years of planned lithium production
included in the Feldspar MRE, there is significant potential to further grow
the resource. The Feldspar MRE will then be incorporated into the ongoing
Feldspar Study which is evaluating the prospective market conditions and
viability of producing feldspar at the Project. Results of the Feldspar Study
are expected in Q1 2024.

"Initial feldspar quality test work has delivered good quality vitreous
hotelware, high-end earthenware and floor tiles and successfully substituted
industry accepted feldspar in trial firings. The results of the trials are
very encouraging for the manufacture of saleable feldspar products.

"We look forward to delivering the results of the Feldspar Study in Q1 2024
and, later in the year, a revised feldspar resource estimate considering the
life of the mine. These represent, respectively, just two of the major
milestones in our sights in 2024 before we break ground at Ewoyaa."

 

Maiden Feldspar Mineral Resource Estimate

The Company reports a maiden Mineral Resource Estimate of 15.7Mt at 40.2%
feldspar ("Feldspar MRE") confined to the Ewoyaa Main, Ewoyaa Northeast,
Ewoyaa South-1 and Ewoyaa South-2 deposits, which represent approximately the
first five years of planned production from the Ewoyaa Lithium Project, as
detailed in the Ewoyaa Definitive Feasibility Study ("DFS") (refer
announcement of 29 June 2023).

The Feldspar MRE is based on the same geological model that resulted in the
35.3Mt @ 1.25% Li(2)O Mineral Resource Estimate(1) for the Project ("MRE" or
"Resource"), as announced by the Company on 1 February 2023.

The Feldspar MRE will be incorporated into the feldspar Definitive Feasibility
Study ("Feldspar Study"), undertaken by the Company to investigate the
economic impact of producing additional feldspar by-products from the mining
of lithium ore at the Project (refer announcement of 15 August 2023).

The Feldspar MRE includes a total of 3.5Mt at 39.7% feldspar in the Measured
category, 10.2Mt at 40.5% feldspar in the Indicated category and 2Mt at 40.1%
feldspar in the Inferred category. In addition to the feldspar, further
by-products of quartz and muscovite were estimated and included (refer Table
1).

The independent Feldspar MRE was completed by Ashmore Advisory Pty Ltd
("Ashmore") of Perth, Western Australia, with results tabulated in the
Statement of Mineral Resources in Table 1. The Statement of Mineral Resources
is reported in line with requirements of the JORC Code (2012) and is therefore
suitable for public reporting.

To undertake the estimation, the Company engaged Telemark Geosciences Ltd
("Telemark") to conduct normative mineralogy calculations on pegmatite samples
obtained from historic drilling within the Resource area, in addition to new
drilling undertaken and reported to date from the 2023 drilling programme.

The Ewoyaa pegmatites, which make up the Project's deposits, contain
relatively consistent amounts of spodumene (within the mineralised zones),
quartz, albite, potassic feldspar ("k-feldspar") and muscovite mica, along
with numerous accessory minerals in relatively minor amounts. Normative
mineralogy was calculated from total fusion X-ray fluorescence ("XRF") major
element data using a least squares method. The normative calculations were
validated against and corrected where necessary using X-ray diffraction
("XRD") Reitveld semi-quantitative mineralogical data from 65 sample pulps
selected to represent a range of chemical compositions and mineralogy.

High-level Whittle optimisation, completed by Mining Focus Consultants Pty Ltd
of Perth, Western Australia, demonstrates reasonable prospects for eventual
economic extraction on the basis of the lithium Project (refer announcement of
29 June 2023).

Table 1: Ewoyaa Lithium Project Feldspar Mineral Resource Estimate (0.5%
Li(2)O Cut-off)

                         Measured Mineral Resource
 Deposit           Tonnage     Feldspar            Quartz          Muscovite
                   Mt          %         Mt        %     Mt        %           Mt
 Ewoyaa Main       3.5         39.7      1.37      31.8  1.10      11.5        0.40
 Total             3.5*        39.7      1.37      31.8  1.10      11.5        0.40

                         Indicated Mineral Resource
 Deposit           Tonnage     Feldspar            Quartz          Muscovite
                   Mt          %         Mt        %     Mt        %           Mt
 Ewoyaa Main       6.5         40.8      2.66      31.6  2.06      11.9        0.78
 Ewoyaa Northeast  3.1         39.4      1.23      29.6  0.93      11.1        0.35
 Ewoyaa South 1    0.4         42.1      0.16      29.3  0.11      11.7        0.04
 Ewoyaa South 2    0.2         41.9      0.07      25.2  0.04      13.0        0.02
 Total             10.2*       40.5      4.13      30.8  3.14      11.7        1.19

                         Inferred Mineral Resource
 Deposit           Tonnage     Feldspar            Quartz          Muscovite
                   Mt          %         Mt        %     Mt        %           Mt
 Ewoyaa Main       0.6         41.8      0.23      30.6  0.17      11.5        0.06
 Ewoyaa Northeast  0.4         39.5      0.15      30.5  0.11      13.0        0.05
 Ewoyaa South 1    0.4         40.4      0.16      32.6  0.13      12.8        0.05
 Ewoyaa South 2    0.7         38.8      0.27      31.7  0.22      12.6        0.09
 Total             2.0*        40.1      0.81      31.4  0.63      12.4        0.25

                         Total Mineral Resource
 Deposit           Tonnage     Feldspar            Quartz          Muscovite
                   Mt          %         Mt        %     Mt        %           Mt
 Ewoyaa Main       10.5        40.5      4.27      31.6  3.33      11.7        1.24
 Ewoyaa Northeast  3.5         39.4      1.38      29.7  1.04      11.3        0.40
 Ewoyaa South 1    0.8         41.3      0.32      31.0  0.24      12.2        0.09
 Ewoyaa South 2    0.9         39.4      0.35      30.4  0.27      12.7        0.11
 Total             15.7*       40.2      6.31      31.1  4.87      11.7        1.84

NOTE: Based on the lithium Mineral Resource Estimate(1) reported for the
Project in February 2023 and confined to the Ewoyaa Main, Ewoyaa Northeast,
Ewoyaa South-1 and Ewoyaa South-2 deposits. Total tonnage figures do not
include tonnage of spodumene as indicated in the February 2023 Mineral
Resource Estimate(1) for the Project, nor minor accessory minerals.

The Feldspar MRE has been compiled under the supervision of Mr. Shaun Searle
who is a director of Ashmore Advisory Pty Ltd and a Registered Member of the
Australian Institute of Geoscientists. Mr. Searle has sufficient experience
that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity that he has undertaken to qualify as a
Competent Person as defined in the JORC Code and a Qualified Person under the
AIM Rules for Companies. Mr Searle consents to the inclusion of the
information in relation to the Mineral Resource in the form and context in
which it appears.

All Mineral Resources figures reported in the table above represent estimates
at December 2023. Mineral Resource estimates are not precise calculations,
being dependent on the interpretation of limited information on the location,
shape and continuity of the occurrence and on the available sampling results.
The totals contained in the above table have been rounded to reflect the
relative uncertainty of the estimate. Rounding may cause some computational
discrepancies.

Mineral Resources are reported in accordance with the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (The
Joint Ore Reserves Committee Code - JORC 2012 Edition).

 

Feldspar quality and its intended use is impacted by weathering; with fresh
'Primary' feldspar used for higher specification applications, as opposed to
transition 'Weathered' material. Their estimated relative abundances, and
concentrate grades are shown in Table 2.

To show the tonnage and grade distribution throughout the entire deposit, a
bench breakdown has been prepared using a 10m bench height, shown in Figure 1,
with a grade-tonnage curve for the classified resource shown in Figure 2.

Table 2: Material types, recoveries and concentrate grades (recoveries based
on laboratory results)

                          Measured Mineral Resource
 Type       Tonnage  Feldspar              Quartz                    Muscovite
            Mt       %         Mt          %             Mt          %           Mt
 Primary    3.5      39.7      1.37        31.8          1.10        11.5        0.40
 Total      3.5*     39.7      1.37        31.8          1.10        11.5        0.40

                          Indicated Mineral Resource
 Type       Tonnage  Feldspar              Quartz                    Muscovite
            Mt       %         Mt          %             Mt          %           Mt
 Weathered  0.5      37.1      0.17        33.9          0.15        11.2        0.05
 Primary    9.8      40.6      3.96        30.6          2.99        11.7        1.14
 Total      10.2*    40.5      4.13        30.8          3.14        11.7        1.19

                          Inferred Mineral Resource
 Type       Tonnage  Feldspar              Quartz                    Muscovite
            Mt       %         Mt          %             Mt          %           Mt
 Weathered  0.6      37.7      0.22        31.1          0.18        11.9        0.07
 Primary    1.4      41.0      0.59        31.4          0.45        12.6        0.18
 Total      2.0*     40.1      0.81        31.4          0.63        12.4        0.25

                          Total Mineral Resource
 Type       Tonnage  Feldspar              Quartz                Muscovite
            Mt       %         Mt          %         Mt          %           Mt
 Weathered  1.0      37.4      0.38        32.3      0.33        11.6        0.12
 Primary    14.7     40.4      5.93        31.0      4.54        11.7        1.72
 Total      15.7*    40.2      6.31        31.1      4.87        11.7        1.84

 

NOTE: As per Table 1 above and in Competent Persons section at end of
document.

Total tonnage figures do not include tonnage of spodumene as indicated in the
February 2023 Mineral Resource Estimate(1) for the Project, nor minor
accessory minerals.

 

 

Figure 1: Ewoyaa bench tonnage - 10m bench elevation

 

 

Figure 2: Ewoyaa feldspar grade - tonnage curve for classified pegmatite
resource

A plan view of the deposit areas is shown in Figure 3, with a long section
shown in Figure 4 and cross-section within the Ewoyaa Main indicated category
zone shown in Figure 5.

 

Figure 3: Plan View of Ewoyaa Feldspar MRE wireframes and drilling with
prospect names

 

Figure 4: Long Section Z-Z' of Ewoyaa Main wireframes and drilling (View
towards 300°; solid colours = Resource(1) wireframes, wireframe edges =
pegmatite wireframes)

 

Figure 5: Cross Section A-A' of Ewoyaa Block Model feldspar grades and
drilling (with downhole lithium grade along drill hole trace)

 

The Feldspar MRE is based on a 0.5% reporting cut-off grade within a 0.4%
Li(2)O wireframed pegmatite body. However, when assessing all pegmatite
volumes (with no cut-offs applied), there is significant scope to increase the
resource tonnage.

Table 3 below shows the overall resource tonnage and grade for the Ewoyaa
Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, inclusive
of all pegmatite material. For example, the resource can be reported at a
significantly larger tonnage by reducing the cut-off grade to 0.2% Li(2)O,
giving an increased resource of 20.8Mt at 41.6% feldspar. However, as feldspar
is primarily a by-product of the lithium mining operation, the mine plan will
be tailored towards maximising lithium recovery.

Further studies will assess the potential benefits of increased production by
reducing the cut-off grade or higher feed grade on overall Project economics,
consistent with market price predictions and price trends realised by existing
producers.

The Company will conduct further sodium assay analysis and normative
mineralogical calculations for the remaining historic and current drill
campaigns outside the Ewoyaa Main, Ewoyaa Northeast, Ewoyaa South-1 and Ewoyaa
South-2 deposits, with the aim of increasing the current Feldspar MRE.

Table 3: Overall resource tonnage and grade for the deposit, inclusive all
pegmatite material

 

Geology and Geological Interpretation

The Ewoyaa Lithium Project area lies within the Birimian Supergroup, a
Proterozoic volcano-sedimentary basin located in Western Ghana. The Project
area is underlain by three forms of metamorphosed schist; mica schist,
staurolite schist and garnet schist. Several granitoids intrude the basin
metasediments as small plugs. These granitoids range in composition from
intermediate granodiorite (often medium-grained) to felsic leucogranites
(coarse to pegmatoidal grain size), sometimes in close association with
pegmatite veins and bodies.

Pegmatite intrusions generally occur as sub-vertical dykes with two dominant
trends: either east-southeast (Ewoyaa Northeast) dipping sub-vertically
northeast; or north-northeast (Ewoyaa Main) dipping sub-vertically to
moderately to the east. Pegmatite thickness varies across the Project, with
thinner mineralised units intersected at Ewoyaa Northeast and Ewoyaa South-2
between 10m and 20m; and thicker units intersected at Ewoyaa Main between 30
and 60m, and up to 100m at surface.

Drill Methods

The database contains data for the auger, reverse circulation ("RC") and
diamond core ("DD") drilling conducted by the Company since 2018. The drilling
was completed by the Company in six phases, commencing in April 2018.  All
the drilling was undertaken by GeoDrill (Ghana), using both RC and DD rigs.

Drilling at the deposit extends to a vertical depth of approximately 319m and
the mineralisation was modelled from surface to a depth of approximately 330m
below surface. The Feldspar MRE is based on good quality RC and DD drilling
data.  Drill hole spacing is predominantly 20m by 20m and 40m by 40m in the
well-drilled portions of the Project and up to 80m by 80m to 100m by 100m
across the breadth of the known mineralisation.

The RC drilling used a combination of 5.25' and 5.75' face sampling hammers.
The DD used PQ and HQ (85mm and 63.5mm) diameter core barrels.  The DD holes
were completed from surface or as tails with PQ to maximise recovery in
weathered zones, with reversion to HQ once ground conditions improved within
fresh material.

In 2018, Phase 1 RC holes were completed on a nominal 100m by 50m grid
pattern, targeting the Ewoyaa Main mineralised system. Phases 2 to 5 reduced
the wide spacing to 80m by 40m and down to 40m by 40m in the well drilled
portions of the Project. Phase 5 was a major infill drilling program down to
40m by 40m over most of the Project. Phase 6 included extensional drilling in
areas of open mineralisation, as well as close spaced infill drilling in
portions of the Ewoyaa deposit.

During Phase 1 and 2, RC drilling bulk samples and splits were collected at
the rig for every metre interval drilled, the splits being undertaken using a
riffle splitter. During Phase 3, Phase 4, Phase 5 and Phase 6, RC samples were
split with a rig mounted cone spitter, which took duplicate samples for
quality control purposes.

DD was cut with a core saw and selected half core samples was dispatched to
Nagrom Laboratory in Australia for metallurgical test work.

Selected core intervals were cut to quarter core with a saw at one-metre
intervals or to geological contacts; and since December 2018, were sent to
Intertek Laboratory in Tarkwa, Ghana for sample preparation. Prior to that,
samples were sent to SGS Laboratory in Tarkwa for sample preparation.

All Phase 1 samples were submitted to SGS Tarkwa for preparation (PRP100) and
subsequently forwarded to SGS Johannesburg and later SGS Vancouver for
analysis (ICP90A).

PRP100 - Samples <3kg are dried in trays, crush to 100% passing 2mm, split
using a rotary splitter to 5kg and pulverised in a LM2 to a nominal 85%
passing 75µm. Approximately 100g sub-sample is taken for assay.  All the
preparation equipment is flushed with barren material prior to the
commencement of the job. Coarse reject material was kept in the original bag.

Since December 2018, samples have been submitted to Intertek Tarkwa
(SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to
-2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal
1,500g split crushed sample, which was subsequently pulverised in a LM2 ring
mill.  Samples were pulverised to a nominal 85% passing 75µm.  All the
preparation equipment was flushed with barren material prior to the
commencement of the job.  Coarse reject material was kept in the original
bag.  Lab sizing analysis was undertaken on a nominal 1:25 basis. Final
pulverised samples (20g) were airfreighted to Intertek in Perth, Australia for
assaying.

Sample Analysis Method

Since December 2018, samples were sent to Intertek Laboratory in Perth for
analysis (FP6/MS/OES). FP6/MS/OES is an analysis for lithium and a suite of 21
other elements.  Detection limits for lithium range between 5ppm and
20,000ppm.  The sodium peroxide fusion (in nickel crucibles) is completed
with hydrochloric acid to dissolve the sub-sample and is considered a total
dissolution.  Analysis is conducted by Inductively Coupled Plasma Mass
Spectrometry ("ICP-MS").

Prior to December 2018, Phase 1 samples were submitted to SGS Johannesburg and
later SGS Vancouver for analysis (ICP90A). ICP90 is a 28-element combination
Na2O2 fusion with ICP-OES. ICP-MS was added to some submissions for additional
trace element characterisation purposes.

All phase 1 SGS pulps were subsequently sent to Intertek Laboratory Perth for
re-analysis (FP6/MS/OES) and included in the resource estimate.

During 2023, 8,793 pulps from the first four drilling campaigns were analysed
for Na using four-acid digestion. The majority of these pulps were analysed as
2m composites of the original 1m interval pulps. These re-assayed pulps formed
the basis for normative mineralogy calculations by Telemark.

Quality Control

Quality control data for major elements important for normative mineral
calculations (Al, Si, K, Ca, Na, Li) were quantitatively reviewed to evaluate
the accuracy and precision of the geochemical data. Data were taken from three
client-inserted certified reference materials (CRM) produced by AMIS
(AMIS0682, AMIS0683, AMIS0684) using a mix of sodium peroxide fusion and
fusion XRF analyses completed by Intertek, Perth. Sodium data were added for
selected samples in 2023 using a 4-acid digestion to allow for normative
mineral estimation.

The three CRMs used were produced from material from the Ewoyaa lithium
deposit and so are ideally matrix-matched for the mineralisation. In addition,
field, coarse crush (preparation) and pulp duplicate data have been assessed
to constrain the relative precision of the data using the average coefficient
of variation ("CVAVG").

A total of 678 granodiorite blanks with low Li content (<50 ppm) were
submitted with the drill samples and the major element data have also been
assessed for possible cross contamination.

Normative Mineralogy and Mineralogical Model Validation

Normative mineralogy for samples contained within the Project has been
calculated using a least-squares minimisation technique called MINSQ. The
method requires major and trace element data, as well as a mineralogical model
appropriate to the samples. MINSQ calculates a normative mineralogy for each
sample that minimises the differences between the observed geochemistry and
the predicted geochemistry for a given mineralogy. The purpose of the analysis
is to estimate the amount of by-product quartz, feldspar and muscovite
available from the mining of spodumene in mineralised pegmatites.

Minerals having overlapping compositions such as potassium feldspar and
muscovite which are common in pegmatites require quantitative mineralogical
data to determine whether a consistent ratio between different minerals having
similar compositions can be applied to the data. A total of 65 samples were
analysed by semi-quantitative XRD at Microanalysis Australia, Mount Lawley,
Western Australia using a normalised reference intensity ratio method and used
to validate model predictions from MINSQ.

Two mineralogical models were utilised based on whether the material was fresh
or transitional to oxide material with the mineral kaolinite incorporated into
the latter model as a replacement for anorthite. Minerals rarely identified in
the XRD analyses, or which occur at low concentration and thus have low
confidence in their identification, were excluded from the mineralogical
model. Therefore, all lithium in the samples reports to the dominant lithium
phase spodumene.

As a general observation, the visual agreement between the normative
mineralogy and geochemistry is better in the fresh samples compared to
transitional samples. This reflects the complexity added to the mineralogy by
partially weathered samples, although overall the difference in deviation from
the mean between samples within transitional and fresh is small, suggesting
that the mineral models used are producing similar results for both material
types.

Mineral Resource Classification Criteria

The Ewoyaa Lithium Project deposits show good continuity of the main
mineralised units which allowed the drill hole intersections to be modelled
into coherent, geologically robust domains. Consistency is evident in the
thickness of the structure, and the distribution of grade appears to be
reasonable along and across strike.

The Feldspar MRE was classified as a Measured, Indicated and Inferred Mineral
Resource based on data quality, sample spacing, and lode continuity. The
Measured Mineral Resource was defined within areas of close spaced RC and DD
drilling of less than 20m by 20m, and where the continuity and predictability
of the lode positions was good. Indicated Mineral Resource was defined within
areas of close spaced RC and DD drilling of less than 40m by 40m, and where
the continuity and predictability of the lode positions was good.

In addition, Indicated Mineral Resource was confined to the fresh rock. The
Inferred Mineral Resource was assigned to transitional material, areas where
drill hole spacing was greater than 40m by 40m, where small, isolated pods of
mineralisation occur outside the main mineralised zones, and to geologically
complex zones.

Estimation Methodology

A Surpac block model was created to encompass the extents of the known
mineralisation. The block model was rotated on a bearing of 30°, with block
dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by 2.5m
by 1.25m. The block size was selected based on results of Kriging
Neighbourhood Analysis ("KNA") and also in consideration of two predominant
mineralisation orientations of 30° and 100 to 120°.

The parent block size was selected based on KNA, while dimensions in other
directions were selected to provide sufficient resolution to the block model
in the across-strike and down-dip direction.

Bulk densities ranging between 1.7t/m(3) and 2.78t/m(3) were assigned in the
block model dependent on lithology, mineralisation and weathering. These
densities were applied based on 13,901 bulk density measurements conducted by
the Company on 101 DD holes and 35 RC holes with diamond tails conducted
across the breadth of the Project. The measurements were separated using
weathering surfaces, geology and mineralisation solids, with averages assigned
in the block model.

Cut-off Grade

The Statement of Mineral Resources has been constrained by the mineralisation
solids and reported above a cut-off grade of 0.5% Li(2)O. The reporting
cut-off grade is supported by a high-level Whittle optimisation.

Mining and Metallurgical Methods and Parameters

The Statement of Mineral Resources has been constrained by the mineralisation
solids, reported at a cut-off grade of 0.5% Li(2)O. Whittle optimisations
demonstrate reasonable prospects for eventual economic extraction.

Based on the Ewoyaa DFS (refer announcement of 29 June 2023), the Company
could produce approximately 500,000 to 1,000,000 tonnes per annum of mixed
potassium oxide (K(2)O) / sodium oxide (Na(2)O) feldspar as a by-product from
spodumene concentrate to be sold for lithium purification. Initial test work
assessed the quality of two size fractions derived from dense media separation
("DMS"); 2.6 SG oversize fraction with high total alkalis ("O/F") and 2.6 SG
undersize fraction with lower alkalis ("U/F") but significant Li(2)O at
approximately 0.70%, which is a strong flux.

Following examination of chemical and mineralogical composition, ceramic
application trials were undertaken in Stoke-on-Trent (The Potteries) for
vitreous hotelware, high-end earthenware and floor tiles. Samples were wet
ground to the required particle size and incorporated into commercial recipes,
substituting for standard feldspars and nepheline syenite. Each prepared body
was factory fired and, in the case of vitreous hotelware and high-end
earthenware, biscuit (not glazed), glazed and decorated pieces were produced.

In all cases, the trial firings produced acceptable ware, comparable to
industry standards in all aspects, including contraction, water absorption,
density, porosity, shape, colour and appearance. Good results were delivered
at the vitreous hotelware factory (a world leading manufacturer of tableware
for the international hospitality industry), where the Ewoyaa feldspars were
substituted for Forshammer feldspar (produced in Sweden by Sibelco) (refer
Figure 6).

Further geological, geotechnical, engineering and metallurgical studies are
recommended to further define the feldspar mineralisation and marketable
products.

 

 

Figure 6: Trial-fired ceramic plates and bowls, manufactured in biscuit
(unglazed), glazed and decorated forms (left to right), comprising of trial
standard, O/F sample and U/F sample (top to bottom). The trials, which deemed
that no visual differences were detected between the trial standard and sample
plates, successfully produced industry-accepted standard of ware across all
aspects.

 

JORC Table 1, Section 1 (Sampling Techniques and Data) and Section 2
(Reporting of Exploration Results) are included in Appendix 1.

JORC Table 1, Section 3 (Estimation and Reporting of Mineral Resources) is
included in Appendix 2.

End Notes

(1) Ore Reserves, Mineral Resources and Production Targets

The information in this announcement that relates to Ore Reserves, Mineral
Resources and Production Targets complies with the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (JORC Code). The information in this announcement relating to the
Mineral Resource Estimate ("MRE") of 35.3Mt @ 1.25% Li(2)O for Ewoyaa is
extracted from the Company's announcement dated 1 February 2023, which is
available at atlanticlithium.com.au (http://atlanticlithium.com.au) . The MRE
includes a total of 3.5Mt @ 1.37% Li(2)O in the Measured category, 24.5Mt @
1.25% Li(2)O in the Indicated category and 7.4Mt @ 1.16% Li(2)O in the
Inferred category. The Company confirms that all technical parameters
underpinning the MRE continue to apply. Material assumptions for the Project
have been revised on grant of the Mining Lease for the Project, announced by
the Company on 20 October 2023. The Company is not aware of any new
information or data that materially affects the information included in this
announcement or the announcements dated 1 February 2023 and 20 October 2023.

 

Competent Persons

Information in this report relating to the 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 Member of the Australian Institute of
Geoscientists who has in excess of 20 years' experience in mineral exploration
and is a Qualified Person under the AIM Rules. Mr Kolff consents to the
inclusion of the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun
Searle, a Member of the Australian Institute of Geoscientists.  Mr Searle has
sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being undertaken to qualify
as a Competent Person as defined in the 2012 Edition of the 'Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr
Searle is a director of Ashmore. Ashmore and the Competent Person are
independent of the Company and other than being paid fees for services in
compiling this report, neither has any financial interest (direct or
contingent) in the Company.

 

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

 

 
For any further information, please contact:
Atlantic Lithium Limited

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

                   www.atlanticlithium.com.au
                   IR@atlanticlithium.com.au
                   Tel: +61 2 8072 0640
 SP Angel Corporate Finance LLP      Yellow Jersey PR Limited      Canaccord Genuity Limited

 Nominated Adviser                   Charles Goodwin               Financial Adviser:

 Jeff Keating                        Bessie Elliot                 Raj Khatri (UK) /

                                   atlantic@yellowjerseypr.com

 Charlie Bouverat
                             Duncan St John, Christian Calabrese (Australia)

                                   Tel: +44 (0)20 3004 9512

 Tel: +44 (0)20 3470 0470

                                                                   Corporate Broking:

                                                                   James Asensio

                                                                   Tel: +44 (0) 20 7523 4500

 
Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)

Atlantic Lithium is an AIM and ASX-listed lithium company advancing a
portfolio of lithium projects in Ghana and Côte d'Ivoire through to
production.

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant
lithium spodumene pegmatite discovery on track to become Ghana's first
lithium-producing mine.

The Definitive Feasibility Study for the Project indicates the production of
3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the
top 10 largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being
developed under a funding agreement with Piedmont Lithium Inc.

Atlantic Lithium holds 509km(2) and 774km(2) of tenure across Ghana and Côte
d'Ivoire respectively, comprising significantly under-explored, highly
prospective licences.

 

APPENDIX 1 - JORC Code (2012) Table 1, Sections 1 and 2

 

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections).

 Criteria                                                 JORC Code Explanation                                                            Commentary
 Sampling techniques                                      ·      Nature and quality of sampling (eg cut channels, random chips, or         ·      RC drill holes were routinely sampled at 1m intervals with a
                                                          specific specialised industry standard measurement tools appropriate to the      nominal 3-6kg sub-sample split off for assay using a rig-mounted cone splitter
                                                          minerals under investigation, such as down hole gamma sondes, or handheld XRF    at 1m intervals.
                                                          instruments, etc). These examples should not be taken as limiting the broad

                                                          meaning of sampling.                                                             ·      DD holes were quarter core sampled at 1m intervals or to

                                                                                geological contacts for geochemical analysis.
                                                          ·      Include reference to measures taken to ensure sample

                                                          representivity and the appropriate calibration of any measurement tools or       ·      For assaying, splits from all prospective ore zones (i.e. logged
                                                          systems used.                                                                    pegmatites +/- interburden) were sent for assay.  Outside of these zones, the

                                                                                splits were composited to 4m using a portable riffle splitter.
                                                          ·      Aspects of the determination of mineralisation that are Material

                                                          to the Public Report. In cases where 'industry standard' work has been done      ·      Holes without pegmatite were not assayed.
                                                          this would be relatively simple (eg 'reverse circulation drilling was used to

                                                          obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for   ·      Approximately 5% of all samples submitted were standards and
                                                          fire assay'). In other cases more explanation may be required, such as where     coarse blanks. Blanks were typically inserted with the interpreted ore zones
                                                          there is coarse gold that has inherent sampling problems. Unusual commodities    after the drilling was completed.
                                                          or mineralisation types (eg submarine nodules) may warrant disclosure of

                                                          detailed information.                                                            ·      Approximately 2.5% of samples submitted were duplicate samples
                                                                                                                                           collected after logging using a riffle splitter and sent to an umpire
                                                                                                                                           laboratory. This ensured zones of interest were duplicated and not missed
                                                                                                                                           during alternative routine splitting of the primary sample.

                                                                                                                                           ·      Prior to the December 2018 - SGS Tarkwa was used for sample
                                                                                                                                           preparation (PRP100) and subsequently forwarded to SGS Johannesburg for
                                                                                                                                           analysis; and later SGS Vancouver for analysis (ICP90A).

                                                                                                                                           ·      Post December 2018 to present - Intertek Tarkwa was used for
                                                                                                                                           sample preparation (SP02/SP12) and subsequently forwarded to Intertek Perth
                                                                                                                                           for analysis (FP6/MS/OES - 21 element combination Na(2)O(2) fusion with
                                                                                                                                           combination OES/MS).

                                                                                                                                           ·      ALS Laboratory in Brisbane was used for the Company's initial due
                                                                                                                                           diligence work programs and was selected as the umpire laboratory since Phase
                                                                                                                                           1. ALS conducts ME-ICP89, with a Sodium Peroxide Fusion.  Detection limits
                                                                                                                                           for lithium are 0.01-10%. Sodium Peroxide fusion is considered a "total" assay
                                                                                                                                           technique for lithium. In addition, 22 additional elements assayed with
                                                                                                                                           Na(2)O(2) fusion, and combination MS/ICP analysis.

                                                                                                                                           ·      During 2023, 8,793 pulps from the first four drilling campaigns
                                                                                                                                           were analysed for Na using four-acid digestion. The majority of these pulps
                                                                                                                                           were analysed as 2m composites of the original 1m interval pulps.
 Drilling techniques                                      ·      Drill type (eg core, reverse circulation, open-hole hammer,               ·      Six phases of drilling were undertaken at the Project using RC
                                                          rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter,      and DD techniques.  All the RC drilling used face sampling hammers.
                                                          triple or standard tube, depth of diamond tails, face-sampling bit or other

                                                          type, whether core is oriented and if so, by what method, etc).                  ·      Phase 1 and 2 programs used a 5.25 inch hammers while Phase 3
                                                                                                                                           used a 5.75-inch hammer.  Phase 5 and 6 programmes used 5.5 inch hammer for
                                                                                                                                           RC and diamond pre-collar drilling.

                                                                                                                                           ·      All DD holes were completed using PQ and HQ core from surface
                                                                                                                                           (85mm and 63.5mm).

                                                                                                                                           ·      All DD holes were drilled in conjunction with a Reflex ACT II
                                                                                                                                           tool; to provide an accurate determination of the bottom-of-hole orientation.

                                                                                                                                           ·      All fresh core was orientated to allow for geological, structural
                                                                                                                                           and geotechnical logging by a Company geologist.
 Drill sample recovery                                    ·      Method of recording and assessing core and chip sample recoveries         ·      A semi-quantitative estimate of sample recovery was completed for
                                                          and results assessed.                                                            the vast majority of drilling.  This involved weighing both the bulk samples

                                                                                and splits and calculating theoretical recoveries using assumed densities.
                                                          ·      Measures taken to maximise sample recovery and ensure                     Where samples were not weighed, qualitative descriptions of the sample size
                                                          representative nature of the samples.                                            were recorded.  Some sample loss was recorded in the collaring of the RC

                                                                                drill holes.
                                                          ·      Whether a relationship exists between sample recovery and grade

                                                          and whether sample bias may have occurred due to preferential loss/gain of       ·      DD recoveries were measured and recorded.  Recoveries in excess
                                                          fine/coarse material.                                                            of 95.8% have been achieved for the DD drilling program. Drill sample recovery
                                                                                                                                           and quality is adequate for the drilling technique employed.

                                                                                                                                           ·      The DD twin program has identified a positive grade bias for
                                                                                                                                           lithium in the DD compared to the RC results.
 Logging                                                  ·      Whether core and chip samples have been geologically and                  ·      All drill sample intervals were geologically logged by Company
                                                          geotechnically logged to a level of detail to support appropriate Mineral        geologists.
                                                          Resource estimation, mining studies and metallurgical studies.

                                                                                ·      Where appropriate, geological logging recorded the abundance of
                                                          ·      Whether logging is qualitative or quantitative in nature. Core            specific minerals, rock types and weathering using a standardised logging
                                                          (or costean, channel, etc) photography.                                          system that captured preliminary metallurgical domains.

                                                          ·      The total length and percentage of the relevant intersections             ·      All logging is qualitative, except for the systematic collection
                                                          logged.                                                                          of magnetic susceptibility data which could be considered semi quantitative.

                                                                                                                                           ·      Strip logs have been generated for each drill hole to cross-check
                                                                                                                                           geochemical data with geological logging.

                                                                                                                                           ·      A small sample of washed RC drill material was retained in chip
                                                                                                                                           trays for future reference and validation of geological logging, and sample
                                                                                                                                           reject materials from the laboratory are stored at the Company's field office.

                                                                                                                                           ·      All drill holes have been logged and reviewed by Company
                                                                                                                                           technical staff.

                                                                                                                                           ·      The logging is of sufficient detail to support the current
                                                                                                                                           reporting of a Mineral Resource.
 Sub-sampling techniques and sample preparation           ·      If core, whether cut or sawn and whether quarter, half or all             ·      RC samples were cone split at the drill rig.  For interpreted
                                                          core taken.                                                                      waste zones the 1 or 2m rig splits were later composited using a riffle

                                                                                splitter into 4m composite samples.
                                                          ·

                                                                                ·      DD core was cut with a core saw and selected half core samples
                                                          ·      If non-core, whether riffled, tube sampled, rotary split, etc and         totalling 427.1kg dispatched to Nagrom Laboratory in Perth for preliminary
                                                          whether sampled wet or dry.                                                      metallurgical test work.

                                                          ·      For all sample types, the nature, quality and appropriateness of          ·      The other half of the core, including the bottom-of-hole
                                                          the sample preparation technique.                                                orientation line, was retained for geological reference.

                                                          ·      Quality control procedures adopted for all sub-sampling stages to         ·      The remaining DD core was quarter cored for geochemical analysis.
                                                          maximise representivity of samples.

                                                                                ·      Since December 2018, samples were submitted to Intertek Tarkwa
                                                          ·      Measures taken to ensure that the sampling is representative of           (SP02/SP12) for sample preparation. Samples were weighed, dried and crushed to
                                                          the in situ material collected, including for instance results for field         -2mm in a Boyd crusher with an 800-1,200g rotary split, producing a nominal
                                                          duplicate/second-half sampling.                                                  1,500g split crushed sample; which was subsequently pulverised in a LM2 ring

                                                                                mill.  Samples were pulverised to a nominal 85% passing 75µm.  All the
                                                          ·      Whether sample sizes are appropriate to the grain size of the             preparation equipment was flushed with barren material prior to the
                                                          material being sampled.                                                          commencement of the job.  Coarse reject material was kept in the original
                                                                                                                                           bag.  Lab sizing analysis was undertaken on a nominal 1:25 basis. Final
                                                                                                                                           pulverised samples (20g) were airfreighted to Intertek in Perth for assaying.

                                                                                                                                           ·      The vast majority of samples were drilled dry. Moisture content
                                                                                                                                           was logged qualitatively.  All intersections of the water table were recorded
                                                                                                                                           in the database.

                                                                                                                                           ·      Field sample duplicates were taken to evaluate whether samples
                                                                                                                                           were representative and understand repeatability, with good repeatability.

                                                                                                                                           ·      Sample sizes and laboratory preparation techniques were
                                                                                                                                           appropriate and industry standard.
 Quality of assay data and laboratory tests               ·      The nature, quality and appropriateness of the assaying and               ·      Analysis for lithium and a suite of other elements for Phase 1
                                                          laboratory procedures used and whether the technique is considered partial or    drilling was undertaken at SGS Johannesburg / Vancouver by ICP-OES after
                                                          total.                                                                           Sodium Peroxide Fusion. Detection limits for lithium (10ppm - 100,000ppm).

                                                                                Sodium Peroxide fusion is considered a "total" assay technique for lithium.
                                                          ·      For geophysical tools, spectrometers, handheld XRF instruments,

                                                          etc, the parameters used in determining the analysis including instrument make   ·      During 2023, 8,793 pulps from the first four drilling campaigns
                                                          and model, reading times, calibrations factors applied and their derivation,     were analysed for Na using four-acid digestion at Intertek laboratory, Perth.
                                                          etc.                                                                             The majority of these pulps were analysed as 2m composites of the original 1m

                                                                                interval lithium pulps.
                                                          ·      Nature of quality control procedures adopted (eg standards,

                                                          blanks, duplicates, external laboratory checks) and whether acceptable levels    ·      Review of standards and blanks from the initial submission to
                                                          of accuracy (ie lack of bias) and precision have been established.               Johannesburg identified failures (multiple standards reporting outside control
                                                                                                                                           limits). A decision was made to resubmit this batch and all subsequent batches
                                                                                                                                           to SGS Vancouver - a laboratory considered to have more experience with this
                                                                                                                                           method of analysis and sample type.

                                                                                                                                           ·      Results of analyses for field sample duplicates are consistent
                                                                                                                                           with the style of mineralisation and considered to be representative. Internal
                                                                                                                                           laboratory QAQC checks are reported by the laboratory, including sizing
                                                                                                                                           analysis to monitor preparation and internal laboratory QA/QC. These were
                                                                                                                                           reviewed and retained in the company drill hole database.

                                                                                                                                           ·      155 samples were sent to an umpire laboratory (ALS) and/assayed
                                                                                                                                           using equivalent techniques, with results demonstrating good repeatability.

                                                                                                                                           ·      Atlantic Lithium's review of QAQC suggests the SGS Vancouver and
                                                                                                                                           Intertek Perth laboratories performed within acceptable limits.

                                                                                                                                           ·      No geophysical methods or hand-held XRF units have been used for
                                                                                                                                           determination of grades in the Mineral Resource.
 Verification of sampling and assaying                    ·      The verification of significant intersections by either                   ·      Significant intersections were visually field verified by company
                                                          independent or alternative company personnel.                                    geologists and Shaun Searle of Ashmore during the 2019 site visit.

                                                          ·      The use of twinned holes.                                                 ·      Drill hole data was compiled and digitally captured by Company

                                                                                geologists in the field. Where hand-written information was recorded, all
                                                          ·      Documentation of primary data, data entry procedures, data                hardcopy records were kept and archived after digitising.
                                                          verification, data storage (physical and electronic) protocols.

                                                                                ·      Phase 1 and 2 drilling programs were captured on paper or locked
                                                          ·      Discuss any adjustment to assay data.                                     excel templates and migrated to an MS Access database and then into Datashed
                                                                                                                                           (industry standard drill hole database management software).  Since the Phase
                                                                                                                                           3 drilling program data was captured using LogChief which has inbuilt data
                                                                                                                                           validation protocols.  All analytical results were transferred digitally and
                                                                                                                                           loaded into the database by a Datashed consultant.

                                                                                                                                           ·      The data was audited, and any discrepancies checked by the
                                                                                                                                           Company personnel before being updated in the database.

                                                                                                                                           ·      Twin DD holes were drilled to verify results of the RC drilling
                                                                                                                                           programs. Results indicate a positive bias towards the DD method when compared
                                                                                                                                           to RC drilling for Li(2)O, and it was shown that there is severe iron
                                                                                                                                           contamination in the RC drilling process.

                                                                                                                                           ·      Reported drill hole intercepts were compiled by the Chief
                                                                                                                                           Geologist.

                                                                                                                                           ·      Adjustments to the original assay data included converting Li ppm
                                                                                                                                           to Li(2)O%.
 Location of data points                                  ·      Accuracy and quality of surveys used to locate drill holes                ·      The collar locations were surveyed in WGS84 Zone 30 North using
                                                          (collar and down-hole surveys), trenches, mine workings and other locations      DGPS survey equipment, which is accurate to 0.11mm in both horizontal and
                                                          used in Mineral Resource estimation.                                             vertical directions.  All holes were surveyed by qualified surveyors.  Once

                                                                                validated, the survey data was uploaded into Datashed. For the current
                                                          ·      Specification of the grid system used.                                    resource upgrade, HHGPS collar positions were used.

                                                          ·      Quality and adequacy of topographic control.                              ·      RC drill holes were routinely down hole surveyed every 6m using a
                                                                                                                                           combination of EZ TRAC 1.5 (single shot) and Reflex Gyroscopic tools.

                                                                                                                                           ·      After the tenth drill hole, the survey method was changed to
                                                                                                                                           Reflex Gyro survey with 6m down hole data points measured during an
                                                                                                                                           end-of-hole survey.

                                                                                                                                           ·      All Phase 2 and 3 drill holes were surveyed initially using the
                                                                                                                                           Reflex Gyro tool, but later using the more efficient Reflex SPRINT tool.

                                                                                                                                           ·      All Phase 4 and 5 drill holes were surveyed with a Reflex SPRINT
                                                                                                                                           tool.

                                                                                                                                           ·      LiDAR survey completed by Southern Mapping to produce rectified
                                                                                                                                           colour images and a digital terrain model (DTM) over 32km(2)

                                                                                                                                           ·      C206 Aircraft - mounted LiDAR Riegl Q780 Camera Hasselblad H5Dc
                                                                                                                                           with 50mm Fixfocus lens.

                                                                                                                                           ·      Coordinate system: WGS84 UTM30N with accuracy to ±0.04

                                                                                                                                           ·      The topographic survey and photo mosaic output from the survey is
                                                                                                                                           accurate to 20mm.

                                                                                                                                           ·      Locational accuracy at collar and down the drill hole is
                                                                                                                                           considered appropriate for resource estimation purposes.
 Data spacing and distribution                            ·      Data spacing for reporting of Exploration Results.                        ·      The RC holes were initially drilled on 100m spaced sections and

                                                                                50m hole spacings orientated at 300° or 330° with dips ranging from -50° to
                                                          ·      Whether the data spacing, and distribution is sufficient to               -60°. Planned hole orientations/dips were occasionally adjusted due to pad
                                                          establish the degree of geological and grade continuity appropriate for the      and/or access constraints.
                                                          Mineral Resource and Ore Reserve estimation procedure(s) and classifications

                                                          applied.                                                                         ·      For Phase 2 and 3 programs, hole spacing was reduced to 80m

                                                                                spaced sections and 40m hole spacings orientated at 300° or 310°, while the
                                                          ·      Whether sample compositing has been applied.                              Abonko, Kaampakrom and Ewoyaa NE trends were drilled at 220°, with dips of
                                                                                                                                           -50°.

                                                                                                                                           ·      Samples were composited to 1m and 2m intervals prior to
                                                                                                                                           estimation.
 Orientation of data in relation to geological structure  ·      Whether the orientation of sampling achieves unbiased sampling of         ·      The drill line and drill hole orientation are oriented as close
                                                          possible structures and the extent to which this is known, considering the       as practicable to perpendicular to the orientation of the general mineralised
                                                          deposit type.                                                                    orientation.

                                                          ·      If the relationship between the drilling orientation and the              ·      Most of the drilling intersects the mineralisation at close to 90
                                                          orientation of key mineralised structures is considered to have introduced a     degrees ensuring intersections are representative of true widths. It is
                                                          sampling bias, this should be assessed and reported if material.                 possible that new geological interpretations and/or infill drilling
                                                                                                                                           requirements may result in changes to drill orientations on future programs.

                                                                                                                                           ·      No orientation-based sampling bias has been identified in the
                                                                                                                                           data.
 Sample security                                          ·      The measures taken to ensure sample security.                             ·      Samples were stored on site prior to road transportation by
                                                                                                                                           Company personnel to the SGS preparation laboratory.

                                                                                                                                           ·      With the change of laboratory to Intertek, samples were picked up
                                                                                                                                           by the contractor and transported to the sample preparation facility in
                                                                                                                                           Takoradi.

                                                                                                                                           ·      For the Na analysis, stored pulps were retrieved from secure
                                                                                                                                           container storage at the project field site for compositing, re-packing and
                                                                                                                                           delivery to Intertek.
 Audits or reviews                                        ·      The results of any audits or reviews of sampling techniques and           ·      Prior to the drilling program, a third-party Project review was
                                                          data.                                                                            completed by an independent consultant experienced with the style of
                                                                                                                                           mineralisation.

                                                                                                                                           ·      In addition, Shaun Searle of Ashmore reviewed drilling and
                                                                                                                                           sampling procedures during the 2019 site visit and found that all procedures
                                                                                                                                           and practices conform to industry standards.

 

 

Section 2 Reporting of Exploration Results

 Criteria                                                          JORC Code Explanation                                                            Commentary
 Mineral tenement and land tenure status                           ·      Type, reference name/number, location and ownership including             ·      The Project covers two contiguous licences, the Mankessim (RL
                                                                   agreements or material issues with third parties such as joint ventures,         3/55) and Mankessim South (PL3/109) licence.
                                                                   partnerships, overriding royalties, native title interests, historical sites,

                                                                   wilderness or national park and environmental settings.                          ·      The Mankessim licence is a joint-venture, with the licence in the

                                                                                name of the joint-venture party (Barari DV Ghana Limited). Document number:
                                                                   ·      The security of the tenure held at the time of reporting along            0853652-18.
                                                                   with any known impediments to obtaining a license to operate in the area.

                                                                                                                                                    ·      The Project occurs within a Mineral Prospecting licence and was
                                                                                                                                                    renewed on the 27 July 2021 for a further three-year period, valid until 27
                                                                                                                                                    July 2024.

                                                                                                                                                    ·      The Mankessim South licence is a wholly-owned subsidiary of Green
                                                                                                                                                    Metals Resources.  The Mineral Prospecting licence renewal was submitted in
                                                                                                                                                    Nov 2022 for a further three-year period.

                                                                                                                                                    ·      The tenement is in good standing with no known impediments.

                                                                                                                                                    ·      Mining Lease granted in respect of the Project for a period of 15
                                                                                                                                                    years, effective 20 October 2023 until 19 October 2038, file number ML 3/239.
 Exploration done by other parties                                 ·      Acknowledgment and appraisal of exploration by other parties.             ·      Historical trenching and mapping were completed by the Ghana
                                                                                                                                                    Geological survey during the 1960s.  But for some poorly referenced
                                                                                                                                                    historical maps, none of the technical data from this work was located. Many
                                                                                                                                                    of the historical trenches were located, cleaned and re-logged. No historical
                                                                                                                                                    drilling was completed.
 Geology                                                           ·      Deposit type, geological setting and style of mineralisation.             ·      Pegmatite-hosted lithium deposits are the target for exploration.
                                                                                                                                                    This style of mineralisation typically forms as dykes and sills intruding or
                                                                                                                                                    in proximity to granite source rocks.

                                                                                                                                                    ·      Surface geology within the Project area typically consists of
                                                                                                                                                    sequences of staurolite and garnet-bearing pelitic schist and granite with
                                                                                                                                                    lesser pegmatite and mafic intrusives.  Outcrops are typically sparse and
                                                                                                                                                    confined to ridge tops with colluvium and mottled laterite blanketing much of
                                                                                                                                                    the undulating terrain making geological mapping challenging.  The hills are
                                                                                                                                                    often separated by broad, sandy drainages.

                                                                                                                                                    ·      The Ewoyaa pegmatites contain relatively consistent amounts of
                                                                                                                                                    spodumene (within the mineralised zones), quartz, albite, potassic feldspar
                                                                                                                                                    ("k-feldspar") and muscovite mica, along with numerous other minerals in
                                                                                                                                                    relatively minor amounts.
 Drill hole information                                            ·      A summary of all information material to the under-standing of            ·      Exploration results are not being reported.
                                                                   the exploration results including a tabulation of the following information

                                                                   for all Material drill holes:                                                    ·      All information has been included in the appendices.  No drill

                                                                                hole information has been excluded.
                                                                   ·    easting and northing of the drill hole collar

                                                                   ·    elevation or RL (Reduced Level - elevation above sea level in metres)
                                                                   of the drill hole collar

                                                                   ·    dip and azimuth of the hole

                                                                   ·    down hole length and interception depth

                                                                   ·    hole length

                                                                   ·      If the exclusion of this information is justified on the basis
                                                                   that the information is not Material and this exclusion does not detract from
                                                                   the understanding of the report, the Competent Person should clearly explain
                                                                   why this is the case.
 Data aggregation methods                                          ·      In reporting Exploration Results, weighting averaging techniques,         ·      Exploration results are not being reported.
                                                                   maximum and/or minimum grade truncations (e.g. cutting of high grades) and

                                                                   cut-off grades are usually Material and should be stated.                        ·      Not applicable as a Mineral Resource is being reported.

                                                                   ·      Where aggregate intercepts incorporate short lengths of high              ·      No metal equivalent values are being reported.
                                                                   grade results and longer lengths of low grade results, the procedure used for
                                                                   such aggregation should be stated and some typical examples of such
                                                                   aggregations should be shown in detail.

                                                                   ·      The assumptions used for any reporting of metal equivalent values
                                                                   should be clearly stated.
 Relationship between mineralisation widths and intercept lengths  ·      These relationships are particularly important in the reporting           ·      The drill line and drill hole orientation are oriented as close
                                                                   of Exploration Results.                                                          to 90 degrees to the orientation of the anticipated mineralised orientation as

                                                                                practicable.
                                                                   ·      If the geometry of the mineralisation with respect to the drill

                                                                   hole angle is known, its nature should be reported.                              ·      The majority of the drilling intersects the mineralisation

                                                                                between 60 and 80 degrees.
                                                                   ·      If it is not known and only the down hole lengths are reported,
                                                                   there should be a clear statement to this effect (e.g. 'down hole length, true
                                                                   width not known').
 Diagrams                                                          ·      Appropriate maps and sections (with scales) and tabulations of            ·      Relevant diagrams have been included within the Mineral Resource
                                                                   intercepts should be included for any significant discovery being reported.      report main body of text.
                                                                   These should include, but not be limited to a plan view of drill hole collar
                                                                   locations and appropriate sectional views.
 Balanced Reporting                                                ·      Accuracy and quality of surveys used to locate drill holes                ·      All hole collars were surveyed WGS84 Zone 30 North grid using a
                                                                   (collar and down-hole surveys), trenches, mine workings and other locations      differential GPS. All RC and DD holes were down-hole surveyed with a
                                                                   used in Mineral Resource estimation.                                             north-seeking gyroscopic tool.

                                                                   ·      Where comprehensive reporting of all Exploration Results is not           ·      Exploration results are not being reported.
                                                                   practicable, representative reporting of both low and high grades and/or
                                                                   widths should be practiced to avoid misleading reporting of Exploration
                                                                   Results.
 Other substantive exploration data                                ·      Other exploration data, if meaningful and material, should be             ·      Results were estimated from drill hole assay data, with
                                                                   reported including (but not limited to): geological observations; geophysical    geological logging used to aid interpretation of mineralised contact
                                                                   survey results; geochemical survey results; bulk samples - size and method of    positions.
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical

                                                                   and rock characteristics; potential deleterious or contaminating substances.     ·      Geological observations are included in the report.
 Further work                                                      ·      The nature and scale of planned further work (e.g. tests for              ·      Follow up RC and DD drilling will be undertaken.
                                                                   lateral extensions or depth extensions or large- scale step-out drilling).

                                                                                ·      Further metallurgical test work may be required as the Project
                                                                   ·      Diagrams clearly highlighting the areas of possible extensions,           progresses through the study stages.
                                                                   including the main geological interpretations and future drilling areas,

                                                                   provided this information is not commercially sensitive.                         ·      Drill spacing is currently considered adequate for the current
                                                                                                                                                    level of interrogation of the Project.

 

APPENDIX 2 - JORC Code (2012) Table 1, Section 3

 

Section 3 Estimation and Reporting of Mineral Resources

 Criteria                                     JORC Code Explanation                                                            Commentary
 Database integrity                           ·      Measures taken to ensure that data has not been corrupted by, for         ·      The database has been systematically audited by Atlantic Lithium
                                              example, transcription or keying errors, between its initial collection and      geologists.
                                              its use for Mineral Resource estimation purposes.

                                                                                ·      All drilling data has been verified as part of a continuous
                                              ·      Data validation procedures used.                                          validation procedure.  Once a drill hole is imported into the database a
                                                                                                                               report of the collar, down-hole survey, geology, and assay data are
                                                                                                                               produced.  This is then checked by an Atlantic Lithium geologist and any
                                                                                                                               corrections are completed by the database manager.
 Site visits                                  ·      Comment on any site visits undertaken by the Competent Person and         ·      A site visit was conducted by Shaun Searle of Ashmore during
                                              the outcome of those visits.                                                     February 2019.  Shaun inspected the deposit area, drill core/chips and

                                                                                outcrop.  During this time, notes and photos were taken.  Discussions were
                                              ·      If no site visits have been undertaken indicate why this is the           held with site personnel regarding drilling and sampling procedures.  No
                                              case.                                                                            major issues were encountered.
 Geological interpretation                    ·      Confidence in (or conversely, the uncertainty of) the geological          ·      The confidence in the geological interpretation is considered to
                                              interpretation of the mineral deposit.                                           be good and is based on visual confirmation in outcrop and within drill hole

                                                                                intersections.
                                              ·      Nature of the data used and of any assumptions made.

                                                                                ·      Geochemistry and geological logging have been used to assist
                                              ·      The effect, if any, of alternative interpretations on Mineral             identification of lithology and mineralisation.
                                              Resource estimation.

                                                                                ·      The Project area lies within the Birimian Supergroup, a
                                              ·      The use of geology in guiding and controlling Mineral Resource            Proterozoic volcano-sedimentary basin located in Western Ghana. The Project
                                              estimation.                                                                      area is underlain by three forms of metamorphosed schist; mica schist,

                                                                                staurolite schist and garnet schist. Several granitoids intrude the basin
                                              ·      The factors affecting continuity both of grade and geology.               metasediments as small plugs.  These granitoids range in composition from
                                                                                                                               intermediate granodiorite (often medium grained) to felsic leucogranites
                                                                                                                               (coarse to pegmatoidal grain size), sometimes in close association with
                                                                                                                               pegmatite veins and bodies. Pegmatite intrusions generally occur as
                                                                                                                               sub-vertical dykes with two dominant trends: either east-northeast or
                                                                                                                               north-northeast and dip sub-vertically to moderately southeast to
                                                                                                                               east-southeast. Thickness varies across the Project, with thinner mineralised
                                                                                                                               units intersected at Abonko and Kaampakrom between 4 to 12m; and thicker units
                                                                                                                               intersected at Ewoyaa Main between 30 to 60m And up to 100m at surface.

                                                                                                                               ·      Infill drilling has supported and refined the model and the
                                                                                                                               current interpretation is considered robust.

                                                                                                                               ·      Observations from the outcrop of mineralisation and host rocks;
                                                                                                                               as well as infill drilling, confirm the geometry of the mineralisation.

                                                                                                                               ·      Infill drilling has confirmed geological and grade continuity.
 Dimensions                                   ·      The extent and variability of the Mineral Resource expressed as           ·      The Project Mineral Resource area extends over a north-south
                                              length (along strike or otherwise), plan width, and depth below surface to the   strike length of 4,390m (from 577,380mN - 581,770mN), and includes the 360m
                                              upper and lower limits of the Mineral Resource.                                  vertical interval from 80mRL to -280mRL.
 Estimation and modelling techniques          ·      The nature and appropriateness of the estimation technique(s)             ·      Using parameters derived from modelled variograms, Ordinary
                                              applied and key assumptions, including treatment of extreme grade values,        Kriging ("OK") was used to estimate average block grades in three passes using
                                              domaining, interpolation parameters and maximum distance of extrapolation from   Surpac software.  Linear grade estimation was deemed suitable for the Cape
                                              data points. If a computer assisted estimation method was chosen include a       Coast Mineral Resource due to the geological control on mineralisation.  The
                                              description of computer software and parameters used.                            extrapolation of the lodes along strike and down-dip has been limited to a

                                                                                distance of 40m.  Zones of extrapolation are classified as Inferred Mineral
                                              ·      The availability of check estimates, previous estimates and/or            Resource.
                                              mine production records and whether the Mineral Resource estimate takes

                                              appropriate account of such data.                                                ·      It is assumed that there are no by-products or deleterious

                                                                                elements as shown by metallurgical test work.
                                              ·      The assumptions made regarding recovery of by-products.

                                                                                ·      The Li(2)O (%), Fe (%), K (%), Al (%), Mn (%), Na (%) and Ti
                                              ·      Estimation of deleterious elements or other non-grade variables           (ppm) grades; as well as spodumene (%), quartz (%), albite (%), k-feldspar (%)
                                              of economic significance (eg sulphur for acid mine drainage characterisation).   and muscovite (%) mineral contents were interpolated into the Surpac block

                                                                                model.
                                              ·      In the case of block model interpolation, the block size in

                                              relation to the average sample spacing and the search employed.                  ·      A Surpac block model was created to encompass the extents of the

                                                                                known mineralisation. The block model was rotated on a bearing of 30°, with
                                              ·      Any assumptions behind modelling of selective mining units.               block dimensions of 10m NS by 10m EW by 5m vertical with sub-cells of 2.5m by

                                                                                2.5m by 1.25m.  The parent block size dimension was selected on the results
                                              ·      Any assumptions about correlation between variables.                      obtained from Kriging Neighbourhood Analysis and also in consideration of two

                                                                                predominant mineralisation orientations of 30° and 100 to 120°.
                                              ·      Description of how the geological interpretation was used to

                                              control the resource estimates.                                                  ·      An orientated 'ellipsoid' search was used to select data and

                                                                                adjusted to account for the variations in lode orientations, however all other
                                              ·      Discussion of basis for using or not using grade cutting or               parameters were taken from the variography derived from Domains 1, 2, 3, 4, 7
                                              capping.                                                                         and 8.  Up to three passes were used for each domain.  First pass had a

                                                                                range of 50m, with a minimum of 8 samples.  For the second pass, the range
                                              ·      The process of validation, the checking process used, the                 was extended to 100m, with a minimum of 4 samples.  For the third pass, the
                                              comparison of model data to drill hole data, and use of reconciliation data if   range was extended to 200m, with a minimum of 1 or 2 samples. A maximum of 16
                                              available.                                                                       samples was used for each pass with a maximum of 4 samples per hole.

                                                                                                                               ·      No assumptions were made on selective mining units.

                                                                                                                               ·      Correlation analysis was conducted on the domains at Ewoyaa Main.

                                                                                                                               ·      The mineralisation was constrained by pegmatite geology
                                                                                                                               wireframes and internal lithium bearing mineralisation wireframes prepared
                                                                                                                               using a nominal 0.4% Li(2)O cut-off grade and a minimum down-hole length of
                                                                                                                               3m. The wireframes were used as hard boundaries for the interpolation.

                                                                                                                               ·      Statistical analysis was carried out on data from 87 mineralised
                                                                                                                               domains.  Following a review of the population histograms and log probability
                                                                                                                               plots and noting the low coefficient of variation statistics, it was
                                                                                                                               determined that the application of high-grade cuts was not warranted.

                                                                                                                               ·      Validation of the model included detailed visual validation,
                                                                                                                               comparison of composite grades and block grades by strike panel and
                                                                                                                               elevation.  Validation plots showed good correlation between the composite
                                                                                                                               grades and the block model grades.
 Moisture                                     ·      Whether the tonnages are estimated on a dry basis or with natural         ·      Tonnages and grades were estimated on a dry in situ basis.
                                              moisture, and the method of determination of the moisture content.
 Cut-off parameters                           ·      The basis of the adopted cut-off grade(s) or quality parameters           ·      The Statement of Mineral Resources has been constrained by the
                                              applied.                                                                         mineralisation solids and reported a cut-off grade of 0.5% Li(2)O. Whittle
                                                                                                                               optimisations demonstrate reasonable prospects for eventual economic
                                                                                                                               extraction.
 Mining factors or assumptions                ·      Assumptions made regarding possible mining methods, minimum               ·      Ashmore has assumed that the deposit could be mined using open
                                              mining dimensions and internal (or, if applicable, external) mining dilution.    pit mining techniques. A high-level Whittle optimisation of the Mineral
                                              It is always necessary as part of the process of determining reasonable          Resource supports this view.
                                              prospects for eventual economic extraction to consider potential mining
                                              methods, but the assumptions made regarding mining methods and parameters when
                                              estimating Mineral Resources may not always be rigorous. Where this is the
                                              case, this should be reported with an explanation of the basis of the mining
                                              assumptions made.
 Metallurgical factors or assumptions         ·      The basis for assumptions or predictions regarding metallurgical          ·      Based on the ELP Feasibility Study, Atlantic Lithium could
                                              amenability. It is always necessary as part of the process of determining        produce approximately 500,000 to 1,000,000 tonnes per annum of mixed K(2)O /
                                              reasonable prospects for eventual economic extraction to consider potential      Na(2)O feldspar as a by-product from spodumene concentrate which will be sold
                                              metallurgical methods, but the assumptions regarding metallurgical treatment     for lithium purification. The feldspar will be processed by dense media
                                              processes and parameters made when reporting Mineral Resources may not always    separation to produce two grades, 2.6 SG O/F with high total alkalis and 2.6
                                              be rigorous. Where this is the case, this should be reported with an             SG U/F with lower alkalis but significant Li(2)O at approximately 0.70%, which
                                              explanation of the basis of the metallurgical assumptions made.                  is a strong flux.

                                                                                                                               ·      Following examination of chemical and mineralogical composition,
                                                                                                                               ceramic application trials were undertaken in Stoke-on-Trent (The Potteries)
                                                                                                                               for vitreous hotelware, high end earthenware and floor tiles. Samples were wet
                                                                                                                               ground to the required particle size and incorporated into commercial recipes,
                                                                                                                               substituting for standard feldpars and nepheline syenite. Each prepared body
                                                                                                                               was factory fired and, in the case of vitreous hotelware and high-end
                                                                                                                               earthenware, biscuit (not glazed), glazed and decorated pieces were produced.

                                                                                                                               ·      In all cases the trial firings produced acceptable ware,
                                                                                                                               comparable to the standards in all aspects, including contraction, water
                                                                                                                               absorption, density, porosity, shape, colour and appearance. Results at the
                                                                                                                               vitreous hotelware factory (a world leading manufacturer of tableware for the
                                                                                                                               international hospitality industry) where the Atlantic Lithium feldspars
                                                                                                                               substituted for Forshammer feldspar (mined in Sweden by Sibelco) were good.
                                                                                                                               Provided Atlantic Lithium can consistently produce feldspar to the same or
                                                                                                                               better quality than the samples provided, there is a very good potential to
                                                                                                                               compete in local and international ceramic markets for tableware, including
                                                                                                                               vitreous hotelware, earthen ware and floor tiles.
 Environmental factors or assumptions         ·      Assumptions made regarding possible waste and process residue             ·      No assumptions have been made regarding environmental factors.
                                              disposal options. It is always necessary as part of the process of determining   Atlantic Lithium will work to mitigate environmental impacts as a result of
                                              reasonable prospects for eventual economic extraction to consider the            any future mining or mineral processing.
                                              potential environmental impacts of the mining and processing operation. While
                                              at this stage the determination of potential environmental impacts,
                                              particularly for a greenfields project, may not always be well advanced, the
                                              status of early consideration of these potential environmental impacts should
                                              be reported. Where these aspects have not been considered this should be
                                              reported with an explanation of the environmental assumptions made.
 Bulk density                                 ·      Whether assumed or determined. If assumed, the basis for the              ·      Bulk density measurements were completed on selected intervals of
                                              assumptions. If determined, the method used, whether wet or dry, the frequency   diamond core drilled at the deposit. The measurements were conducted at the
                                              of the measurements, the nature, size and representativeness of the samples.     Cape Coast core processing facility using the water immersion/Archimedes

                                                                                method. The weathered samples were coated in paraffin wax to account for
                                              ·      The bulk density for bulk material must have been measured by             porosity of the weathered samples.
                                              methods that adequately account for void spaces (vugs, porosity, etc),

                                              moisture and differences between rock and alteration zones within the deposit.   ·      A total of 13,901 measurements were conducted on the Cape Coast

                                                                                mineralisation, with samples obtained from oxide, transitional and fresh
                                              ·      Discuss assumptions for bulk density estimates used in the                material.
                                              evaluation process of the different materials.

                                                                                                                               ·      Bulk densities ranging between 1.7t/m(3) and 2.78t/m(3) were
                                                                                                                               assigned in the block model dependent on lithology, mineralisation and
                                                                                                                               weathering.
 Classification                               ·      The basis for the classification of the Mineral Resources into            ·      The Mineral Resource estimate is reported here in compliance with
                                              varying confidence categories.                                                   the 2012 Edition of the 'Australasian Code for Reporting of Exploration

                                                                                Results, Mineral Resources and Ore Reserves' by the Joint Ore Reserves
                                              ·      Whether appropriate account has been taken of all relevant                Committee (JORC).  The ELP feldspar Mineral Resource was classified as
                                              factors (i.e. relative confidence in tonnage/grade estimations, reliability of   Measured, Indicated and Inferred Mineral Resource based on data quality,
                                              input data, confidence in continuity of geology and metal values, quality,       sample spacing, and lode continuity; with the same parameters used to classify
                                              quantity and distribution of the data).                                          the lithium Mineral Resource. The Measured Mineral Resource was confined to

                                                                                fresh rock within areas drilled at 20m by 15m along with robust continuity of
                                              ·      Whether the result appropriately reflects the Competent Person's          geology and Li(2)O grade. The Indicated Mineral Resource was defined within
                                              view of the deposit.                                                             areas of close spaced drilling of less than 40m by 40m, and where the
                                                                                                                               continuity and predictability of the lode positions was good.  In addition,
                                                                                                                               Indicated Mineral Resource was classified in weathered rock overlying fresh
                                                                                                                               Measured Mineral Resource. The Inferred Mineral Resource was assigned to
                                                                                                                               transitional material, areas where drill hole spacing was greater than 40m by
                                                                                                                               40m, where small, isolated pods of mineralisation occur outside the main
                                                                                                                               mineralised zones, and to geologically complex zones.

                                                                                                                               ·      The input data is comprehensive in its coverage of the
                                                                                                                               mineralisation and does not favour or misrepresent in-situ mineralisation.
                                                                                                                               The definition of mineralised zones is based on high level geological
                                                                                                                               understanding producing a robust model of mineralised domains.  This model
                                                                                                                               has been confirmed by infill drilling which supported the interpretation.
                                                                                                                               Validation of the block model shows good correlation of the input data to the
                                                                                                                               estimated grades.

                                                                                                                               ·      The Mineral Resource estimate appropriately reflects the view of
                                                                                                                               the Competent Person.
 Audits or reviews                            ·      The results of any audits or reviews of Mineral Resource                  ·      Internal audits have been completed by Ashmore which verified the
                                              estimates.                                                                       technical inputs, methodology, parameters and results of the estimate.
 Discussion of relative accuracy/ confidence  ·      Where appropriate a statement of the relative accuracy and                ·      The geometry and continuity have been adequately interpreted to
                                              confidence level in the Mineral Resource estimate using an approach or           reflect the applied level of Indicated and Inferred Mineral Resource.  The
                                              procedure deemed appropriate by the Competent Person. For example, the           data quality is good, and the drill holes have detailed logs produced by
                                              application of statistical or geostatistical procedures to quantify the          qualified geologists.  A recognised laboratory has been used for all
                                              relative accuracy of the resource within stated confidence limits, or, if such   analyses.
                                              an approach is not deemed appropriate, a qualitative discussion of the factors

                                              that could affect the relative accuracy and confidence of the estimate.          ·      The Mineral Resource statement relates to global estimates of

                                                                                tonnes and grade.
                                              ·      The statement should specify whether it relates to global or

                                              local estimates, and, if local, state the relevant tonnages, which should be     ·      No historical mining has occurred; therefore, reconciliation
                                              relevant to technical and economic evaluation. Documentation should include      could not be conducted.
                                              assumptions made and the procedures used.

                                              ·      These statements of relative accuracy and confidence of the
                                              estimate should be compared with production data, where available.

 

APPENDIX 3

 

Glossary of Terms and Abbreviations

 

Assay
Measure of valuable mineral content.

 

Block
Model
A three-dimensional structure into which parameters are interpolated during
the resource estimation process.

 

Competent Person 'CP'
Competent Person, as defined by the JORC Code.  A 'Competent Person' is a
minerals industry professional who is a Member or Fellow of The Australasian
Institute of Mining and Metallurgy, or of the Australian Institute of
Geoscientists, or of a 'Recognised Professional Organisation' (RPO), as
included in a list available on the JORC and ASX websites. These organisations
have enforceable disciplinary processes including the powers to suspend or
expel a member. A Competent Person must have a minimum of five years relevant
experience in the style of mineralisation or type of deposit under
consideration and in the activity which that person is undertaking. If the
Competent Person is preparing documentation on Exploration Results, the
relevant experience must be in exploration. If the Competent Person is
estimating, or supervising the estimation of Mineral Resources, the relevant
experience must be in the estimation, assessment and evaluation of Mineral
Resources. If the Competent Person is estimating, or supervising the
estimation of Ore Reserves, the relevant experience must be in the estimation,
assessment, evaluation and economic extraction of Ore Reserves.

 

Core
A solid, cylindrical sample of rock typically produced by a rotating drill
bit, but sometimes cut by percussive methods.

 

CVAVG
The co-efficient of variation (CV) is a statistical measure of the relative
dispersion of data points in a data series around the mean. It represents the
ratio of the standard deviation to the mean.

 

CRM
A Certified Reference Material ("CRM") represents a known grade composition
control sample and is used to test and validate mineral samples extracted in
mining and exploration projects during an assay process.

 

Cut - off grade
                                      The
lowest grade of mineralized material that qualifies as ore in a given deposit;
rock of the lowest assay included in an ore estimate.

 

DD
Diamond core drilling

 

Deposit
An occurrence of economically interesting minerals.

 

Dip
The angle at which a bed, stratum, or vein is inclined from the horizontal,
measured perpendicular to the strike and in the vertical plane.

 

DMS
Dense medium separation

 

Drillhole
Technically, a circular hole drilled by forces applied percussively and/or by
rotation; loosely and commonly, the name applies to a circular hole drilled in
any manner.

 

Drilling
The operation of making deep holes with a drill for prospecting, exploration,
or valuation.

 

Feldspar
Any of a group of crystalline minerals that consist of silicates of aluminium
with potassium, sodium, calcium, or barium and that are a basic part of nearly
all crystalline rocks. Most common feldspars present at Ewoyaa include albite
(sodium feldspar) and orthoclase (potassium feldspar).

 

Grade
The relative quantity or the percentage of ore-mineral or metal content in an
orebody.

 

Exploration
 
The art and science of investigation for the location of undiscovered mineral
deposits.

 

ICP
ICP (Inductively Coupled Plasma) Spectroscopy is an analytical technique used
to measure and identify elements within a sample matrix based on the
ionization of the elements withing the sample.

 

ICP-MS
Inductively coupled plasma mass spectrometry (ICP-MS) is an analytical
technique used to measure and identify elements within a sample matrix based
on the ionization of the elements withing the sample. ICP-MS uses an argon
(Ar) plasma - the ICP - to convert the sample into ions that are then measured
using a mass spectrometer - the MS.

 

Indicated Mineral Resource                  That part of a
Mineral Resource for which quantity, grade (or quality), densities, shape and
physical characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail to support mine planning
and evaluation of the economic viability of the deposit.  Geological evidence
is derived from adequately detailed and reliable exploration, sampling and
testing gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes, and is sufficient to
assume geological and grade (or quality) continuity between points of
observation where data and samples are gathered.  An Indicated Mineral
Resource has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Ore Reserve.

 

 

Inferred Mineral Resource                    That part of a
Mineral Resource for which quantity and grade (or quality) are estimated on
the basis of limited geological evidence and sampling. Geological evidence is
sufficient to imply but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling and testing information
gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes.  An Inferred Mineral Resource has a
lower level of confidence than that applying to an Indicated Mineral Resource
and must not be converted to an Ore Reserve. It is reasonably expected that
the majority of Inferred Mineral Resources could be upgraded to Indicated
Mineral Resources with continued exploration.

 

JORC
Code
The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves, 2012 Edition, Prepared by the Joint Ore Reserves Committee
of The Australasian Institute of Mining and Metallurgy, Australian Institute
of Geoscientists and Minerals Council of Australia ("JORC").

 

Measured Mineral Resource                That part of a Mineral
Resource for which quantity, grade (or quality), densities, shape, and
physical characteristics are estimated with confidence sufficient to allow the
application of Modifying Factors to support detailed mine planning and final
evaluation of the economic viability of the deposit.  Geological evidence is
derived from detailed and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes, and is sufficient to confirm geological and
grade (or quality) continuity between points of observation where data and
samples are gathered.  A Measured Mineral Resource has a higher level of
confidence than that applying to either an Indicated Mineral Resource or an
Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or
under certain circumstances to a Probable Ore Reserve.

 

Mineral
Resource                                  A
concentration or occurrence of solid material of economic interest in or on
the Earth's crust in such form, grade (or quality), and quantity that there
are reasonable prospects for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.

 

Mineralisation
The process by which minerals are introduced into a rock.  More generally, a
term applied to accumulations of economic or related minerals in quantities
ranging from weakly anomalous to economically recoverable.

 

MINSQ
A least squares spreadsheet method for calculating mineral proportions from
whole rock major element analyses.

 

Modifying
Factors
Considerations used to convert Mineral Resources to Ore Reserves. These
include, but are not restricted to, mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental, social and
governmental factors.

 

MRE
 
Mineral Resource Estimate

 

Mt
Million tonnes

 

Muscovite
Often called 'white mica', muscovite is the lightest coloured mica mineral and
one of the common rock forming minerals in pegmatites. Micas are characterized
by a crystal structure consisting of aluminum silicate sheets weakly bound
together by layers of positive ions (usually potassium, but sometimes sodium).

 

Normative mineralogy
Normative mineralogy is a calculation of the composition of a rock sample that
estimates the idealised mineralogy of a rock based on a quantitative chemical
analysis according to the principles of geochemistry. Normative mineral
calculations can be achieved via either the CIPW Norm or the Barth-Niggli
Norm.

 

Ore
The naturally occurring material from which a mineral or minerals of economic
value can be extracted profitably or to satisfy social or political
objectives.  The term is generally but not always used to refer to
metalliferous material and is often modified by the names of the valuable
constituent.

 

Ore
Reserves
Is the economically mineable part of a Measured and/or Indicated Mineral
Resource. It includes diluting materials and allowances for losses, which may
occur when the material is mined or extracted and is defined by studies at
Pre-Feasibility or Feasibility level as appropriate that include application
of Modifying Factors. Such studies demonstrate that, at the time of reporting,
extraction could reasonably be justified.

Ordinary
Kriging
Kriging is one of several methods that use a limited set of sampled data
points to estimate the value of a variable over a continuous spatial field.
Ordinary kriging is the most widely used kriging method. It serves to
estimate a value at a point of a region for which a variogram is known, using
data in the neighborhood of the estimation location. Ordinary kriging can also
be used to estimate a block value.

 

Pegmatite
A coarsely crystalline granite or other igneous rock with crystals several
centimetres in length. Pegmatites are extreme igneous rocks that form during
the final stage of a magma's crystallization. They are extreme because they
contain exceptionally large crystals and they sometimes contain minerals that
are rarely found in other types of rocks.

 

Quartz
A mineral consisting of silicon dioxide occurring in colourless and
transparent or coloured hexagonal crystals or in crystalline masses.

 

RC
Reverse circulation drilling; a type of drilling used in minerals exploration
and evaluation that uses compressed air and a percussion hammer to flush
material cuttings out of the drill hole through hollow inner tubes to
transport samples back to the surfacein a safe and efficient manner without
contamination from the strata hole walls.

 

SG
Specific gravity (symbol SG), another name for Relative density: the weight of
a volume of fluid or solution as compared to the weight of the same volume of
water.

 

Strike
The course or bearing of the outcrop of an inclined bed, vein, or fault plane
on a level surface; the direction of a horizontal line perpendicular to the
direction of the dip.

 

Whittle Optimisation                            The
Four-X Whittle Optimisation process uses the Lerchs-Grossmann algorithm to
determine the optimal shape for an open pit in three dimensions. Based on the
economic input parameters selected it can define a pit outline that has the
highest possible total value, subject to the required pit slopes.

 

Wireframe
Three dimensional solids representing geological/mineralogical domains.

 

XRF
X-ray Fluorescence (XRF) is an analytical technique that uses the interaction
of X-rays with a material to determine its elemental composition. XRF is
suitable for solids, liquids and powders, and in most circumstances is
non-destructive.

 

 

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