REG - Atlantic Lithium Ltd - MOU Signed for By-product Feldspar Study

Atlantic LithiumAnnouncement

15/08/2023 07:00

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RNS Number : 3063J  Atlantic Lithium Limited  15 August 2023

15 August 2023

MOU Signed for By-product Feldspar Study

Memorandum of Understanding signed with the University of Mines and Technology, Ghana

to assess the viability of feldspar production at Ewoyaa

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 that it has signed a Memorandum of Understanding ("MOU") with The
University of Mines and Technology ("UMaT"), Tarkwa in the Western Region of
Ghana to undertake a Definitive Feasibility Study ("Feldspar Study") to assess
the viability of producing feldspar feedstock as by-product of spodumene
concentrate production at the Company's Ewoyaa Lithium Project ("Ewoyaa" or
the "Project") in Ghana.

The partnership will assess the prospective market conditions and commercial,
technical and financial viability of the production of feldspar, quartz
(silica) and muscovite, by-products of the proposed Ewoyaa Lithium Plant. The
study will focus on feldspar, as an opportunity for Atlantic Lithium to supply
into the domestic market to support Ghana's ceramics sector.

UMaT is a leading university in Ghana and Africa, producing world-class
professionals in the fields of mining, petroleum, technology and related
disciplines.

The Feldspar Study, to be undertaken by UMaT, is intended to determine:

·    The market for weathered (Kaolin) and fresh feldspar in Ghana and its
surrounding nations;

·    The technical feasibility of processing feldspar in Ghana;

·    A comprehensive financial model to indicate potential costs and
revenues;

·    A risk analysis and the identification of risk mitigation measures.

The outcomes of the Feldspar Study are expected to form a recommendation on
the viability of the production of feldspar from the Company's Ewoyaa Lithium
Plant and a high-level implementation schedule for the work.

The Company has commenced sodium analysis of archive drilling sample pulps
stored at the Project site, focused on the first four to five years of the
planned mining schedule over the Ewoyaa Main, Ewoyaa South-2 and Ewoyaa
North-East deposits. The sodium analysis will complement the existing
multi-element analyte suite and, along with X-ray diffraction ("XRD") analysis
of a selection of whole rock pegmatite samples, is targeted to define a maiden
feldspar Mineral Resource Estimate ("MRE").

The Definitive Feasibility Study ("DFS") for the Project, announced on 29 June
2023, does not currently consider any activity in relation to the production
of feldspar.

The definition of a feldspar MRE is intended to enable the delivery of a
feldspar Reserve and the inclusion of a feldspar by-product credit in the
financial model of the current DFS, potentially further reducing operating
costs. The Company also believes that the production of feldspar will reduce
waste from the proposed mine site, thereby enhancing the credentials of the
Project.

Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:

"We believe that the Ewoyaa Lithium Project represents a major potential
source of feldspar, identified as a by-product of spodumene concentrate
production at the proposed Dense Media Separation plant, which is widely used
in ceramics and associated industries. The commercialisation of feldspar at
Ewoyaa offers the potential to generate significant value to Ghana, in
addition to the Project's lithium production.

"In collaboration with leading Ghanaian mining university UMaT, we are
undertaking a study, based on the analysis of market, technical, financial and
risk considerations, to determine the viability of producing and processing
feldspar. Feldspar credits are not currently included in the economic outputs
outlined in the DFS for the Project, as announced at the end of June 2023.

"We hope to help invigorate Ghana's ceramics market through the long-term
supply of feldspar from Ewoyaa, stimulating the creation of new jobs and the
development of associated businesses in the industry in the process. This way,
Atlantic Lithium hopes to deliver further synergetic benefits to local
stakeholders from the Ewoyaa Lithium Project.

"The production of feldspar also offers the possibility to reduce the waste
footprint of the mine, providing potential environmental benefits alongside
win-win social and commercial benefits.

"In line with the Feldspar Study, we have commenced sodium analysis of archive
drilling pulps targeted to deliver a maiden feldspar Mineral Resource
Estimate, which could potentially further enhance the Project's economics.

"We look forward to providing further updates in due course."

 

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               Company Broker

 Jeff Keating                     Bessie Elliot                 Raj Khatri / James Asensio

                                atlantic@yellowjerseypr.com

 Charlie Bouverat
                             Harry Rees

                                Tel: +44 (0)20 3004 9512

 Tel: +44 (0)20 3470 0470
                             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 Company signed a funding agreement with Piedmont
Lithium Inc. towards the development of the Ewoyaa Project. Atlantic Lithium
is currently advancing the Ewoyaa Project through feasibility studies and
intends to be producing a spodumene concentrate via simple gravity only
process flowsheet.

Atlantic Lithium holds 560km(2) and 774km(2) of tenure across Ghana and Côte
d'Ivoire respectively, comprising significantly under-explored, highly
prospective licences.

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