REG - Atlantic Lithium Ltd - Updated Ewoyaa Feldspar Resource Estimate
30/01/2025 07:00
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RNS Number : 2637V Atlantic Lithium Limited 30 January 2025
30 January 2025
Updated Feldspar Resource Estimate
36.8Mt at 41.9% Feldspar
Ewoyaa Lithium Project, Ghana
Increased Feldspar MRE reaffirms Ewoyaa's potential as a major domestic source
of feldspar in Ghana
Atlantic Lithium Limited (AIM: ALL, ASX: A11, GSE: ALLGH, 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 an updated JORC (2012) compliant Mineral Resource Estimate
of 36.8Mt at 41.9% feldspar ("Feldspar MRE") for the Company's flagship
Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa.
Highlights
- Updated JORC (2012) compliant Mineral Resource Estimate of 36.8Mt
at 41.9% feldspar ("Feldspar MRE") reported in respect of the Project.
- The Feldspar MRE is based on the same geological model that
resulted in the 36.8Mt at 1.24% Li(2)O Mineral Resource Estimate(1) for the
Project ("Lithium MRE") announced by the Company on 30 July 2024.
- The Feldspar MRE includes 29.8Mt (81%) in the Measured and
Indicated categories, comprising a total of 3.7Mt at 40.2% feldspar in the
Measured category, 26.1Mt at 42.1% feldspar in the Indicated category and
7.0Mt at 42.4% feldspar in the Inferred category.
- The Feldspar MRE represents all of the spodumene pegmatites drilled
at Ewoyaa and considers the mine plan in respect of the Project's Life of Mine
spodumene concentrate production, as detailed in the Ewoyaa Definitive
Feasibility Study ("DFS"; refer announcement of 29 June 2023).
- The resource upgrade builds upon the Maiden Feldspar MRE announced by the
Company on 12 December 2023, which only constituted approximately the first
five years of planned spodumene production.
- Quartz and muscovite also reported in the Feldspar MRE as
additional potential by-products from spodumene concentrate production at
Ewoyaa.
- Atlantic Lithium believes Ewoyaa represents a major domestic source
of feldspar, which it intends to supply to the local Ghanaian ceramics market.
Commenting, Keith Muller, Chief Executive Officer of Atlantic Lithium, said:
"We are pleased to report an increased Feldspar Mineral Resource Estimate of
36.8Mt at 41.9% Feldspar in respect of the Company's Ewoyaa Lithium Project.
"The increased Feldspar MRE incorporates all of the spodumene pegmatites
drilled at Ewoyaa and, therefore, considers the mine plan for the Project over
its entire 12-year mine life. The increased resource gives us further
confidence in Ewoyaa's potential as a major source of feldspar in Ghana, which
will be produced as a by-product of spodumene concentrate production from the
Project.
"Atlantic Lithium intends to supply the feldspar to the local Ghanaian
ceramics market to support the growth of businesses associated with the
industry and the wider local economy.
"As such, the Feldspar MRE enables the Company to incorporate life of mine
production of feldspar in future revisions of the Ewoyaa feasibility studies,
as well as in its considerations to bring the feldspar to market."
Figures and Tables referred to in this release can be viewed in the PDF
version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/2637V_1-2025-1-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2637V_1-2025-1-30.pdf)
Authorised for release by Amanda Harsas, Finance Director and Company
Secretary, Atlantic Lithium Limited.
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.
Updated Feldspar Mineral Resource Estimate
In respect of the Ewoyaa Lithium Project, the Company reports an updated JORC
(2012) compliant Mineral Resource Estimate of 36.8Mt at 41.9% feldspar
("Feldspar MRE").
The Feldspar MRE is based on the same pegmatite geology wireframes and
internal lithium mineralisation wireframes that resulted in the 36.8Mt at
1.24% Li(2)O Mineral Resource Estimate(1) for the Project ("Lithium MRE"), as
announced by the Company on 30 July 2024, and considers the mine plan in
respect of the Project's Life of Mine spodumene concentrate production, as
detailed in the Ewoyaa Definitive Feasibility Study ("DFS", refer announcement
of 29 June 2023).
The Feldspar MRE includes 29.8Mt (81%) in the Measured and Indicated
categories, comprising a total of 3.7Mt at 40.2% feldspar in the Measured
category, 26.1Mt at 42.1% feldspar in the Indicated category and 7.0Mt at
42.4% feldspar in the Inferred category. In addition to the feldspar, quartz
and muscovite were also estimated and included as potential by-products of
spodumene concentrate production at Ewoyaa (refer Table 1).
The Company previously reported a Maiden Feldspar MRE for the Project (refer
announcement of 12 December 2023), confined to the Ewoyaa Main, Ewoyaa
Northeast, Ewoyaa South-1 and Ewoyaa South-2 deposits, which constituted
approximately the first five years of spodumene production. This upgraded
Feldspar MRE now represents all the spodumene pegmatites drilled at Ewoyaa,
with the normative mineralogy calculated from total fusion X-ray fluorescence
(XRF) major element data using a least squares method.
The Feldspar MRE enables the Company to include Life of Mine production of
feldspar in future revisions of the Ewoyaa feasibility studies, expected to
drive down operating costs for the Project, and in its strategy to bring the
feldspar to market.
The Company believes that Ewoyaa could represent a major domestic producer of
feldspar, which it intends to supply to the local Ghanaian ceramics market.
Metallurgical test work and ceramic application trials undertaken using
feldspar samples from Ewoyaa for vitreous hotelware, high-end earthenware and
floor tiles produced acceptable ware, comparable to industry standards in all
aspects, including contraction, water absorption, density, porosity, shape,
colour and appearance (refer announcement of 12 December 2023).
The 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 the requirements of the JORC Code (2012) and is therefore suitable for
public reporting.
Table 1: Ewoyaa Feldspar MRE (0.5% Li(2)O Cut-off)
Measured Mineral Resource
Type Tonnage Quartz Quartz Feldspar Feldspar Musc. Musc.
Mt % Mt % Mt % Mt
Primary 3.7 32.6 1.20 40.2 1.48 7.2 0.27
Total 3.7 32.6 1.20 40.2 1.48 7.2 0.27
Indicated Mineral Resource
Type Tonnage Quartz Quartz Feldspar Feldspar Musc. Musc.
Mt % Mt % Mt % Mt
Weathered 0.5 34.5 0.16 37.6 0.17 8.4 0.04
Primary 25.6 31.8 8.14 42.1 10.80 6.3 1.61
Total 26.1 31.8 8.30 42.1 10.98 6.3 1.65
Inferred Mineral Resource
Type Tonnage Quartz Quartz Feldspar Feldspar Musc. Musc.
Mt % Mt % Mt % Mt
Weathered 1.8 36.0 0.65 41.3 0.75 6.3 0.11
Primary 5.2 32.2 1.67 42.8 2.22 6.1 0.32
Total 7.0 33.2 2.32 42.4 2.97 6.2 0.43
Total Mineral Resource
Type Tonnage Quartz Quartz Feldspar Feldspar Musc. Musc.
Mt % Mt % Mt % Mt
Weathered 2.3 35.7 0.81 40.6 0.92 6.7 0.15
Primary 34.5 31.9 11.02 42.0 14.51 6.4 2.20
Total 36.8 32.2 11.83 41.9 15.43 6.4 2.35
Note: The Mineral Resource 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.
All Mineral Resources figures reported in the table above represent estimates
at January 2025. 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).
The Feldspar MRE is based on the Lithium MRE reported by the Company in July
2024.
Geology and Geological Interpretation
In general, the Project area is largely underlain by rocks of the Birimian
Supergroup, dominated by volcano-sedimentary lithologies of the Cape Coast
Basin, situated on the southeast margin of the extensive Cape Coast Granitoid
(refer Figure 1). Three forms of schist are developed in the area; mica
schist, staurolite schist and garnet schist; all of which are a blue-grey
colour when fresh, with weathering to a brown colour. All of the schist
appears to be quartz-biotite rich and well-foliated. The staurolite occurs as
2mm to 20mm porphyroblasts, while the garnets are generally small 1 to 2mm and
could be almandine or possibly spessartine within the quartz-mica schist.
Several, presumably Eburnean-aged, granitoids intrude the basin metasediments
as small bosses and plugs. These granitoids range in composition from
intermediate granodiorite (often medium-grained) to felsic leucogranites
(coarse to pegmatoidal grain size), both sometimes in close association with
pegmatite veins and bodies.
Several roughly north-south trending dolerite dykes cut through the Birimian
schist and the later granitic and pegmatite intrusions and are presumably of
Miocene age. The dolerite dykes are some 5 to 30m wide and are easily mapped
using the airborne magnetic data and also outcrop in places as rounded float
and boulders. A single dolerite dyke cuts through the Abonko area, skirting
the east side of the aggregate quarry. In the extreme west of the tenement
area, a number of subparallel dolerite dykes extend from the coast northwards
through and past the large Afrangwa granitic boss. This north-south trending
structural corridor of parallel dolerite dykes appears to host roughly
north-south trending elongate granitic intrusive bodies and pegmatites as well
as the dolerite dykes.
Figure 1: Geology of the Ewoyaa Lithium Project Area
To show the tonnage and grade distribution throughout the entire deposit, a
bench breakdown has been prepared using a 10m bench height, shown graphically
in Figure 2.
Figure 2: Ewoyaa Feldspar Tonnage and Grade - 10m Bench Elevation
The grade tonnage curve for the Ewoyaa Mineral Resource is shown in Figure 3.
Figure 3: Ewoyaa Feldspar Grade - Tonnage Curve
The various areas of pegmatite intrusions have been named and grouped for
reporting purposes. The prospect names and locations are shown in Figure 4.
Figure 4: Ewoyaa Prospect Location Map (all pegmatite zones) -
Asan is located approximately 2.2km northeast of Kaampakrom
A long section and cross section of the Ewoyaa wireframes and drilling are
shown in Figure 5 and Figure 6 respectively.
Figure 5: Long Section Z-Z' of Ewoyaa Main Wireframes and Drilling
(View towards 300°; Solid colours = resource wireframes, Wireframe edges =
pegmatite wireframes)
Figure 6: Cross Section of Ewoyaa Block Model Total Feldspar
Grades on Section A-A'
Drill Methods
The database contains data for the drilling conducted by the Company since
2018, with an overview of drill types shown in Figure 7.
Figure 7: Drill Type Location Map
Drilling at the deposit extends to a maximum drill depth of 386m and the
mineralisation was modelled from surface to a depth of approximately 360m
below surface. The estimate is based on good quality reverse circulation
("RC") and diamond core ("DD") drilling data. Drill hole spacing is as close
as 20m by 15m in some portions of the Ewoyaa deposit; then spacing is
predominantly 40m by 40m across the Project and up to 80m by 80m in parts of
lesser-known mineralisation.
The drilling was completed in six phases commencing in April 2018. All the
drilling was undertaken by Geodrill (Ghana), using both RC and DD rigs.
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 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. Phases 6 and 7 included extensional
drilling in areas of open mineralisation, as well as close spaced infill
drilling in portions of the Ewoyaa deposit.
A summary of the drilling data within the Ewoyaa Lithium Project Mineral
Resource area is shown in Table 2.
Table 2: Summary of Drilling at the Project
Hole Type In Database In Mineral Resource
Drill holes Drill holes I
n
t
e
r
s
e
c
t
i
o
n
Number Metres Number Metres Metres
RCH 12 1,200
RC 1,048 148,865 722 106,609 19,580
RCD 36 5,311 33 4,881 786
DD 109 12,639 101 11,558 5,393
Total 1,205 168,015 856 123,048 25,759
Sampling Methodology
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. Since Phase 3, RC samples were split with a rig mounted cone
spitter which took duplicate samples for quality control purposes.
Diamond core was cut with a core saw and selected half core samples totalling
2,131.1kg were dispatched to Nagrom Laboratory in Australia for preliminary
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 for sample preparation. Prior to that, samples
were sent to SGS Laboratory in Tarkwa for sample preparation.
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 for assaying.
For the sodium analysis of historical drilling, retention pulps within the
relevant pegmatites were retrieved from storage, sorted and composited into 2m
intervals to send to the laboratory for analysis. For all new drilling
subsequently completed on site, all samples are routinely assayed for sodium
on 1m intervals.
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
Na(2)O(2) 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 Geosciences Ltd.
During 2024, an additional 11,860 pulps from the remaining drilling were
analysed for Na, underpinning the normative mineralogy calculations by
Telemark.
Mineral Resource Classification
The 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 Measured, Indicated and Inferred Mineral
Resource based on data quality, sample spacing, and lode continuity; with the
same parameters used to classify the Lithium MRE. The Measured Mineral
Resource was confined to fresh rock within areas drilled at 20m by 15m along
with robust continuity of geology and Li(2)O grade. The Indicated Mineral
Resource was defined within 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 block model has an attribute "class_feldspar" for all blocks within the
mineralisation wireframes coded as either "mes" for Measured, "ind" for
Indicated or "inf" for Inferred. The Mineral Resource classification is shown
in Figure 8.
Figure 8: Mineral Resource Classification Plan View
The extrapolation of the lodes along strike and down-dip have been limited to
distances of 40m. Zones of extrapolation are classified as Inferred Mineral
Resource.
The JORC Code (2012) describes a number of criteria which must be addressed in
the documentation of Mineral Resource estimates prior to public release of the
information. The criteria provide a means of assessing whether or not parts
of or the entire data inventory used in the estimate are adequate for that
purpose. The Mineral Resources stated in this document are based on the
criteria set out in Table 1 of that Code. These criteria are listed in
Appendices 1 and 2.
Cut-off Grade
The Statement of Mineral Resources has been constrained by the mineralisation
solids, reported above a cut-off grade of 0.5% Li(2)O. Whittle optimisations
demonstrate reasonable prospects for eventual economic extraction.
Estimation Methodology
The block model was created and estimated in Surpac using Ordinary Kriging
("OK") grade interpolation. The feldspar mineralisation was constrained by
pegmatite geology wireframes and internal lithium-bearing mineralisation
wireframes prepared using a minimum down-hole length of 3m. The wireframes
were used as hard boundaries for the interpolation. After review of the
statistics, high grade cuts were not warranted. Variography and Kriging
Neighbourhood Analysis ("KNA") was conducted in Supervisor software on 1m
composited intervals.
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 KNA and also in consideration of two
predominant mineralisation orientations of 30° and 100 to 120°.
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 14,046 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.
Mining and Metallurgical Methods and Parameters
It is assumed that the Project can be mined with open pit mining techniques.
Based on the Ewoyaa DFS, the Project could produce approximately 330,000
tonnes per annum of mixed K(2)O / Na(2)O feldspar as a by-product from
spodumene concentrate which will be sold for lithium purification. The
feldspar will be processed by dense media separation to produce two grades,
2.6 sg O/F with high total alkalis and 2.6 sg U/F with lower alkalis 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 the
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 (mined in Sweden by Sibelco).
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.
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.
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 (mailto: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, ASX, GSE and OTCQX-listed lithium company
advancing its flagship project, the Ewoyaa Lithium Project, a significant
lithium spodumene pegmatite discovery in Ghana, through to production to
become the country'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
largest spodumene concentrate mines in the world.(1 2)
The Project was awarded a Mining Lease in October 2023, an Environmental
Protection Agency ("EPA") Permit in September 2024, and a Mine Operating
Permit in October 2024 and is being developed under an earn-in agreement with
Piedmont Lithium Inc.
The Ewoyaa Mineral Resource Estimate (JORC) totals 36.8Mt at 1.24% Li(2)O and
includes 3.7Mt at 1.37% Li₂O in the Measured category, 26.1Mt at 1.24%
Li₂O in the Indicated category and 7.0Mt at 1.15% Li₂O in the Inferred
category.(1) Ore Reserves (Probable) of 25.6Mt at 1.22% Li(2)O have been
reported for the Project.(1)
Atlantic Lithium holds a portfolio of lithium projects within 509km(2) and
771km(2) of granted and under-application tenure across Ghana and Côte
d'Ivoire respectively, which, in addition to the Project, comprises
significantly under-explored, highly prospective licences.
End Note
(1) Ore Reserves, Mineral Resources and Production Targets
The information in this announcement that relates to Exploration Results, 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 36.8Mt at 1.24% Li₂O
for the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") is extracted from
the Company's announcement entitled "New Dog-Leg Target Delivers Increase to
Ewoyaa MRE", dated 30 July 2024. The MRE includes a total of 3.7Mt at 1.37%
Li₂O in the Measured category, 26.1Mt at 1.24% Li₂O in the Indicated
category and 7.0Mt at 1.15% Li₂O in the Inferred category. The information
in this announcement relating to Ore Reserves (Probable) of 25.6Mt at 1.22%
Li(2)O and the Production Target of 3.6Mt of spodumene concentrate over a
12-year mine life is extracted from the Company's announcement entitled
"Ewoyaa Lithium Project Definitive Feasibility Study", dated 29 June 2023. The
Company confirms, in the case of Mineral Resources, Ore Reserves and
Production Targets, that all material assumptions and technical parameters
underpinning the estimates 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 in the announcement entitled,
"Mining Lease Granted for Ewoyaa Lithium Project". The Company is not aware of
any new information or data that materially affects the information included
in this announcement or the announcements dated 30 July 2024, 20 October 2023
and 29 June 2023, which are available at www.atlanticlithium.com.au
(http://www.atlanticlithium.com.au) .
(2) Ewoyaa to become one of the largest spodumene concentrate producers
globally - Based on a comparison of targeted spodumene concentrate production
capacity (ktpa, 100% basis) of select hard rock spodumene projects globally
(refer Company presentation dated 8 September 2023).
Competent Persons
Information in this announcement 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' and is a Qualified Person under the AIM
Rules. 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. Mr Searle consents to the inclusion in this report
of the matters based upon the information in the form and context in which it
appears.
Information in this announcement relating to Ore Reserves was compiled by Mr
Harry Warries. All stated Ore Reserves are completely included within the
quoted Mineral Resources and are quoted in dry tonnes. Mr Warries is a Fellow
of the Australasian Institute of Mining and Metallurgy and an employee of
Mining Focus Consultants Pty Ltd. He has sufficient experience, relevant to
the style of mineralisation and type of deposit under consideration and to the
activity he is undertaking, to qualify as a Competent Person as defined in the
'Australasian Code for Reporting of Mineral Resources and Ore Reserves' of
December 2012 ("JORC Code") as prepared by the Joint Ore Reserves Committee of
the Australasian Institute of Mining and Metallurgy, the Australian Institute
of Geoscientists and the Minerals Council of Australia. Mr Warries gives
Atlantic Lithium Limited consent to use this reserve estimate in reports.
The Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the original
market announcement.
APPENDIX 1
JORC Table 1, Section 1 - Sampling Techniques and Data
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 nominal
specific specialised industry standard measurement tools appropriate to the 3-6kg sub-sample split off for assay using a rig-mounted cone splitter at 1m
minerals under investigation, such as down hole gamma sondes, or handheld XRF 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 systems used. · For assaying, splits from all prospective ore zones (i.e. logged
pegmatites +/- interburden) were sent for assay. Outside of these zones, the
· Aspects of the determination of mineralisation that are Material to splits were composited to 4m using a portable riffle splitter.
the Public Report. In cases where 'industry standard' work has been done this
would be relatively simple (eg 'reverse circulation drilling was used to · Holes without pegmatite were not assayed.
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for
fire assay'). In other cases more explanation may be required, such as where · Approximately 5% of all samples submitted were standards and coarse
there is coarse gold that has inherent sampling problems. Unusual commodities blanks. Blanks were typically inserted with the interpreted ore zones after
or mineralisation types (eg submarine nodules) may warrant disclosure of the drilling was completed.
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 Na2O2 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 Na2O2
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. During 2024, an additional 11,860
pulps from the remaining drilling were analysed for Na, underpinning the
normative mineralogy calculations by Telemark. 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, rotary air · Seven phases of drilling were undertaken at the Project using RC and
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or DD techniques. All the RC drilling used face sampling hammers.
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.
· 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 and · A semi-quantitative estimate of sample recovery was completed for the
results assessed. vast majority of drilling. This involved weighing both the bulk samples and
splits and calculating theoretical recoveries using assumed densities. Where
· Measures taken to maximise sample recovery and ensure representative samples were not weighed, qualitative descriptions of the sample size were
nature of the samples. 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 of
fine/coarse material. 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 iron in
the RC compared to the DD 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 (or specific minerals, rock types and weathering using a standardised logging
costean, channel, etc) photography. system that captured preliminary metallurgical domains.
· The total length and percentage of the relevant intersections logged. · All logging is qualitative, except for the systematic collection 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 core · RC samples were cone split at the drill rig. For interpreted waste
taken. zones the 1 or 2m rig splits were later composited using a riffle splitter
into 4m composite samples.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · DD core was cut with a core saw and selected half core samples
dispatched to Nagrom Laboratory in Perth for preliminary metallurgical test
· For all sample types, the nature, quality and appropriateness of the work.
sample preparation technique.
· The other half of the core, including the bottom-of-hole orientation
· Quality control procedures adopted for all sub-sampling stages to line, was retained for geological reference.
maximise representivity of samples.
· The remaining DD core was quarter cored for geochemical analysis.
· Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field · Since December 2018, samples were submitted to Intertek Tarkwa
duplicate/second-half sampling. (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
· Whether sample sizes are appropriate to the grain size of the material 1,500g split crushed sample; which was subsequently pulverised in a LM2 ring
being sampled. 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 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 laboratory · Analysis for lithium and a suite of other elements for Phase 1
procedures used and whether the technique is considered partial or total. drilling was undertaken at SGS Johannesburg / Vancouver by ICP-OES after
Sodium Peroxide Fusion. Detection limits for lithium (10ppm - 100,000ppm).
· For geophysical tools, spectrometers, handheld XRF instruments, etc, Sodium Peroxide fusion is considered a "total" assay technique for lithium.
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · During 2023, 8,793 pulps from the first four drilling campaigns were
analysed for Na using four-acid digestion. During 2024, an additional 11,860
· Nature of quality control procedures adopted (eg standards, blanks, pulps from the remaining drilling were analysed for Na. The majority of these
duplicates, external laboratory checks) and whether acceptable levels of pulps were analysed as 2m composites of the original 1m interval pulps. These
accuracy (ie lack of bias) and precision have been established. re-assayed pulps formed the basis for normative mineralogy calculations by
Telemark.
· Review of standards and blanks from the initial submission to
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 independent or · Significant intersections were visually field verified by company
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 excel
· Discuss any adjustment to assay data. templates and migrated to an MS Access database and then into Datashed
(industry standard drill hole database management software). The Phase 3 to
6 programs were 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 that there is 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 (collar and · The collar locations were surveyed in WGS84 Zone 30 North using DGPS
down-hole surveys), trenches, mine workings and other locations used in survey equipment, which is accurate to 0.11mm in both horizontal and vertical
Mineral Resource estimation. directions. All holes were surveyed by qualified surveyors. Once
validated, the survey data was uploaded into Datashed.
· Specification of the grid system used.
· RC drill holes were routinely down hole surveyed every 6m using a
· Quality and adequacy of topographic control. 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. Phase 4 and
5 drill holes were surveyed using a Reflex SPRINT tool.
· LiDAR survey Southern Mapping to produce rectified colour images and a
digital terrain model (DTM) 32km2, Aircraft 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 establish -60°. Planned hole orientations/dips were occasionally adjusted due to pad
the degree of geological and grade continuity appropriate for the Mineral and/or access constraints.
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Hole spacing was reduced to predominantly 40m spaced sections and 40m
· Whether sample compositing has been applied. hole spacings, with infill to 20m by 15m in the upper portions of the Ewoyaa
Main deposit. Holes are generally angled perpendicular to interpreted
mineralisation orientations at the Project.
· 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 as
possible structures and the extent to which this is known, considering the 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 data. · Prior to the drilling program, a third-party Project review was
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.
JORC Table 1, 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 · Part of the Project is a joint-venture, with the license in the name
agreements or material issues with third parties such as joint ventures, of the joint-venture party (Barari DV Ghana Ltd).
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · The southern portion of the deposit occurs within a license held by
wholly owned local subsidiary Green Metals Resources Ltd.
· The security of the tenure held at the time of reporting along with
any known impediments to obtaining a license to operate in the area. · The deposits are located on two licences Mankessim RL3/55 and
Mankessim South PL109.
· Mankessim South - (Green Metals Resources Ltd - 100% Atlantic Lithium)
licence was renewed for three years and expires on 5th November 2026.
· Mankessim - (Barari DV Ghana Ltd - 80% Atlantic Lithium) was renewed
for three years and expires on the 26th July 2024 (Licence renewal application
submitted).
· The licenses are in good standing with no known impediments.
· A Mining License ML3/239 has been granted over the project area and
expires 19 October 2038.
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 1960's. 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 dry 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 the · Exploration results are not being reported.
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 grade · No metal equivalent values are being reported.
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 of · The drill line and drill hole orientation are oriented as close to
Exploration Results. 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 (collar and · All hole collars were surveyed WGS84 Zone 30 North grid using a
down-hole surveys), trenches, mine workings and other locations used in differential GPS. All RC and DD holes were down-hole surveyed with a
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 reported · Results were estimated from drill hole assay data, with geological
including (but not limited to): geological observations; geophysical survey logging used to aid interpretation of mineralised contact positions.
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · Geological observations are included in the report.
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g. tests for lateral · Follow up RC and DD drilling may be undertaken.
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 Table 1, 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 validation
· Data validation procedures used. 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 the · A site visit was conducted by Shaun Searle of Ashmore during February
outcome of those visits. 2019. Shaun inspected the deposit area, drill core/chips and outcrop.
During this time, notes and photos were taken. Discussions were held with
· If no site visits have been undertaken indicate why this is the case. site personnel regarding drilling and sampling procedures. No major issues
were encountered.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The confidence in the geological interpretation is considered to be
interpretation of the mineral deposit. 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 Resource identification of lithology and mineralisation.
estimation.
· The Project area lies within the Birimian Supergroup, a Proterozoic
· The use of geology in guiding and controlling Mineral Resource volcano-sedimentary basin located in Western Ghana. The Project area is
estimation. underlain by three forms of metamorphosed schist; mica schist, staurolite
schist and garnet schist. Several granitoids intrude the basin metasediments
· The factors affecting continuity both of grade and geology. 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 length · The Project Mineral Resource area extends over a north-south strike
(along strike or otherwise), plan width, and depth below surface to the upper length of 4,390m (from 577,380mN - 581,770mN), and includes the 360m vertical
and lower limits of the Mineral Resource. interval from 80mRL to -280mRL.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Using parameters derived from modelled variograms, Ordinary Kriging
and key assumptions, including treatment of extreme grade values, domaining, ("OK") was used to estimate average block grades in three passes using Surpac
interpolation parameters and maximum distance of extrapolation from data software. Linear grade estimation was deemed suitable for the Cape Coast
points. If a computer assisted estimation method was chosen include a 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 mine Resource.
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 Li2O (%), Fe_Factored (%), K (%), Mn (%), Na (%) and Ti (ppm)
· Estimation of deleterious elements or other non-grade variables of grades; as well as spodumene (%), quartz (%), albite (%), k-feldspar (%) and
economic significance (eg sulphur for acid mine drainage characterisation). muscovite (%) mineral contents were interpolated into the Surpac block model.
· In the case of block model interpolation, the block size in relation · A Surpac block model was created to encompass the extents of the known
to the average sample spacing and the search employed. 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
· Any assumptions behind modelling of selective mining units. by 1.25m. The parent block size dimension was selected on the results
obtained from Kriging Neighbourhood Analysis and also in consideration of two
· Any assumptions about correlation between variables. predominant mineralisation orientations of 30° and 100 to 120°.
· Description of how the geological interpretation was used to control · An orientated 'ellipsoid' search was used to select data and adjusted
the resource estimates. to account for the variations in lode orientations, however all other
parameters were taken from the variography derived from Domains 1, 2, 3, 4, 7
· Discussion of basis for using or not using grade cutting or 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 comparison was extended to 100m, with a minimum of 4 samples. For the third pass, the
of model data to drill hole data, and use of reconciliation data if available. range was extended to 200m, with a minimum of 1 or 2 samples. A maximum of 16
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 93 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 above 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 mining · Ashmore has assumed that the deposit could be mined using open pit
dimensions and internal (or, if applicable, external) mining dilution. It is mining techniques.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · A high level Whittle optimisation of the Mineral Resource supports
assumptions made regarding mining methods and parameters when estimating this view.
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 produce
amenability. It is always necessary as part of the process of determining approximately 330,000 tonnes per annum of mixed K(2)O / Na(2)O feldspar as a
reasonable prospects for eventual economic extraction to consider potential by-product from spodumene concentrate which will be sold for lithium
metallurgical methods, but the assumptions regarding metallurgical treatment purification. The feldspar will be processed by dense media separation to
processes and parameters made when reporting Mineral Resources may not always produce two grades, 2.6 sg O/F with high total alkalis and 2.6 sg U/F with
be rigorous. Where this is the case, this should be reported with an lower alkalis but significant Li(2)O at approximately 0.70%, which is a strong
explanation of the basis of the metallurgical assumptions made. 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 syeneite. 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 disposal · No assumptions have been made regarding environmental factors.
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 methods porosity of the weathered samples.
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · A total of 14,046 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 evaluation material.
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 varying · The Mineral Resource estimate is reported here in compliance with the
confidence categories. 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' by the Joint Ore Reserves Committee
· Whether appropriate account has been taken of all relevant factors (ie (JORC). The ELP feldspar Mineral Resource was classified as Measured,
relative confidence in tonnage/grade estimations, reliability of input data, Indicated and Inferred Mineral Resource based on data quality, sample spacing,
confidence in continuity of geology and metal values, quality, quantity and and lode continuity; with the same parameters used to classify the lithium
distribution of the data). Mineral Resource. The Measured Mineral Resource was confined to fresh rock
within areas drilled at 20m by 15m along with robust continuity of geology and
· Whether the result appropriately reflects the Competent Person's view Li(2)O grade. The Indicated Mineral Resource was defined within areas of close
of the deposit. 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 estimates. · Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The geometry and continuity have been adequately interpreted to
level in the Mineral Resource estimate using an approach or procedure deemed reflect the applied level of Measured, Indicated and Inferred Mineral
appropriate by the Competent Person. For example, the application of Resource. The data quality is good, and the drill holes have detailed logs
statistical or geostatistical procedures to quantify the relative accuracy of produced by qualified geologists. A recognised laboratory has been used for
the resource within stated confidence limits, or, if such an approach is not all analyses.
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 could not
relevant to technical and economic evaluation. Documentation should include 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.
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