Atlantic Lithium Limited (AIM: ALL) (ASX: A11) (OTCQX: ALLIF), which runs Ghana’s first lithium mine, has increased by 43 per cent and added 8 kilometres of drilling targeting resource growth to its 2023 program.
On Tuesday, the Australian mining company announced that it is conducting further assay results at the Ewoyaa Lithium project in the West African country. Atlantic Lithium expects the first lithium concentrate production by the second quarter of 2025.
The company completed a pre-feasibility study for the project in September 2022. The definitive feasibility study for the project was announced in June 2023 and outlined a 2.7 million tonnes per annum spodumene mining operation over 12 years.
The originally planned program of 18,500 meters has now been increased to 26,500 meters. The company expects to complete it by the second quarter of 2024. So far, it has completed and reported 16,164 meters of drilling.
Assay results have been received for 2,362 meters of drilling for resources and metallurgical purposes at Ewoyaa as part of the 2023 drilling plan. These results include high-grade findings at the Ewoyaa Main, Anokyi, and Ewoyaa South-2 deposits, which not only help gather metallurgical data but also fill in resource gaps and expand mineralization.
One notable result is the extension of mineralization at the Ewoyaa Main deposit beyond 35.3 million tonnes at 1.25 per cent lithium oxide.
Recent drilling highlights at Ewoyaa Main, Anokyi, and Ewoyaa South-2:
- GDD0105: 47.6 meters at 1.25 per cent lithium oxide (Li2O) starting at 65.7 meters depth
- GDD0107C: 53 meters at 0.93 per cent Li2O from 30 meters
- GDD0109: 28.7 meters at 1.51 per cent Li2O from 79.3 meters
- GDD0104: 28.2 meters at 1.23 per cent Li2O from 81.2 meters
- GDD0106: 22.4 meters at 1.07 per cent Li2O from 34 meters
- GDD0110: 14 meters at 1.46 per cent Li2O from 33 meters
Expanded resource extension program with newly planned holes highlighted in pink and deposit areas named. Figure via Atlantic Lithium.
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“[The planned drilling] follows the recent grant of the mining lease for the project and represents the commencement of an escalation in the company’s exploration efforts, which will go into Q2 2024, focused on growing the Ewoyaa Resource,” Atlantic Lithium executive chairman Neil Herbert said in a statement.
“We look forward to updating shareholders on our ongoing progress, including as remaining assay results become available,” Herbert added.
Atlantic Lithium has a portfolio of lithium projects in Ghana and Côte d’Ivoire. The Ewoyaa flagship project is the first one in the country and will employ 900 workers. Minerals Commission of Ghana Martin Ayisi said in an interview that the project will bring immense value to Ghana.
The CEO of the Minerals Commission, Mr. Martin Kwaku Ayisi was on #GTVBreakfast to discuss the details of the Atlantic Lithium deal.
Check our Facebook page for the video. pic.twitter.com/CKUF6vdzwb
— GTV Ghana (@GTV_Ghana) November 1, 2023
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A growing trend among African nations highlights their determination to become key players in the global shift towards sustainable energy sources and green technologies.
In July, Ghana’s cabinet made a significant move by deciding to ban the exports of unprocessed minerals, including lithium, a decision expected to be formalized into law by the end of 2023. The move aims to ensure that a substantial portion of the value chain remains within the country before any mineral products are exported.
Ghana is not alone in this endeavour, as several other African countries have adopted similar measures to bolster their positions in the global green technology landscape. Countries like Namibia, Zimbabwe, and more recently, Tanzania, have also taken steps to restrict the export of unprocessed lithium. These bans are part of a concerted effort to capitalize on the abundant natural resources and mineral wealth present in the African continent.
By doing so, these nations aim to participate more actively in the burgeoning electric vehicle industry and the broader transition toward sustainable and eco-friendly energy solutions.
The intent is clear: Africa seeks to play a pivotal role in shaping the future of clean energy and reducing its dependence on exporting raw materials without adding significant value.
