TIDMALL
RNS Number : 3651T
Atlantic Lithium Limited
14 November 2023
14 November 2023
Grant of Highly Prospective Licences for Lithium
Atlantic Lithium granted new licence for lithium adjacent to
historic Egyasimanku Hill spodumene pegmatite occurrence
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 the Company's
wholly-owned Ghanaian subsidiary Green Metals Resources Limited
("GMR") has been granted the Bewadze and Senya Beraku prospecting
licences in the eastern portion of the Company's Cape Coast Lithium
Portfolio in Ghana ("CCLP"), which holds the flagship Ewoyaa
Lithium Project ("Ewoyaa" or the "Project").
The award of the Bewadze and Senya Beraku prospecting licences
provides the Company exclusive access to explore new, undrilled
tenure, offering significant potential to further enhance the
Project and demonstrating the Government of Ghana's desire to
support the Company in its exploration efforts to deliver
successful, long-term lithium production in Ghana following the
recent grant of the Mining Lease for the Project.
Highlights
- Bewadze and Senya Beraku prospecting licences, covering
6.93km(2) and 82.11km(2) , respectively, granted to the Company's
wholly-owned Ghanaian subsidiary Green Metals Resources Limited
("GMR").
- Licences situated within the Company's Cape Coast Lithium
Portfolio in Ghana ("CCLP"), with Bewadze along strike and within
300m of the historic Egyasimanku Hill occurrence, where spodumene
pegmatites have been observed.
- Little/no modern exploration completed across the
newly-granted licence areas, offering significant exploration
potential.
- Extensive work programmes planned to evaluate the potential
for lithium and associated minerals at the newly-granted
tenure.
- Licences crossed by high-voltage transmission lines and
located adjacent to the N1 Accra-Takoradi highway; Bewadze within
48km and Senya Beraku within 70km from the Ewoyaa Project
footprint.
- No previous exploration completed at Senya Beraku, where
younger north-east-trending biotite granodiorites intrude biotite
gneisses and schists in a similar orientation as the Egyasimanku
Hill spodumene pegmatite occurrence 20km to the west.
- The grant of the Bewadze and Senya Beraku licences follows the
award of the Mining Lease for the Ewoyaa Lithium Project,
representing the Government's support of the Company's efforts to
grow its lithium resources in Ghana.
Commenting, Neil Herbert, Executive Chairman of Atlantic
Lithium, said :
"The grant of the Bewadze and Senya Beraku prospecting licences
offers Atlantic Lithium the opportunity to apply its proven
exploration strategy over a new significantly underexplored tenure
package within its Cape Coast Lithium Portfolio in Ghana. Since we
initiated exploration activities in Ghana, we have always
bookmarked Bewadze, in particular, to be highly prospective for
lithium discovery.
"The licence sits along strike and within only 300m of the
historic Egyasimanku Hill occurrence where spodumene pegmatites
have been observed. This, when considered alongside the
radiometrics anomaly that runs into the licence, offers encouraging
potential for mineralisation. With little modern exploration
carried out across the licence to date, we are eager to get on the
ground and commence an extensive work programme.
"Both Bewadze and Senya Beraku also benefit from exceptional
existing infrastructure, including operational high-voltage
transmission lines and the adjacent N1 highway, providing direct
access to the Company's Ewoyaa Lithium Project.
"No previous exploration has been completed at Senya Beraku,
where north-east trending younger granitoids intrude gneisses and
biotite schists in a similar orientation to the Egyasimanku Hill
spodumene pegmatite occurrence, located within 20km of the
licence.
"Subject to the success of our exploration efforts, we hope that
we will be able to incorporate the licences into the Project
footprint to further enhance the economics of the Project.
"We believe that the grant of the licences serves as the latest
indication of the Government's strong underlying support for the
Ewoyaa Project and for the Company as its partner of choice in its
ambitions of delivering long-term lithium production in Ghana. We
have a number of licences still under application and hope that we
see these granted in the near term, which will further assist us as
we look to grow the current Resource at Ewoyaa.
"We look forward to providing further updates in due
course."
Figure 1: Newly-granted Bewadze and Senya Beraku licences in
relation to Cape Coast Lithium Portfolio and Ewoyaa Project with
geology background and rubidium in soils geochemistry anomalism
images.
Bewadze Licence
The Company's wholly-owned Ghanaian subsidiary Green Metals
Resources Limited ("GMR") has been granted the Bewadze prospecting
licence, providing the Company with exclusive access to explore
9.93km(2) of highly prospective tenure for a period of three
years.
The licence is located 5km as the crow flies from the town of
Winneba in Ghana's Central Region, directly adjacent to the
Egyasimanku Hill occurrence, held by the Obotan Minerals JV within
the Mankwadzi licence application, where coarse spodumene
pegmatites have been observed and where historic trenching and
drilling was completed by the Ghana Geological Survey during the
1970s (refer Figure 1, Figure 2, Figure 3, Figure 4 and
announcement of 14 June 2017 ).
No modern-day exploration has been carried out across the
Bewadze licence to date, offering significant potential exploration
upside within a favourable geological setting of mafic schists in
contact with granitoids and known spodumene pegmatites 300m along
strike to the west.
Previously completed soil geochemistry and airborne radiometrics
by the Company over the Apam East licence and Mankwadzi application
directly to the west, highlight a coincident north-east trending
rubidium in soils with potassium radiometrics anomaly that is
indicative of fractionated granitoids and/or pegmatite trends. The
radiometrics anomaly continues onto the newly-granted Bewadze
licence which, along with the spodumene pegmatites observed at
Egyasimanku Hill and soil sampling that terminates at the licence
boundary, indicate the highly prospective nature of the Bewadze
licence.
Additionally, the flat terrain that extends across the Bewadze
licence moving north-eastward is interpreted as thin cover which
could subdue the radiometrics response and, therefore, is
prospective for potential extensions of the Egyasimanku Hill
pegmatites in this area (refer Figure 2 ).
Figure 2: Newly granted Bewadze licence in relation to
Egyasimanku Hill occurrence and prospective pegmatite trend defined
in coincident rubidium in soils and airborne potassium radiometrics
anomalies.
Figure 3: View standing on the Egyasimanku Hill spodumene
pegmatite mineral occurrence looking north-east towards the Bewadze
licence and flat planes in the distance; insert close-up of
spodumene pegmatite outcrop at Egyasimanku Hill.
NOTE: Visual estimates of mineral abundance should never be
considered a proxy or substitute for laboratory analyses where
concentrations or grades are the factor of principal economic
interest. Visual estimates also potentially provide no information
regarding impurities or deleterious physical properties relevant to
valuations.
The Egyasimanku Hill spodumene pegmatite mineral occurrence
occurs as disseminated sub-parallel 1cm to 15cm long spodumene
crystals perpendicular to apparent banding within a flat lying
pegmatite body where observed in outcrop. The Egyasimanku Hill
spodumene pegmatite mineral occurrence is located directly along
the south-west boundary of the recently granted Bewadze licence.
The estimated visual percentages of spodumene in outcrops shown in
Figure 3 and Figure 4 are detailed in Table 1. The Company does not
anticipate releasing any assay results for the Egyasimanku Hill
pegmatite occurrence until the Mankwadzi application, which hosts
the Egyasimanku Hill pegmatite occurrence, is granted.
Table 1: Estimated visual % spodumene modal abundance in outcrop
at Egyasimanku Hill
Outcrop Estimated visual % modal abundance
spodumene
Figure 3 outcrop 8-10%
------------------------------------------------------
Figure 4 outcrop 10-12%
------------------------------------------------------
Figure 4: Spodumene-rich pegmatite outcrop on Egyasimanku Hill
with spodumene crystals (green) evident parallel to the direction
of hammer handle throughout the outcrop.
NOTE: Visual estimates of mineral abundance should never be
considered a proxy or substitute for laboratory analyses where
concentrations or grades are the factor of principal economic
interest. Visual estimates also potentially provide no information
regarding impurities or deleterious physical properties relevant to
valuations.
Exploration History
During the 1950s and 1960s, the Ghana Geological Survey ("GGS")
mapped and evaluated the Winneba area in the search for industrial
minerals, with the focus on tantalum, cassiterite, columbite and
beryl, as well as clay and feldspar feedstock for the ceramic
industries.
A map on the evaluation of the Egyasimanku pegmatite occurrence,
which is located c. 100-500m SW of the newly-granted Bedwadze
licence, outlines the surficial extent of spodumene pegmatite
mineralisation in trenching over a 790m x 340m area, in addition to
the location of historic drill holes completed over the area.
Subsequent to the work completed by the GGS and the demarcation
of the Yenku Forest Reserve over the Egyasimanku Hill occurrence
(refer Figures 1 and Figure 2 ), much of the follow-up groundwork
was undertaken on the pegmatite intrusive swarms to the west of
Egyasimanku Hill by Newmont Ghana and Leo Shield with a focus on
tin, niobium and tantalum, with little evidence of detailed
geological groundwork in the area of the newly-granted licence.
Senya Beraku
The Senya Beraku licence covers 82.11km(2) and is within 20km of
the Bewadze licence. No previous exploration has been completed at
Senya Beraku, where younger biotite granitoids intrude biotite
gneisses and schists in a north-easterly orientation. Given the
proximity and similar orientation of the granitoids to the
Egyasimanku Hill spodumene pegmatite occurrence, without any
previous exploration, the Company sees value in assessing the
grassroots potential of the licence area.
Proposed Work Programmes
The Company intends to systematically evaluate the lithium and
associated minerals potential of the Bewadze prospecting licence,
with particular emphasis on the potential for spodumene pegmatite
extensions of the Egyasimanku Hill occurrence directly to the
south-west of the licence boundary. Minerals associated with
pegmatites and reported within the area inclusive of tantalum,
niobium and tin, in addition to minerals commonly used in the
ceramics industry, such as clays and feldspar, will also be
evaluated.
The Company plans to extend the soil sampling programme on a
100m x 100m grid over the licence area and after careful
consideration of the regolith profile. Field mapping will take
place during the soil sampling programme, with further detailed
mapping over high priority areas. On review of these preliminary
results, and where warranted, an auger drilling programme may be
initiated to test higher priority targets and define potential
pegmatite footprints. Pending these results, the Company would look
to RC drill test potential targets for mineralisation potential
below the weathering profile.
At the Senya Beraku licence, the Company will initially complete
reconnaissance field mapping and rock chip sampling to define gross
lithological domains and identify potential pegmatites. Pending
results, the Company will design a 100m x 100m soil sampling grid
over the areas of interest ahead of determining the next steps.
Pending Licence Applications
Through its Ghanaian subsidiaries, the Company awaits the grant
of various other licences which remain under application. The
Company believes that, following the award of the Mining Lease for
the Project, the Government is showing its support for the growth
of the Company's lithium resources within its Cape Coast Lithium
Portfolio, with the aim of further enhancing the economics of the
Project.
With the grant of the new licences and revision from the
original application submissions for said licences, the Company's
CCLP portfolio in Ghana, including pending applications, now stands
at a total of 509km(2) .
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 Yellow Jersey PR Limited Canaccord Genuity Limited
LLP Charles Goodwin Financial Adviser:
Nominated Adviser Bessie Elliot Raj Khatri (UK) /
Jeff Keating atlantic@yellowjerseypr.com Duncan St John, Christian
Charlie Bouverat Tel: +44 (0)20 3004 Calabrese (Australia)
Tel: +44 (0)20 3470 9512
0470 Corporate Broking:
James Asensio
Tel: +44 (0) 20 7523
4500
============================== ============================= =============================
Notes to Editors:
About Atlantic Lithium
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.
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MSCGPGMAGUPWUAC
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November 14, 2023 02:00 ET (07:00 GMT)
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