Atlantic Lithium makes breakthrough in Mankessim exploration

A11 “Atlantic Lithium” or the “Company”, the funded African-focussed lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce initial assay results from the resource and exploration drilling programme recently commenced at the Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa.

HIGHLIGHTS:

• Initial assay results received for 2,208m of infill reverse circulation (“RC”) drilling completed at Ewoyaa as part of the broader 18,500m 2023 planned drilling programme.
• Newly reported assay results confirm mineralisation continuity within the Ewoyaa South-2 deposit, part of the 35.3Mt @ 1.25% Li₂O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate¹ (“MRE” or the “Resource”).
• Drilling designed to convert Inferred resources to higher confidence Indicated resources at the Ewoyaa South-2 deposit for future mine sequencing optionality.
• Multiple high-grade drill intersections reported as downhole intercepts, with true widths estimated in the intersections table, including highlights at a 0.4% Li₂O cut-off and a maximum 4m of internal dilution of:

• GRC0892:57m at17% Li₂O from 45m
• GRC0899:54m at14% Li₂O from 3m
• GRC0900:41m at16% Li₂O from 73m
• GRC0909A:33m at12% Li₂O from 78m
• GRC0896:18m at16% Li₂O from 80m
• GRC0908: 19m at93% Li₂O from 47m
• GRC0906:11m at5% Li₂O from 38m
• GRC0906:17m at91% Li₂O from 54m
• GRC0908:10m at53% Li₂O from 33m

• Drilling and regional exploration programmes ongoing (refer announcements of 19 April 2023 and 20 March 2023).
• Definitive Feasibility Study remains on track for release end Q2 2023.
• Awaiting approval of Mankessim licence consolidation ahead of resubmission of Mining Lease application for the Project.

Commenting on the Company’s latest progress, Neil Herbert, Executive Chairman of Atlantic Lithium, said:

“We are pleased to kick off the 2023 drilling season with our first set of infill drilling assay results. These include some significant apparent widths and grades from relatively shallow depths.

“Results are from the Ewoyaa South-2 deposit where we are infill drilling to convert Inferred to Indicated category resources to provide optionality for future mine scheduling to more easily enable the relocation of the overhead powerlines.

“Initial infill results at the Ewoyaa South-2 deposit are encouraging and show good continuity of mineralisation between drill sections.

“A total of 18,500m of infill, extensional and exploration RC drilling has been planned for the 2023 season. We look forward to updating shareholders as results become available.

“We also await approval of the consolidation of the licence covering the proposed mine and processing plant site, which was undertaken to facilitate a smoother approvals process and simplified operational structure, as advised by Ghana’s Minerals Commission Technical Committee.

“The Company expects no further major amendments to the application, so believes that the Mining Lease will be granted for the Project in the coming months.

“Meanwhile, the study team is working hard to deliver the DFS by the end of Q2 2023.”