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% Li2O Mineral Resource
Estimate1 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
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% Li2O Mineral
Resource Estimate1 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%
Li2O 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
|
Intersection
|
|
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 Na2O2
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 Li2O 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% Li2O. 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/m3 and
2.78t/m3 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
K2O / Na2O 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 Li2O 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
Nominated Adviser
Jeff Keating
Charlie Bouverat
Tel: +44 (0)20 3470 0470
|
Yellow Jersey PR Limited
Charles
Goodwin
Bessie
Elliot
atlantic@yellowjerseypr.com
Tel: +44 (0)20 3004
9512
|
Canaccord Genuity Limited
Financial Adviser:
Raj Khatri (UK) /
Duncan St John, Christian
Calabrese (Australia)
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, 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% Li2O 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%
Li2O have been reported for the
Project.1
Atlantic Lithium holds a portfolio of
lithium projects within 509km2 and 771km2 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% Li2O 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.
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 specific
specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should not be taken
as limiting the broad meaning of sampling.
· Include
reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems
used.
· Aspects of the
determination of mineralisation that are Material to the Public
Report. In cases where 'industry standard' work has been done this
would be relatively simple (eg 'reverse circulation drilling was
used to 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 there is coarse gold
that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure
of detailed information.
|
· RC drill holes
were routinely sampled at 1m intervals with a nominal 3-6kg
sub-sample split off for assay using a rig-mounted cone splitter at
1m intervals.
· DD holes were
quarter core sampled at 1m intervals or to geological contacts for
geochemical analysis.
· For assaying,
splits from all prospective ore zones (i.e. logged pegmatites +/-
interburden) were sent for assay. Outside of these zones, the
splits were composited to 4m using a portable riffle splitter.
· Holes without
pegmatite were not assayed.
· Approximately
5% of all samples submitted were standards and coarse blanks.
Blanks were typically inserted with the interpreted ore zones after
the drilling was completed.
· 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 blast,
auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
|
· Seven phases
of drilling were undertaken at the Project using RC and DD
techniques. All the RC drilling used face sampling
hammers.
· 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 results
assessed.
· Measures taken
to maximise sample recovery and ensure representative nature of the
samples.
· Whether a
relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
|
· A
semi-quantitative estimate of sample recovery was completed for the
vast majority of drilling. This involved weighing both the
bulk samples and splits and calculating theoretical recoveries
using assumed densities. Where samples were not weighed,
qualitative descriptions of the sample size were recorded.
Some sample loss was recorded in the collaring of the RC
drill holes.
· DD recoveries
were measured and recorded. Recoveries in excess of 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 geotechnically logged
to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies.
· Whether
logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
· The total
length and percentage of the relevant intersections logged.
|
· All drill
sample intervals were geologically logged by Company
geologists.
· Where
appropriate, geological logging recorded the abundance of specific
minerals, rock types and weathering using a standardised logging
system that captured preliminary metallurgical domains.
· 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
taken.
· If non-core,
whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
· For all sample
types, the nature, quality and appropriateness of the sample
preparation technique.
· Quality
control procedures adopted for all sub-sampling stages to maximise
representivity of samples.
· Measures taken
to ensure that the sampling is representative of the in situ
material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample
sizes are appropriate to the grain size of the material being
sampled.
|
· RC samples
were cone split at the drill rig. For interpreted waste zones
the 1 or 2m rig splits were later composited using a riffle
splitter into 4m composite samples.
· DD core was
cut with a core saw and selected half core samples dispatched to
Nagrom Laboratory in Perth for preliminary metallurgical test
work.
· The other half
of the core, including the bottom-of-hole orientation line, was
retained for geological reference.
· The remaining
DD core was quarter cored for geochemical analysis.
· Since December
2018, samples were 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.
· 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
procedures used and whether the technique is considered partial or
total.
· For
geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including
instrument make and model, reading times, calibrations factors
applied and their derivation, etc.
· Nature of
quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and precision have been
established.
|
· Analysis for
lithium and a suite of other elements for Phase 1 drilling was
undertaken at SGS Johannesburg / Vancouver by ICP-OES after Sodium
Peroxide Fusion. Detection limits for lithium (10ppm - 100,000ppm).
Sodium Peroxide fusion is considered a "total" assay technique for
lithium.
· 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. 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.
· 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
alternative company personnel.
· The use of
twinned holes.
· Documentation
of primary data, data entry procedures, data verification, data
storage (physical and electronic) protocols.
· Discuss any
adjustment to assay data.
|
· Significant
intersections were visually field verified by company geologists
and Shaun Searle of Ashmore during the 2019 site visit.
· Drill hole
data was compiled and digitally captured by Company geologists in
the field. Where hand-written information was recorded, all
hardcopy records were kept and archived after digitising.
· Phase 1 and 2
drilling programs were captured on paper or locked excel 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
Li2O%.
|
|
Location of data
points
|
· Accuracy and
quality of surveys used to locate drill holes (collar and down-hole
surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
· Specification
of the grid system used.
· Quality and
adequacy of topographic control.
|
· The collar
locations were surveyed in WGS84 Zone 30 North using DGPS survey
equipment, which is accurate to 0.11mm in both horizontal and
vertical directions. All holes were surveyed by qualified
surveyors. Once validated, the survey data was uploaded into
Datashed.
· RC drill holes
were routinely down hole surveyed every 6m using a 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.
· Whether the
data spacing and distribution is sufficient to establish the degree
of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
· Whether sample
compositing has been applied.
|
· 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
-60°. Planned hole orientations/dips were occasionally adjusted due
to pad and/or access constraints.
· Hole spacing
was reduced to predominantly 40m spaced sections and 40m 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 possible
structures and the extent to which this is known, considering the
deposit type.
· If the
relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if
material.
|
· The drill line
and drill hole orientation are oriented as close as practicable to
perpendicular to the orientation of the general mineralised
orientation.
· Most of the
drilling intersects the mineralisation at close to 90 degrees
ensuring intersections are representative of true widths. It is
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 agreements
or material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
· 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.
|
· Part of the
Project is a joint-venture, with the license in the name of the
joint-venture party (Barari DV Ghana Ltd).
· The southern
portion of the deposit occurs within a license held by wholly owned
local subsidiary Green Metals Resources Ltd.
· 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 including a tabulation of the following information for all
Material drill holes:
·
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.
|
· Exploration
results are not being reported.
· All
information has been included in the appendices. No drill
hole information has been excluded.
|
|
Data aggregation
methods
|
· In reporting
Exploration Results, weighting averaging techniques, maximum and/or
minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
· Where
aggregate intercepts incorporate short lengths of high grade
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.
|
· Exploration
results are not being reported.
· Not applicable
as a Mineral Resource is being reported.
· No metal
equivalent values are being reported.
|
|
Relationship between
mineralisation widths and intercept lengths
|
· These
relationships are particularly important in the reporting of
Exploration Results.
· If the
geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.
· 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').
|
· The drill line
and drill hole orientation are oriented as close to 90° degrees to
the orientation of the anticipated mineralised orientation as
practicable.
· The majority
of the drilling intersects the mineralisation between 60° and 80°
degrees.
|
|
Diagrams
|
· Appropriate
maps and sections (with scales) and tabulations of intercepts
should be included for any significant discovery being reported.
These should include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional views.
|
· Relevant
diagrams have been included within the Mineral Resource report main
body of text.
·
|
|
Balanced
Reporting
|
· Accuracy and
quality of surveys used to locate drill holes (collar and down-hole
surveys), trenches, mine workings and other locations used in
Mineral Resource estimation.
· Where
comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
|
· All hole
collars were surveyed WGS84 Zone 30 North grid using a differential
GPS. All RC and DD holes were down-hole surveyed with a
north-seeking gyroscopic tool.
· Exploration
results are not being reported.
|
|
Other substantive exploration
data
|
· Other
exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples - size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
|
· Results were
estimated from drill hole assay data, with geological logging used
to aid interpretation of mineralised contact positions.
· Geological
observations are included in the report.
|
|
Further
work
|
· The nature and
scale of planned further work (e.g. tests for lateral extensions or
depth extensions or large- scale step-out drilling).
· Diagrams
clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
|
· Follow up RC
and DD drilling may be undertaken.
· Further
metallurgical test work may be required as the Project progresses
through the study stages.
· 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 example,
transcription or keying errors, between its initial collection and
its use for Mineral Resource estimation purposes.
· Data
validation procedures used.
|
· The database
has been systematically audited by Atlantic Lithium
geologists.
· All drilling
data has been verified as part of a continuous validation
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 outcome of
those visits.
· If no site
visits have been undertaken indicate why this is the case.
|
· A site visit
was conducted by Shaun Searle of Ashmore during February 2019.
Shaun inspected the deposit area, drill core/chips and
outcrop. During this time, notes and photos were taken.
Discussions were held with site personnel regarding drilling
and sampling procedures. No major issues were
encountered.
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Geological
interpretation
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· Confidence in
(or conversely, the uncertainty of) the geological interpretation
of the mineral deposit.
· Nature of the
data used and of any assumptions made.
· The effect, if
any, of alternative interpretations on Mineral Resource
estimation.
· The use of
geology in guiding and controlling Mineral Resource estimation.
· The factors
affecting continuity both of grade and geology.
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· The confidence
in the geological interpretation is considered to be good and is
based on visual confirmation in outcrop and within drill hole
intersections.
· Geochemistry
and geological logging have been used to assist identification of
lithology and mineralisation.
· The Project
area lies within the Birimian Supergroup, a Proterozoic
volcano-sedimentary basin located in Western Ghana. The Project
area is underlain by three forms of metamorphosed schist; mica
schist, staurolite schist and garnet schist. Several granitoids
intrude the basin metasediments 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.
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Dimensions
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· The extent and
variability of the Mineral Resource expressed as length (along
strike or otherwise), plan width, and depth below surface to the
upper and lower limits of the Mineral Resource.
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· The Project
Mineral Resource area extends over a north-south strike length of
4,390m (from 577,380mN - 581,770mN), and includes the 360m vertical
interval from 80mRL to -280mRL.
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Estimation and modelling
techniques
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· The nature and
appropriateness of the estimation technique(s) applied and key
assumptions, including treatment of extreme grade values,
domaining, interpolation parameters and maximum distance of
extrapolation from data points. If a computer assisted estimation
method was chosen include a description of computer software and
parameters used.
· The
availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes
appropriate account of such data.
· The
assumptions made regarding recovery of by-products.
· Estimation of
deleterious elements or other non-grade variables of economic
significance (eg sulphur for acid mine drainage
characterisation).
· In the case of
block model interpolation, the block size in relation to the
average sample spacing and the search employed.
· Any
assumptions behind modelling of selective mining units.
· Any
assumptions about correlation between variables.
· Description of
how the geological interpretation was used to control the resource
estimates.
· Discussion of
basis for using or not using grade cutting or capping.
· The process of
validation, the checking process used, the comparison of model data
to drill hole data, and use of reconciliation data if
available.
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· Using
parameters derived from modelled variograms, Ordinary Kriging
("OK") was used to estimate average block grades in three passes
using Surpac software. Linear grade estimation was deemed
suitable for the Cape Coast Mineral Resource due to the geological
control on mineralisation. The 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
Resource.
· It is assumed
that there are no by-products or deleterious elements as shown by
metallurgical test work.
· The Li2O (%),
Fe_Factored (%), K (%), Mn (%), Na (%) and Ti (ppm) grades; as well
as spodumene (%), quartz (%), albite (%), k-feldspar (%) and
muscovite (%) mineral contents were interpolated into the Surpac
block model.
· A Surpac block
model was created to encompass the extents of the known
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 by 1.25m. The parent block size
dimension was selected on the results obtained from Kriging
Neighbourhood Analysis and also in consideration of two predominant
mineralisation orientations of 30° and 100 to 120°.
· An orientated
'ellipsoid' search was used to select data and adjusted 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 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 was extended to 100m,
with a minimum of 4 samples. For the third pass, the 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% Li2O 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.
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Moisture
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· Whether the
tonnages are estimated on a dry basis or with natural moisture, and
the method of determination of the moisture content.
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· Tonnages and
grades were estimated on a dry in situ basis.
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Cut-off
parameters
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· The basis of
the adopted cut-off grade(s) or quality parameters applied.
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· The Statement
of Mineral Resources has been constrained by the mineralisation
solids and reported above a cut-off grade of 0.5% Li2O.
Whittle optimisations demonstrate reasonable prospects for eventual
economic extraction.
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Mining factors or
assumptions
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· Assumptions
made regarding possible mining methods, minimum mining dimensions
and internal (or, if applicable, external) mining dilution. It is
always necessary as part of the process of determining reasonable
prospects for eventual economic extraction to consider potential
mining methods, but the assumptions made regarding mining methods
and parameters when estimating 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.
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· Ashmore has
assumed that the deposit could be mined using open pit mining
techniques.
· A high level
Whittle optimisation of the Mineral Resource supports this
view.
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Metallurgical factors or
assumptions
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· The basis for
assumptions or predictions regarding metallurgical amenability. It
is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider
potential metallurgical methods, but the assumptions regarding
metallurgical treatment processes and parameters made when
reporting Mineral Resources may not always be rigorous. Where this
is the case, this should be reported with an explanation of the
basis of the metallurgical assumptions made.
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· Based on the
ELP Feasibility Study, Atlantic Lithium could produce approximately
330,000 tonnes per annum of mixed K2O / Na2O
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
Li2O 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
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.
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Environmental factors or
assumptions
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· Assumptions
made regarding possible waste and process residue disposal options.
It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider
the 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.
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· No assumptions
have been made regarding environmental factors. Atlantic
Lithium will work to mitigate environmental impacts as a result of
any future mining or mineral processing.
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Bulk
density
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· Whether
assumed or determined. If assumed, the basis for the assumptions.
If determined, the method used, whether wet or dry, the frequency
of the measurements, the nature, size and representativeness of the
samples.
· The bulk
density for bulk material must have been measured by methods that
adequately account for void spaces (vugs, porosity, etc), moisture
and differences between rock and alteration zones within the
deposit.
· Discuss
assumptions for bulk density estimates used in the evaluation
process of the different materials.
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· Bulk density
measurements were completed on selected intervals of diamond core
drilled at the deposit. The measurements were conducted at the Cape
Coast core processing facility using the water immersion/Archimedes
method. The weathered samples were coated in paraffin wax to
account for porosity of the weathered samples.
· A total of
14,046 measurements were conducted on the Cape Coast
mineralisation, with samples obtained from oxide, transitional and
fresh material.
· Bulk densities
ranging between 1.7t/m3 and 2.78t/m3 were
assigned in the block model dependent on lithology, mineralisation
and weathering.
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Classification
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· The basis for
the classification of the Mineral Resources into varying confidence
categories.
· Whether
appropriate account has been taken of all relevant factors (ie
relative confidence in tonnage/grade estimations, reliability of
input data, confidence in continuity of geology and metal values,
quality, quantity and distribution of the data).
· Whether the
result appropriately reflects the Competent Person's view of the
deposit.
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· The Mineral
Resource estimate is reported here in compliance with the 2012
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' by the Joint Ore
Reserves Committee (JORC). The ELP feldspar Mineral Resource
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 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 Li2O 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 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.
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Audits or
reviews
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· The results of
any audits or reviews of Mineral Resource estimates.
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· Internal
audits have been completed by Ashmore which verified the technical
inputs, methodology, parameters and results of the estimate.
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Discussion of relative
accuracy/ confidence
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· Where
appropriate a statement of the relative accuracy and confidence
level in the Mineral Resource estimate using an approach or
procedure deemed appropriate by the Competent Person. For example,
the application of statistical or geostatistical procedures to
quantify the relative accuracy of the resource within stated
confidence limits, or, if such an approach is not deemed
appropriate, a qualitative discussion of the factors that could
affect the relative accuracy and confidence of the estimate.
· The statement
should specify whether it relates to global or local estimates,
and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should
include 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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· The geometry
and continuity have been adequately interpreted to reflect the
applied level of Measured, Indicated and Inferred Mineral Resource.
The data quality is good, and the drill holes have detailed
logs produced by qualified geologists. A recognised
laboratory has been used for all analyses.
· The Mineral
Resource statement relates to global estimates of tonnes and
grade.
· No historical
mining has occurred; therefore, reconciliation could not be
conducted.
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