REG - Atlantic Lithium Ltd - Field Work Underway at Senya Beraku Licence

Atlantic LithiumAnnouncement

30/05/2024 07:00

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RNS Number : 3786Q  Atlantic Lithium Limited  30 May 2024

30 May 2024

Field Work Underway at Senya Beraku Licence

Atlantic Lithium commences soil sampling, mapping and rock chip sampling

 across newly-granted, unexplored Senya Beraku licence

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 the commencement of geochemical soil sampling, geological
mapping and rock chip sampling over the Senya Beraku licence 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").

Highlights:

-     Commencement of geochemical soil sampling, geological mapping and
rock chip sampling over the newly-granted, previously unexplored Senya Beraku
prospecting licence, representing 82.11km(2) of prospective tenure within 70km
from the Ewoyaa footprint.

 

-       Senya Beraku sits 20km east of the known Egyasimanku
Hill-Winneba spodumene pegmatite field, where coarse-grained spodumene
pegmatites have been observed.

 

-      1,344 soil samples collected as of 26 May 2024, with 5,405
samples planned to be collected in the ongoing programme.

 

-     Weathered, coarse-grained pegmatite units identified in surface
geological mapping (no spodumene mineralisation observed; assays pending),
being undertaken concurrent to ongoing soil sampling programme; collected rock
chip samples to be submitted for assay by Intertek.

 

-       Commencement of field work at Senya Beraku follows the issue of
the required Operating Permits for the licence by the Minerals Commission and
Environmental Protection Agency ("EPA"), and the completion of meetings with
local authorities and communities to inform them of the Company's planned
activities.

 

-     Senya Beraku licence benefits from exceptional existing
infrastructure; located adjacent to the N1 Accra-Takoradi highway and crossed
by high-voltage transmission lines.

 

-       Grant of the Senya Beraku licence represents the Government's
strong support of the Company's ambitions to grow its lithium resources in
Ghana following the grant of the Mining Lease for the Ewoyaa Lithium Project
in October 2023.

 

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

"The recently-granted Senya Beraku prospecting licence represents new,
unexplored tenure offering considerable exploration upside potential. With no
lithium exploration having been conducted previously over the licence, we are
pleased to now be on the ground undertaking soil sampling, mapping and rock
chip sampling, with the view to identifying new anomalies that we can follow
up on with targeted drilling.

"While focused primarily on advancing the Ewoyaa Lithium Project through
permitting towards construction, we recognise the potential value to be
delivered from the continued exploration of our large, still vastly unexplored
tenure package in Ghana, which we believe is highly prospective for further
lithium discovery.

"In line with the grant of the Ewoyaa Mining Lease, we believe that the grant
of the Senya Beraku licence demonstrates the Government of Ghana's continued
support of the Project and the Company's efforts to grow the country's lithium
resources. We, therefore, look forward to progressing and completing the
ongoing programme and taking steps to further enhance the Project."

 

Senya Beraku

Granted to the Company's wholly-owned Ghanaian subsidiary Green Metals
Resources Limited ("GMR") in November 2023 (refer announcement of 14 November
2023), the Senya Beraku prospecting licence represents 82.11km(2) of
prospective tenure offering significant exploration potential.

The licence is located 20km east of the known Egyasimanku Hill-Winneba
spodumene pegmatite field and within 70km of the footprint of the Company's
flagship Ewoyaa Lithium Project, outside of the current JORC (2012) compliant
35.3Mt @ 1.25% Li(2)O Mineral Resource Estimate(1) ("MRE") for the Project
(refer Figure 1).

No previous lithium exploration has been completed over the licence.

Figure 1:  Newly-granted Senya Beraku licence in relation to Cape Coast
Lithium Portfolio and Ewoyaa Lithium Project with geology background and
rubidium in soils geochemistry anomalism images

 

As of 26 May 2024, the Company has collected 1,344 samples of the 5,405
planned sample programme (where sample sites are suitable) across the
prospective region of the Senya Beraku licence (refer Figure 2).

Figure 2:  Soil sampling and lithological mapping progress map on the Senya
Beraku prospecting licence (base map is regional geology by Ghana Geological
Survey Authority)

 

Soil samples collected have been submitted for in-house processing and
analysis at the Company's Mankessim facility using pXRF (portable X-Ray
Fluorescence) and LiBS (Laser-induced breakdown spectroscopy) analysers.

Concurrent to the ongoing soil sampling programme, the Company is undertaking
surface geological mapping across the Senya Beraku licence. Weathered,
coarse-grained pegmatite units have been mapped (no spodumene mineralisation
observed), with rock chip samples being collected and submitted for assay by
Intertek (sample preparation in Tarkwa, Ghana and analysis in Perth,
Australia).

The sampling and mapping programmes are expected to conclude by August 2024,
following which data interpretation will be undertaken (upon receipt of all
geochemical data), with a view to identifying anomalies for detailed follow-up
mapping and auger drilling evaluation ahead of reverse circulation drill
testing where warranted.

 

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.

End Note

(1) Ore Reserves, Mineral Resources and Production Targets

The information in this announcement that relates to 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 35.3Mt @ 1.25% Li₂O for Ewoyaa is
extracted from the Company's announcement dated 1 February 2023, which is
available at www.atlanticlithium.com.au (http://www.atlanticlithium.com.au) .
The MRE includes a total of 3.5Mt @ 1.37% Li₂O in the Measured category,
24.5Mt @ 1.25% Li₂O in the Indicated category and 7.4Mt @ 1.16% Li₂O in
the Inferred category. The Company confirms that all material assumptions and
technical parameters underpinning the MRE 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. The Company is not
aware of any new information or data that materially affects the information
included in this announcement or the announcements dated 1 February 2023 and
20 October 2023.

Competent Persons

Information in this report relating to the exploration results is based on
data reviewed by Mr I. Iwan Williams (BSc. Hons Geology), General Manager -
Exploration of the Company. Mr Williams is a Member of the Australian
Institute of Geoscientists (#9088) who has in excess of 30 years' experience
in mineral exploration and is a Qualified Person under the AIM Rules. Mr
Williams consents to the inclusion of the information in the form and context
in which it appears.

Information in this report 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 the report of the matters based upon the information in
the form and context in which it appears.

 

For any further information, please contact:
Atlantic Lithium Limited

Neil Herbert (Executive Chairman)

Amanda Harsas (Finance Director and Company Secretary)

                   www.atlanticlithium.com.au
                   IR@atlanticlithium.com.au
                   Tel: +61 2 8072 0640
 SP Angel Corporate Finance LLP      Yellow Jersey PR Limited      Canaccord Genuity Limited

 Nominated Adviser                   Charles Goodwin               Financial Adviser:

 Jeff Keating                        Bessie Elliot                 Raj Khatri (UK) /

                                   atlantic@yellowjerseypr.com

 Charlie Bouverat
                             Duncan St John, Christian Calabrese (Australia)

                                   Tel: +44 (0)20 3004 9512

 Tel: +44 (0)20 3470 0470

                                                                   Corporate Broking:

                                                                   James Asensio

                                                                   Tel: +44 (0) 20 7523 4500

Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au (http://www.atlanticlithium.com.au/)

Atlantic Lithium is an AIM, ASX, GSE and OTCQX-listed lithium company
advancing its flagship project, the Ewoyaa Lithium Project, a significant
lithium spodumene pegmatite discovery in Ghana, through to production to
become the country's first lithium-producing mine.

The Definitive Feasibility Study for the Project indicates the production of
3.6Mt of spodumene concentrate over a 12-year mine life, making it one of the
largest spodumene concentrate mines in the world.

The Project, which was awarded a Mining Lease in October 2023, is being
developed under an earn-in agreement with Piedmont Lithium Inc.

Atlantic Lithium holds a portfolio of lithium projects within 509km(2) and
774km(2) of granted and under-application tenure across Ghana and Côte
d'Ivoire respectively, which, in addition to the Project, comprises
significantly under-explored, highly prospective licences.

 

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