REG - Atlantic Lithium Ltd - New Dog-Leg Target Delivers Increase to Ewoyaa MRE
30/07/2024 07:00
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RNS Number : 3567Y Atlantic Lithium Limited 30 July 2024
30 July 2024
New Dog-Leg Target Delivers Increase to Ewoyaa MRE
Drilling at the new Dog-Leg target increases the Mineral Resource Estimate
for the Ewoyaa Lithium Project to 36.8Mt at 1.24% Li(2)O
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 increase to the JORC (2012) compliant Mineral Resource
Estimate ("MRE" or "Resource") at the Company's flagship Ewoyaa Lithium
Project ("Ewoyaa" or the "Project") in Ghana, West Africa.
Highlights:
- Total Mineral Resource Estimate for the Company's flagship Ewoyaa
Lithium Project increased to 36.8Mt at 1.24% Li(2)O, reported in accordance
with the JORC Code (2012).
- 81% of the Total Resource now in the higher confidence Measured and
Indicated categories (3.7Mt at 1.37% in the Measured category, 26.1Mt at 1.24%
in the Indicated category and 7.0Mt @ 1.15% Li₂O in the Inferred category).
- MRE increase follows targeted drilling programme, undertaken in
2023 and H1 2024, comprising sterilisation drilling to support the plant and
haul road design and resource conversion drilling, converting Inferred
resources to Indicated and Measured resources, to provide mine plan
optionality; new Dog-Leg target identified through this process.
- Drilling subsequently undertaken on the Dog-Leg target, where the
Company has identified a shallow-dipping, near-surface mineralised pegmatite
body with true thickness up to 35m, which contributed 890,892 tonnes of the
Resource increase to 36.8Mt at 1.24% Li(2)O.
- Potential to grow the Resource further; step-out drilling planned
at five priority deposits and one new exploration target identified for
initial reverse circulation ("RC") evaluation.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
"We are pleased to report an increase in the Mineral Resource for the Ewoyaa
Lithium Project to 36.8Mt at 1.24% Li(2)O, which reaffirms Ewoyaa's status as
one of the leading hard rock lithium projects.
"The increase follows the limited drilling programme completed recently,
which was focused on supporting our mine planning activities rather than
expanding the resource base, but through which we identified the Dog-Leg
target, which has added near-surface tonnes to the Ewoyaa Resource. We are
pleased to see this lucky strike at Dog-Leg contributing an additional
circa 891,000 tonnes to the enlarged 36.8Mt at 1.24% Li(2)O Resource.
"While our current focus remains firmly on advancing Ewoyaa towards
shovel-readiness, we recognise the significant potential across our
exploration portfolio to increase the Resource further."
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/3567Y_1-2024-7-30.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3567Y_1-2024-7-30.pdf)
Mineral Resource Estimate Upgrade
An upgraded MRE of 36.8Mt at 1.24% Li(2)O was completed for the Ewoyaa deposit
and surrounding pegmatites; collectively termed the "Ewoyaa Lithium Project".
The MRE increase follows a targeted drilling programme aimed at supporting the
mine build activities at the Project. This comprised sterilisation drilling to
support the plant and haul road design and resource conversion drilling, aimed
at converting Inferred resources to Indicated and Measured, to provide mine
plan optionality. The drilling programme resulted in the combined Measured and
Indicated resource increasing to 81% of the Total Mineral Resource (to 29.8 Mt
at 1.26% Li(2)O).
During drilling programme, the Dog-Leg target was identified, with prioritised
drilling subsequently undertaken, which returned multiple broad and high-grade
intersections, from which the Company has identified a shallow-dipping,
near-surface mineralised pegmatite body with true thickness up to 35m. The
Dog-Leg target contributed 890,892 tonnes, comprising 332,100 tonnes at 1.01%
Li(2)O Indicated and 558,792 tonnes at 1.13% Li(2)O Inferred, of the increase
in resources to 36.8Mt at 1.24% Li(2)O.
The Mineral Resource is based on 168,015m of drilling completed at the Project
to date, inclusive of infill and extensional drilling undertaken since the
February 2023 MRE reported by the Company, comprising 148,865m of reverse
circulation ("RC"), 12,639m of diamond core ("DD"), 5,311m of reverse
circulation with diamond tail ("RCD") and 1,200m of reverse circulation
hydrology holes ("RCH").
The MRE includes a total of 3.7Mt at 1.37% Li(2)O in the Measured category,
26.1Mt at 1.24% Li(2)O in the Indicated category and 7.0Mt at 1.15% Li(2)O in
the Inferred category (refer Table 1). The independent MRE for Ewoyaa 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 requirements of the
JORC Code (2012) and is therefore suitable for public reporting. High-level
Whittle optimisation was completed and demonstrates reasonable prospects for
eventual economic extraction.
Table 1: Ewoyaa Mineral Resource Estimate (0.5% Li(2)O Cut-off)
Measured Mineral Resource
Type Tonnage Li(2)O Cont. Lithium Oxide
Mt % kt
Primary 3.7 1.37 51
Total 3.7 1.37 51
Indicated Mineral Resource
Type Tonnage Li(2)O Cont. Lithium Oxide
Mt % kt
Weathered 0.5 1.08 5
Primary 25.6 1.25 319
Total 26.1 1.24 324
Inferred Mineral Resource
Type Tonnage Li(2)O Cont. Lithium Oxide
Mt % kt
Weathered 1.8 1.12 20
Primary 5.2 1.16 60
Total 7.0 1.15 80
Total Mineral Resource
Type Tonnage Li(2)O Cont. Lithium Oxide
Mt % kt
Weathered 2.3 1.11 25
Primary 34.5 1.25 430
Total 36.8 1.24 455
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.
All Mineral Resources figures reported in the table above represent estimates
at June 2024. 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).
Table 2 below details the history of Mineral Resource Estimates reported by
the Company for the Ewoyaa Lithium Project to date, inclusive of the MRE
increase reported in this announcement.
Table 2: Ewoyaa Mineral Resource Estimates Reported to Date
Date Classification Tonnage Li(2)O
January 2020 Indicated Mineral Resource 4.5 Mt 1.39
Inferred Mineral Resource 10.0 Mt 1.27
Total Mineral Resource 14.5 Mt 1.31
December 2021 Indicated Mineral Resource 5.2 Mt 1.39
Inferred Mineral Resource 16.1 Mt 1.28
Total Mineral Resource 21.3 Mt 1.31
March 2022 Indicated Mineral Resource 20.5 Mt 1.29
Inferred Mineral Resource 9.6 Mt 1.19
Total Mineral Resource 30.1 Mt 1.26
February 2023 Measured Mineral Resource 3.5 Mt 1.37
Indicated Mineral Resource 24.5 Mt 1.25
Inferred Mineral Resource 7.4 Mt 1.16
Total Mineral Resource 35.3 Mt 1.25
July 2024 Measured Mineral Resource 3.7 Mt 1.37
Indicated Mineral Resource 26.1 Mt 1.24
Inferred Mineral Resource 7.0 Mt 1.15
Total Mineral Resource 36.8 Mt 1.24
There are four main geometallurgical domains at the Project (Primary P1 and P2
and their weathered subsets). Their relative abundances, metallurgical
recoveries and concentrate grades are shown in Table 3. The tonnage and grade
distribution throughout the entire deposit is illustrated graphically in
Figure 1, where a mining bench breakdown using a 10m bench height has been
used. The grade tonnage curve for the Ewoyaa Lithium Project Mineral Resource
is shown in Figure 2.
Table 3: Material Types, Recoveries and Concentrate Grades (recoveries based
on laboratory results)
Weathered
Geomet Type Tonnage Li(2)O Cont. Lithium Recovery Conc. Grade
Mt % kt % Li(2)O (%)
P1 2.1 1.12 24 68 6.0
P2 0.2 1.03 2 50 6.0
Total 2.3 1.11 25
Primary
Geomet Type Tonnage Li(2)O Cont. Lithium Recovery Conc. Grade
Mt % kt % Li(2)O (%)
P1 31.1 1.27 393 70 6.0
P2 3.5 1.06 37 50 5.5
Total 34.5 1.25 430
Note: As per Table 1 above and metallurgical sign off in Competent Persons
section at end of report.
Figure 1: Ewoyaa Tonnage and Grade - 10m Bench Elevation
Figure 2: Ewoyaa Grade - Tonnage Curve for Classified Pegmatite Resource
A plan view of the Ewoyaa Lithium Project prospect areas is shown in Figure 3,
with a long section shown in Figure 4 and cross-section within the Ewoyaa Main
indicated category zone shown in Figure 5.
Figure 3: Ewoyaa Lithium Project prospect location map (all pegmatite zones) -
Asan is located approximately 2.2km northeast of Kaampakrom
Figure 4: Long Section Z-Z' of Ewoyaa Main Wireframes and Drilling (View
towards 300°; Solid Colours = Resource Wireframes, Wireframe Edges =
Pegmatite Wireframes)
Figure 5: Cross Section A-A' of Ewoyaa Wireframes and Drilling
Geology and Geological Interpretation
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 (Abonko, Asan, Kaampakrom and
Ewoyaa Northeast) dipping sub-vertically northeast; or north-northeast (Ewoyaa
Main) and dip sub-vertically to moderately southeast to east-southeast.
Pegmatite thickness varies across the Project, with thinner mineralised units
intersected at Abonko and Kaampakrom between 4 and 12m; and thicker units
intersected at Ewoyaa Main between 30 and 60m, and up to 100m at surface.
The Project area has two clearly defined material types of spodumene bearing
lithium mineralisation. The Company has termed these material types as
Pegmatite Type 1 ("P1") and Pegmatite Type 2 ("P2"). P1 material is
characterised by coarse grained spodumene bearing pegmatite which exhibits
very coarse to pegmatoidal, euhedral to subhedral spodumene crystals. P2
material consists of medium grained spodumene, euhedral to subhedral in shape
and can compose up to 50% of the rock. The two material types have different
metallurgical recoveries.
Drill Methods
The database contains data for the drilling conducted by the Company since
2018, with an overview of drill types shown in Figure 6.
Figure 6: 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 380m
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 RC drilling used a combination of 5.25' and 5.75', face sampling hammers.
The DD used PQ and HQ (resulting in 85mm and 63.5mm diameter core
respectively) 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 4.
Table 4: Summary of Drilling at the Project
Hole Type In Database In Mineral Resource
Drill holes Drill holes I
n
t
e
r
s
e
c
t
i
o
n
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
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.
Prior to December 2018, 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).
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
Na(2)O(2) 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.
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 Mineral Resource was classified as Measured, Indicated and Inferred
Mineral Resource based on data quality, sample spacing, and lode continuity.
The Measured Mineral Resource was confined to fresh rock within areas drilled
at 20m by 15m along with robust continuity of geology and Li(2)O 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" for all blocks within the
mineralisation wireframes coded as either "mes" for Measured, "ind" for
Indicated "inf" for Inferred. The Mineral Resource classification is shown in
Figure 7 and Figure 8.
Figure 7: Mineral Resource Classification Plan View
Figure 8: Mineral Resource Classification Oblique View - Ewoyaa Main (Facing
NE)
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
Appendix 1 and Appendix 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% Li(2)O. Whittle optimisations
demonstrate reasonable prospects for eventual economic extraction.
Estimation Methodology
A Surpac block model was created to encompass the extents of the known
mineralisation, including an additional block model for the Asan prospect. 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
model was estimated using Ordinary Kriging ("OK") grade interpolation. The
mineralisation was constrained by pegmatite geology wireframes and internal
lithium bearing mineralisation wireframes prepared using a nominal 0.4% Li(2)O
cut-off grade and a minimum down-hole length of 3m. The wireframes were used
as hard boundaries for the interpolation.
Bulk densities ranging between 1.7t/m(3) and 2.78t/m(3) 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 Ewoyaa Project can be mined with open pit mining
techniques. Preliminary metallurgical test work indicates that there are four
main geometallurgical domains; weathered and fresh coarse grained spodumene
bearing pegmatite (P1); and weathered and fresh medium grained spodumene
bearing pegmatite (P2). From test work completed to date at a 6.3mm crush, the
P1 material produces a 6% Li(2)O concentrate at approximately 70 to 85%
recovery (average 75% recovery), whilst P2 material produces 5.5 to 6% Li(2)O
concentrate at approximately 35 to 65% recovery (average 47% recovery).
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.
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 Company is not aware of any new information or
data that materially affects the information included in this announcement,
the Ewoyaa Lithium Project Definitive Feasibility Study announcement, dated 29
June 2023 (in which the Company reported Ore Reserves and Production Targets
in respect of the Project), or the Grant of the Ewoyaa Mining Lease
announcement, dated 20 October 2023 (in which the Company reported the
revision of material assumptions for the Project). This announcement and the
announcements dated 29 June 2023 and 20 October 2023 are available at
www.atlanticlithium.com.au (http://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 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 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 the report of the matters based upon the
information in the form and context in which it appears.
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 LLP Yellow Jersey PR Limited Canaccord Genuity Limited
Nominated Adviser Charles Goodwin Financial Adviser:
Jeff Keating Bessie Elliot Raj Khatri (UK) /
atlantic@yellowjerseypr.com (mailto: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.
APPENDIX 1
JORC Table 1, Section 1 - Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques · Nature and quality of sampling (e.g. cut channels, random chips, or · RC drill holes were routinely sampled at 1m intervals with a nominal
specific specialised industry standard measurement tools appropriate to the 3-6kg sub-sample split off for assay using a rig-mounted cone splitter at 1m
minerals under investigation, such as down hole gamma sondes, or handheld XRF intervals.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. · DD holes were quarter core sampled at 1m intervals or to geological
contacts for geochemical analysis.
· Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems used. · For assaying, splits from all prospective ore zones (i.e. logged
pegmatites +/- interburden) were sent for assay. Outside of these zones, the
· Aspects of the determination of mineralisation that are Material to splits were composited to 4m using a portable riffle splitter.
the Public Report. In cases where 'industry standard' work has been done this
would be relatively simple (eg 'reverse circulation drilling was used to · Holes without pegmatite were not assayed.
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 · Approximately 5% of all samples submitted were standards and coarse
there is coarse gold that has inherent sampling problems. Unusual commodities blanks. Blanks were typically inserted with the interpreted ore zones after
or mineralisation types (eg submarine nodules) may warrant disclosure of the drilling was completed.
detailed information.
· Approximately 2.5% of samples submitted were duplicate samples
collected after logging using a riffle splitter or as a second split using the
rig mounted cone splitter at 1 m interval 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 Na(2)O(2) fusion with
combination OES/MS), and also (4A/OM) for Na.
· 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
Na(2)O(2) fusion, and combination MS/ICP analysis.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary air · Seven phases of drilling were undertaken at the Project using RC and
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or DD techniques. All the RC drilling used face sampling hammers.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). · Phase 1 and 2 programs used a 5.25 inch hammers while Phase 3 used a
5.75-inch hammer. Phase 4 through 7 used 5.5 inch
· 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 · A semi-quantitative estimate of sample recovery was completed for the
results assessed. vast majority of drilling. This involved weighing both the bulk samples and
splits and calculating theoretical recoveries using assumed densities. Where
· Measures taken to maximise sample recovery and ensure representative samples were not weighed, qualitative descriptions of the sample size were
nature of the samples. recorded. Some sample loss was recorded in the collaring of the RC drill
holes.
· Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of · DD recoveries were measured and recorded. Recoveries in excess of
fine/coarse material. 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 · All drill sample intervals were geologically logged by Company
geotechnically logged to a level of detail to support appropriate Mineral geologists.
Resource estimation, mining studies and metallurgical studies.
· Where appropriate, geological logging recorded the abundance of
· Whether logging is qualitative or quantitative in nature. Core (or specific minerals, rock types and weathering using a standardised logging
costean, channel, etc) photography. system that captured preliminary metallurgical domains.
· The total length and percentage of the relevant intersections logged. · 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 · RC samples were cone split at the drill rig. For interpreted waste
taken. zones the 1 or 2m rig splits were later composited using a riffle splitter
into 4m composite samples.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · DD core was cut with a core saw and selected half core samples
dispatched to Nagrom Laboratory in Perth for preliminary metallurgical test
· For all sample types, the nature, quality and appropriateness of the work.
sample preparation technique.
· The other half of the core, including the bottom-of-hole orientation
· Quality control procedures adopted for all sub-sampling stages to line, was retained for geological reference.
maximise representivity of samples.
· The remaining DD core was quarter cored for geochemical analysis.
· Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field · Since December 2018, samples were submitted to Intertek Tarkwa
duplicate/second-half sampling. (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
· Whether sample sizes are appropriate to the grain size of the material 1,500g split crushed sample; which was subsequently pulverised in a LM2 ring
being sampled. 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 · Analysis for lithium and a suite of other elements for Phase 1
procedures used and whether the technique is considered partial or total. drilling was undertaken at SGS Johannesburg / Vancouver by ICP-OES after
Sodium Peroxide Fusion. Detection limits for lithium (10ppm - 100,000ppm).
· For geophysical tools, spectrometers, handheld XRF instruments, etc, Sodium Peroxide fusion is considered a "total" assay technique for lithium.
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · Review of standards and blanks from the initial submission to
Johannesburg identified failures (multiple standards reporting outside control
· Nature of quality control procedures adopted (eg standards, blanks, limits). A decision was made to resubmit this batch and all subsequent batches
duplicates, external laboratory checks) and whether acceptable levels of to SGS Vancouver - a laboratory considered to have more experience with this
accuracy (ie lack of bias) and precision have been established. method of analysis and sample type, but also failed QAQC checks. All samples
have subsequently been analysed by Intertek Perth.
· 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 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 · Significant intersections were visually field verified by company
alternative company personnel. geologists and Shaun Searle of Ashmore during the 2019 site visit.
· The use of twinned holes. · Drill hole data was compiled and digitally captured by Company
geologists in the field. Where hand-written information was recorded, all
· Documentation of primary data, data entry procedures, data hardcopy records were kept and archived after digitising.
verification, data storage (physical and electronic) protocols.
· Phase 1 and 2 drilling programs were captured on paper or locked excel
· Discuss any adjustment to assay data. 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
Li(2)O%.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar and · The collar locations were surveyed in WGS84 Zone 30 North using DGPS
down-hole surveys), trenches, mine workings and other locations used in survey equipment, which is accurate to 0.11mm in both horizontal and vertical
Mineral Resource estimation. directions. All holes were surveyed by qualified surveyors. Once
validated, the survey data was uploaded into Datashed.
· Specification of the grid system used.
· RC drill holes were routinely down hole surveyed every 6m using a
· Quality and adequacy of topographic control. 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. Phases 4
through 7 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. In addition, local site survey data was used to generate
the topographic surface for the Asan area.
· 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. · 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
· Whether the data spacing and distribution is sufficient to establish -60°. Planned hole orientations/dips were occasionally adjusted due to pad
the degree of geological and grade continuity appropriate for the Mineral and/or access constraints.
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Hole spacing was reduced to predominantly 40m spaced sections and 40m
· Whether sample compositing has been applied. 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 intervals prior to estimation.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · The drill line and drill hole orientation are oriented as close as
possible structures and the extent to which this is known, considering the practicable to perpendicular to the orientation of the general mineralised
deposit type. orientation.
· If the relationship between the drilling orientation and the · Most of the drilling intersects the mineralisation at close to 90
orientation of key mineralised structures is considered to have introduced a degrees ensuring intersections are representative of true widths. It is
sampling bias, this should be assessed and reported if material. 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 Tarkwa.
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 · The Project cover two contiguous licences the Mankessim (RL 3/55) and
or material issues with third parties such as joint ventures, partnerships, Mankessim South (PL.3/109) licence.
overriding royalties, native title interests, historical sites, wilderness or
national park and environmental settings. · The Ministry of Lands and Natural Resources granted a Mining Lease to
Barari DV Ghana Ltd. for the Ewoyaa Lithium Project on 19th October 2023,
· The security of the tenure held at the time of reporting along with any extending over an area of 42.63 km2 or 203 cadastral blocks and valid for an
known impediments to obtaining a license to operate in the area. initial 15-year renewable period.
· The Ewoyaa Lithium Project includes mineral resources defined within the
original Mankessim South PL, and as a consequence 28 cadastral blocks were
transferred from Green Metals Resources' PL.3/109 to Barari DV Ghana's RL.3/55
and were incorporated into the Ewoyaa Lithium Project Mining Lease, thus
reducing the Mankessim South PL size from 62 cadastral blocks to 34 cadastral
blocks.
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 mica, 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 drainages.
Drill hole information · A summary of all information material to the under-standing of the · Exploration results are not being reported.
exploration results including a tabulation of the following information for
all Material drill holes: · All information has been included in the appendices. No drill hole
information has been excluded.
· 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.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · Exploration results are not being reported.
maximum and/or minimum grade truncations (e.g. cutting of high grades) and
cut-off grades are usually Material and should be stated. · Not applicable as a Mineral Resource is being reported.
· Where aggregate intercepts incorporate short lengths of high grade · No metal equivalent values are being reported.
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.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · The drill line and drill hole orientation are oriented as close to 90°
Exploration Results. degrees to the orientation of the anticipated mineralised orientation as
practicable.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported. · The majority of the drilling intersects the mineralisation between 60°
and 80° degrees.
· 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').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Relevant diagrams have been included within the Mineral Resource report
intercepts should be included for any significant discovery being reported. main body of text.
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced Reporting · Accuracy and quality of surveys used to locate drill holes (collar and · All hole collars were surveyed WGS84 Zone 30 North grid using a
down-hole surveys), trenches, mine workings and other locations used in differential GPS. All RC and DD holes were down-hole surveyed with a
Mineral Resource estimation. north-seeking gyroscopic tool.
· Where comprehensive reporting of all Exploration Results is not · Exploration results are not being reported.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be reported · Results were estimated from drill hole assay data, with geological
including (but not limited to): geological observations; geophysical survey logging used to aid interpretation of mineralised contact positions.
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical · Geological observations are included in the report.
and rock characteristics; potential deleterious or contaminating substances.
Further work · The nature and scale of planned further work (e.g. tests for lateral · Follow up RC and DD drilling may be undertaken.
extensions or depth extensions or large- scale step-out drilling).
· Further metallurgical test work may be required as the Project
· Diagrams clearly highlighting the areas of possible extensions, progresses through the study stages.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive. · 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 · The database has been systematically audited by Atlantic Lithium
example, transcription or keying errors, between its initial collection and geologists.
its use for Mineral Resource estimation purposes.
· All drilling data has been verified as part of a continuous validation
· Data validation procedures used. 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 · A site visit was conducted by Shaun Searle of Ashmore during February
outcome of those visits. 2019. Shaun inspected the deposit area, drill core/chips and outcrop.
During this time, notes and photos were taken. Discussions were held with
· If no site visits have been undertaken indicate why this is the case. site personnel regarding drilling and sampling procedures. No major issues
were encountered.
Geological interpretation · Confidence in (or conversely, the uncertainty of) the geological · The confidence in the geological interpretation is considered to be good
interpretation of the mineral deposit. and is based on visual confirmation in outcrop and within drill hole
intersections.
· Nature of the data used and of any assumptions made.
· Geochemistry and geological logging have been used to assist
· The effect, if any, of alternative interpretations on Mineral Resource identification of lithology and mineralisation.
estimation.
· The Project area lies within the Birimian Supergroup, a Proterozoic
· The use of geology in guiding and controlling Mineral Resource volcano-sedimentary basin located in Western Ghana. The Project area is
estimation. underlain by three forms of metamorphosed schist; mica schist, staurolite
schist and garnet schist. Several granitoids intrude the basin metasediments
· The factors affecting continuity both of grade and geology. 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.
· 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.
Dimensions · The extent and variability of the Mineral Resource expressed as length · The Project Mineral Resource area extends over a north-south strike
(along strike or otherwise), plan width, and depth below surface to the upper length of 4,390m (from 577,380mN - 581,770mN), and includes the 360m vertical
and lower limits of the Mineral Resource. interval from 80mRL to -280mRL.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied and · Using parameters derived from modelled variograms, Ordinary Kriging
key assumptions, including treatment of extreme grade values, domaining, ("OK") was used to estimate average block grades in three passes using Surpac
interpolation parameters and maximum distance of extrapolation from data software. Linear grade estimation was deemed suitable for the Cape Coast
points. If a computer assisted estimation method was chosen include a Mineral Resource due to the geological control on mineralisation. The
description of computer software and parameters used. 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
· The availability of check estimates, previous estimates and/or mine Resource.
production records and whether the Mineral Resource estimate takes appropriate
account of such data. · It is assumed that there are no by-products or deleterious elements as
shown by metallurgical test work.
· The assumptions made regarding recovery of by-products.
· Li(2)O (%), Fe Factored (%), K (%), Mn (%), Na (%) and Ti (ppm) were
· Estimation of deleterious elements or other non-grade variables of interpolated into the block model, and subsequently converted to their
economic significance (eg sulphur for acid mine drainage characterisation). respective oxide values.
· In the case of block model interpolation, the block size in relation to · A Surpac block model was created to encompass the extents of the known
the average sample spacing and the search employed. mineralisation, including an additional block model for the Asan prospect. The
block model was rotated on a bearing of 30°, with block dimensions of 10m NS
· Any assumptions behind modelling of selective mining units. 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
· Any assumptions about correlation between variables. Neighbourhood Analysis and also in consideration of two predominant
mineralisation orientations of 30° and 100 to 120°.
· Description of how the geological interpretation was used to control the
resource estimates. · An orientated 'ellipsoid' search was used to select data and adjusted to
account for the variations in lode orientations, however all other parameters
· Discussion of basis for using or not using grade cutting or capping. 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,
· The process of validation, the checking process used, the comparison of with a minimum of 8 samples. For the second pass, the range was extended to
model data to drill hole data, and use of reconciliation data if available. 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. It is
evident that Li(2)O has little correlation with any of the other elements
presented in the table. There is a strong correlation between iron and
titanium.
· The mineralisation was constrained by pegmatite geology wireframes and
internal lithium bearing mineralisation wireframes prepared using a nominal
0.4% Li(2)O 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 northing and elevation and a nearest
neighbour check estimate. Validation plots showed good correlation between
the composite grades and the block model grades.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Tonnages and grades were estimated on a dry in situ basis.
moisture, and the method of determination of the moisture content.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters applied. · The Statement of Mineral Resources has been constrained by the
mineralisation solids and reported above a cut-off grade of 0.5% Li(2)O.
Whittle optimisations demonstrate reasonable prospects for eventual economic
extraction. Preliminary metallurgical test work indicates that there are four
main geometallurgical domains; weathered and fresh coarse grained spodumene
bearing pegmatite (P1); and weathered and fresh medium grained spodumene
bearing pegmatite (P2). From test work completed to date at a 6.3mm crush, the
P1 material produces a 6% Li(2)O concentrate at approximately 70 to 85%
recovery (average 75% recovery), whilst P2 material produces 5.5 to 6% Li(2)O
concentrate at approximately 35 to 65% recovery (average 47% recovery).
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Ashmore has assumed that the deposit could be mined using open pit mining
dimensions and internal (or, if applicable, external) mining dilution. It is techniques.
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the · A high level Whittle optimisation of the Mineral Resource supports this
assumptions made regarding mining methods and parameters when estimating view.
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.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical · Scoping and PFS level metallurgical test work has been conducted on the
amenability. It is always necessary as part of the process of determining Ewoyaa material types. Test work indicates that there are four main
reasonable prospects for eventual economic extraction to consider potential geometallurgical material types in occurrence at the Project, with their
metallurgical methods, but the assumptions regarding metallurgical treatment relative abundances, concentrate grades and recoveries shown below, including
processes and parameters made when reporting Mineral Resources may not always a 4% discount factor for bench scale to mine scale efficiencies.
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
Weathered
Geomet Tonnage Li(2)O Rec Conc.
Mt % % Li(2)O (%)
P1 2.1 1.12 68 6.0
P2 0.2 1.03 50 6.0
Total 2.3 1.11
Primary
Geomet Tonnage Li(2)O Rec Conc.
Mt % % Li(2)O (%)
P1 31.1 1.27 70 6.0
P2 3.5 1.06 50 5.5
Total 34.5 1.25
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue disposal · No assumptions have been made regarding environmental factors. The
options. It is always necessary as part of the process of determining Company will work to mitigate environmental impacts as a result of any future
reasonable prospects for eventual economic extraction to consider the mining or mineral processing.
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.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Bulk density measurements were completed on selected intervals of
assumptions. If determined, the method used, whether wet or dry, the frequency diamond core drilled at the deposit. The measurements were conducted at the
of the measurements, the nature, size and representativeness of the samples. Cape Coast core processing facility using the water immersion/Archimedes
method. The weathered samples were coated in paraffin wax to account for
· The bulk density for bulk material must have been measured by methods porosity of the weathered samples.
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit. · A total of 14,046 measurements were conducted on the Cape Coast
mineralisation, with samples obtained from oxide, transitional and fresh
· Discuss assumptions for bulk density estimates used in the evaluation material.
process of the different materials.
· Bulk densities ranging between 1.7t/m(3) and 2.78t/m(3) were assigned
in the block model dependent on lithology, mineralisation and weathering.
Classification · The basis for the classification of the Mineral Resources into varying · The Mineral Resource estimate is reported here in compliance with the
confidence categories. 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' by the Joint Ore Reserves Committee
· Whether appropriate account has been taken of all relevant factors (ie (JORC). The Cape Coast Mineral Resource was classified as Measured,
relative confidence in tonnage/grade estimations, reliability of input data, Indicated and Inferred Mineral Resource based on data quality, sample spacing,
confidence in continuity of geology and metal values, quality, quantity and and lode continuity. The Measured Mineral Resource was confined to fresh rock
distribution of the data). within areas drilled at 20m by 15m along with robust continuity of geology and
Li(2)O grade. The Indicated Mineral Resource was defined within areas of close
· Whether the result appropriately reflects the Competent Person's view spaced drilling of less than 40m by 40m, and where the continuity and
of the deposit. 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.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The geometry and continuity have been adequately interpreted to
level in the Mineral Resource estimate using an approach or procedure deemed reflect the applied level of Measured, Indicated and Inferred Mineral
appropriate by the Competent Person. For example, the application of Resource. The data quality is good, and the drill holes have detailed logs
statistical or geostatistical procedures to quantify the relative accuracy of produced by qualified geologists. A recognised laboratory has been used for
the resource within stated confidence limits, or, if such an approach is not all analyses.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · The Mineral Resource statement relates to global estimates of tonnes
and grade.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be · No historical mining has occurred; therefore, reconciliation could not
relevant to technical and economic evaluation. Documentation should include be conducted.
assumptions made and the procedures used.
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available.
Environmental factors or assumptions
· 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.
· No assumptions have been made regarding environmental factors. The
Company will work to mitigate environmental impacts as a result of any future
mining or mineral processing.
Bulk density
· 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.
· 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/m(3) and 2.78t/m(3) were assigned
in the block model dependent on lithology, mineralisation and weathering.
Classification
· 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.
· 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 Cape Coast Mineral Resource was classified as Measured,
Indicated and Inferred Mineral Resource based on data quality, sample spacing,
and lode continuity. The Measured Mineral Resource was confined to fresh rock
within areas drilled at 20m by 15m along with robust continuity of geology and
Li(2)O 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.
Audits or reviews
· The results of any audits or reviews of Mineral Resource estimates.
· Internal audits have been completed by Ashmore which verified the
technical inputs, methodology, parameters and results of the estimate.
Discussion of relative accuracy/ confidence
· 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.
· 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.
APPENDIX 3
Glossary of Terms and Abbreviations
Assay
Measure of valuable mineral content.
Block Model A
three-dimensional structure into which parameters are interpolated during the
resource estimation process.
Competent Person 'CP' Competent Person, as
defined by the JORC Code. A 'Competent Person' is a minerals industry
professional who is a Member or Fellow of The Australasian Institute of Mining
and Metallurgy, or of the Australian Institute of Geoscientists, or of a
'Recognised Professional Organisation' (RPO), as included in a list available
on the JORC and ASX websites. These organisations have enforceable
disciplinary processes including the powers to suspend or expel a member. A
Competent Person must have a minimum of five years relevant experience in the
style of mineralisation or type of deposit under consideration and in the
activity which that person is undertaking. If the Competent Person is
preparing documentation on Exploration Results, the relevant experience must
be in exploration. If the Competent Person is estimating, or supervising the
estimation of Mineral Resources, the relevant experience must be in the
estimation, assessment and evaluation of Mineral Resources. If the Competent
Person is estimating, or supervising the estimation of Ore Reserves, the
relevant experience must be in the estimation, assessment, evaluation and
economic extraction of Ore Reserves.
Core
A solid, cylindrical sample of rock typically produced by a rotating
drill bit, but sometimes cut by percussive methods.
Cut-off grade The
lowest grade of mineralised material that qualifies as ore in a given deposit;
rock of the lowest assay included in an ore estimate.
DD
Diamond core drilling.
Deposit
An occurrence of economically interesting minerals.
Dip
The angle at which a bed, stratum, or vein is inclined from the
horizontal, measured perpendicular to the strike and in the vertical plane.
DMS
Dense media separation.
Drill hole
Technically, a circular hole drilled by forces applied percussively and/or
by rotation; loosely and commonly, the name applies to a circular hole drilled
in any manner.
Drilling
The operation of making deep holes with a drill for prospecting,
exploration, or valuation.
Grade
The relative quantity or the percentage of ore-mineral or metal
content in an orebody.
Exploration
The act of investigation for the location of undiscovered mineral deposits.
HQ
Diamond drill bit and sample tube size resulting in 96mm diameter
hole and 63.5mm diameter core.
ICP-MS
Inductively Coupled Plasma-Mass Spectrometry is an analytical technique
where samples are ionised using inductively coupled plasma for analysis.
ICP-OES
Inductively Coupled Plasma-Optical Emission Spectrometry is an analytical
technique where the composition of samples is determined using plasma and
spectroscopy.
ICP90A
Laboratory analytical method for rock samples where multi-element
analysis is undertaken by sodium peroxide fusion with ICP-OES finish.
Indicated Mineral Resource That part of a Mineral
Resource for which quantity, grade (or quality), densities, shape and physical
characteristics are estimated with sufficient confidence to allow the
application of Modifying Factors in sufficient detail to support mine planning
and evaluation of the economic viability of the deposit. Geological evidence
is derived from adequately detailed and reliable exploration, sampling and
testing gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes, and is sufficient to
assume geological and grade (or quality) continuity between points of
observation where data and samples are gathered. An Indicated Mineral
Resource has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Ore Reserve.
Inferred Mineral Resource That part of a Mineral
Resource for which quantity and grade (or quality) are estimated on the basis
of limited geological evidence and sampling. Geological evidence is sufficient
to imply but not verify geological and grade (or quality) continuity. It is
based on exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes. An Inferred Mineral Resource has a lower level of
confidence than that applying to an Indicated Mineral Resource and must not be
converted to an Ore Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration.
JORC Code
The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves, 2012 Edition, Prepared by the Joint Ore Reserves Committee
of The Australasian Institute of Mining and Metallurgy, Australian Institute
of Geoscientists and Minerals Council of Australia ("JORC").
LM2 Ring Mill Rock
pulverising equipment using vibrating steel bowl containing nested steel rings
resulting where crushed rock samples are ground to 85% minus 75 micron in
minutes.
Measured Mineral Resource That part of a Mineral
Resource for which quantity, grade (or quality), densities, shape, and
physical characteristics are estimated with confidence sufficient to allow the
application of Modifying Factors to support detailed mine planning and final
evaluation of the economic viability of the deposit. Geological evidence is
derived from detailed and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes, and is sufficient to confirm geological and
grade (or quality) continuity between points of observation where data and
samples are gathered. A Measured Mineral Resource has a higher level of
confidence than that applying to either an Indicated Mineral Resource or an
Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or
under certain circumstances to a Probable Ore Reserve.
Mineral Resource A
concentration or occurrence of solid material of economic interest in or on
the Earth's crust in such form, grade (or quality), and quantity that there
are reasonable prospects for eventual economic extraction. The location,
quantity, grade (or quality), continuity and other geological characteristics
of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling. Mineral Resources are
sub-divided, in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.
Mineralisation The
process by which minerals are introduced into a rock. More generally, a term
applied to accumulations of economic or related minerals in quantities ranging
from weakly anomalous to economically recoverable.
Modifying Factors
Considerations used to convert Mineral Resources to Ore Reserves. These
include, but are not restricted to, mining, processing, metallurgical,
infrastructure, economic, marketing, legal, environmental, social and
governmental factors.
MRE
Mineral Resource Estimate
Mt
Million tonnes
Ore
The naturally occurring material from which a mineral or minerals
of economic value can be extracted profitably or to satisfy social or
political objectives. The term is generally but not always used to refer to
metalliferous material, and is often modified by the names of the valuable
constituent.
Ore Reserves Is
the economically mineable part of a Measured and/or Indicated Mineral
Resource. It includes diluting materials and allowances for losses, which may
occur when the material is mined or extracted and is defined by studies at
Pre-Feasibility or Feasibility level as appropriate that include application
of Modifying Factors. Such studies demonstrate that, at the time of reporting,
extraction could reasonably be justified.
PQ
Diamond drilling bit and sample tube size resulting in 122.6mm
diameter hole and 85mm diameter core.
PRP100
SGS sample preparation procedure where rocks are dried, crushed, pulverised
and a 100g sub-sample produced for assay.
RC
Reverse circulation
RCD
Reverse circulation with diamond tail.
RCH
Reverse circulation hydrology holes.
Riffle Splitter
Manual sample splitting device to produce representative samples from larger
sample (typically used with RC drill chip samples).
Strike
The course or bearing of the outcrop of an inclined bed, vein, or
fault plane on a level surface; the direction of a horizontal line
perpendicular to the direction of the dip.
Whittle Optimisation The Four-X
Whittle Optimisation process uses the Lerchs-Grossmann algorithm to determine
the optimal shape for an open pit in three dimensions. Based on the economic
input parameters selected it can define a pit outline that has the highest
possible total value, subject to the required pit slopes.
Wireframe
Three dimensional solids representing geological/mineralogical domains.
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