Ongoing High-Grade Lithium Intersections at Ewoyaa

RNS Number : 4988D
Atlantic Lithium Limited
20 October 2022
 

Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, ASX: A11 "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, is pleased to announce assay results from the resource and exploration drilling programme now completed at the Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, West Africa .

HIGHLIGHTS:

Ø Assay results reported for 1,879m of infill diamond drilling ("DD") and 3,488m of infill and exploration reverse circulation ("RC") drilling completed at the Ewoyaa Main, Grasscutter East and Anokyi targets, part of the now completed resource evaluation and exploration RC and DD programme.

Ø Newly reported drilling results fall both within and outside the currently defined 30.1Mt @ 1.26% Li2O Ewoyaa JORC (2012) Compliant Mineral Resource Estimate ("MRE" or the "Resource"); providing further confidence in Resource conversion and extending mineralisation downdip at the Ewoyaa Main and Grasscutter East deposits.

Ø Broad, high-grade infill drill intersections within the current MRE, reported at the Ewoyaa Main deposit, including highlights of:

GDD0073: 84.5m at 1.63% Li2O from 6m

GRC0690: 89m at 1.52% Li2O from 9m

GDD0071: 90.5m at 1.48% Li2O from 0m

GDD0070: 77.5m at 1.5% Li2O from 13m

GDD0069: 71.5m at 1.49% Li2O from 25m

GRC0686: 62m at 1.29% Li2O from 32m

GDD0077: 50m at 1.51% Li2O from 40m

GDD0074: 63.3m at 1.1% Li2O from 27m

GDD0075: 44.6m at 1.56% Li2O from 37m

GDD0078: 47.3m at 1.4% Li2O from 43.2m

GRC0677: 50m at 1.25% Li2O from 33m

GDD0079: 55m at 1% Li2O from 23m

GRC0669: 59m at 0.95% Li2O from 113m

 

Ø Broad, high-grade exploration drill intersections outside of the current MRE, reported at the Ewoyaa Main and Grasscutter East deposits, including highlights of:

GRC0688A: 67m at 1.51% Li2O from 235m at Grasscutter East

GRC0680: 28m at 1.27% Li2O from 116m

GRC0676: 20m at 0.75% Li2O from 142m

GRC0684: 8m at 1.43% Li2O from 96m

GRC0675: 7m at 1.53% Li2O from 187m

GRC0684: 9m at 1.12% Li2O from 154m  

Ø Completion of the planned 37,000m RC and DD drilling programme, which was increased by an additional 10,000m for a total of 47,000m with approximately 15,000m of assay results reported to date.

Ø Recently announced Pre-Feasibility Study (refer RNS of 22 September 2022) delivers exceptional financial outcomes for a 2Mtpa operation, producing an average c. 255,000tpa of 6% Li2O spodumene concentrate ("SC6") over a 12.5-year operation:

LOM revenues exceeding US$4.84bn, Post-tax NPV8 of US$1.33bn, IRR of 224% over 12.5 years

US$125m capital cost with industry-leading payback period of <5 months

C1 cash operating costs of US$278 per tonne of 6% lithium spodumene concentrate Free on Board ("FOB") Ghana Port, after by-product credits

Average Life of Mine ("LOM") EBITDA of US$248m per annum

18.9Mt at 1.24% Li2O Maiden Ore Reserve

Average annualised US$1,359/dry metric tonne SC6 pricing used

Ø Significant potential for resource upgrades and exploration upside; project metrics substantially improve with increased LOM beyond 12.5 years.

Commenting on the Company's latest progress, Lennard Kolff, Interim Chief Executive Officer of Atlantic Lithium, said:

"We are delighted to report the completion of the planned 37,000m resource evaluation and exploration drilling programme at Ewoyaa, with approximately 15,000m of assays reported to date. The programme was increased by an additional 10,000m, to a total of 47,000m, which included detailed geotechnical, metallurgical, hydrogeological, resource and exploration drilling.

"The latest infill drilling results from within the current Resource at the Ewoyaa Main deposit have returned multiple high-grade pegmatite intervals over 1.5% Li2O and over 80m long, providing further confidence in Resource to Reserve conversion and the Pre-Feasibility design.

"Additionally, we have announced positive exploration drilling results from outside of the current Resource, including 67m at 1.51% Li2O at the Grasscutter East deposit and 28m at 1.27% Li2O at the Ewoyaa Main deposit. These results reaffirm our belief that the current Resource demonstrates significant growth potential, which we hope to unlock.

"We anticipate further news flow regarding the awaited drill results going into the end of the year and are targeting a Resource upgrade at the end of 2022 or early 2023, dependent on lab turn-around time. The increased Resource estimate will inform a Definitive Feasibility Study update, targeted for completion in mid-2023.

" W ith the Pre-Feasibility Study now delivered, the Mining Licence application submitted, ongoing positive drilling results and with the support of our funding agreement with Piedmont Lithium, we feel the Company is ideally positioned to benefit from the unprecedented levels of lithium demand that are expected over the coming years."

 

Additional Drilling Results from Ewoyaa Main and Grasscutter North Target

Further assay results have been received for an additional 5,367m of DD and RC drilling from the recently completed resource evaluation and exploration drill programme at the Ewoyaa Project. Multiple high-grade and broad infill 'Measured' drill intersections are reported within the Ewoyaa Main deposit, which falls within the currently defined 30.1Mt @ 1.26% Li2O MRE (refer Table 1, Appendix 1 and Appendix 2). Additionally, multiple drill intersections are reported for exploration drilling results outside of the currently defined Resource (refer Table 2, Appendix 1 and Appendix 2).

The planned 37,000m drilling programme was increased by a further 10,000m which included additional metallurgical, geotechnical, hydrogeological, resource and exploration drilling due to further extensions beyond the initial plan, additional planned mine infrastructure and to achieve sample volumes of various material types for further metallurgical test-work. The programme has now been completed with a total of approximately 15,000m of assay results reported to date, of which 5,367m reported herewith.

Table 1: High-grade infill drill intersection highlights at greater than 20 Li x m, reported at a 0.4% Li2O cut-off and maximum of 4m of internal dilution at the Ewoyaa Main deposit.

Hole ID

Target

From m

To m

Interval m

Hole depth m

assay Li2O %

Intersection

Comment

metal content

Li x m

GDD0073

MEA

6.00

90.50

84.50

90.50

1.62

GDD0073: 84.5m at 1.63% Li2O from 6m


136.91

GRC0690

MEA

9.00

98.00

89.00

100.00

1.51

GRC0690: 89m at 1.52% Li2O from 9m


134.53

GDD0071

MEA

0.00

90.50

90.50

90.50

1.48

GDD0071: 90.5m at 1.48% Li2O from 0m


133.94

GDD0070

MEA

13.00

90.50

77.50

90.50

1.50

GDD0070: 77.5m at 1.5% Li2O from 13m


116.25

GDD0069

MEA

25.00

96.50

71.50

96.50

1.49

GDD0069: 71.5m at 1.49% Li2Ofrom 25m


106.45

GRC0686

MEA

32.00

94.00

62.00

100.00

1.29

GRC0686: 62m at 1.29% Li2O from 32m


79.94

GDD0077

MEA

40.00

90.00

50.00

90.00

1.51

GDD0077: 50m at 1.51% Li2O from 40m


75.50

GDD0074

MEA

27.00

90.30

63.30

90.30

1.10

GDD0074: 63.3m at 1.1% Li2O from 27m


69.63

GDD0075

MEA

37.00

81.60

44.60

90.60

1.56

GDD0075: 44.6m at 1.56% Li2O from 37m


69.40

GDD0078

MEA

43.20

90.50

47.30

90.50

1.40

GDD0078: 47.3m at 1.4% Li2O from 43.2m


66.06

GRC0677

MEA

33.00

83.00

50.00

100.00

1.25

GRC0677: 50m at 1.25% Li2O from 33m


62.41

GDD0079

MEA

23

78

55

90.30

1.00

GDD0079: 55m at 1% Li2O from 23m


55.00

GDD0072A

MEA

4.4

32

27.6

90.80

1.40

GDD0072A: 27.6m at 1.41% Li2O from 4.4m

weathered pegmatite

38.67

GDD0083

MEA

26

64.1

38.1

90.40

0.97

GDD0083: 38.1m at 0.97% Li2O from 26m


36.96

GDD0072A

MEA

45

76.5

31.5

90.80

1.12

GDD0072A: 31.5m at 1.12% Li2O from 45m


35.18

GDD0068

MEA

34.30

57.00

22.70

104.40

1.50

GDD0068: 22.7m at 1.5% Li2O from 34.3m


34.04

GDD0082

MEA

30

53.9

23.9

90.10

1.01

GDD0082: 23.9m at 1.01% Li2O from 30m


24.12

GDD0087

MEA

42

65

23

90.70

0.99

GDD0087: 23m at 1% Li2O from 42m


22.79

 

Table 2: High-grade exploration drill intersection highlights at greater than 10 Li x m, reported at a 0.4% Li2O cut-off and maximum of 4m of internal dilution at the Ewoyaa Main and Grasscutter East deposits.

Hole ID

Target

From m

To m

Interval m

Hole depth m

assay Li2O %

Intersection

Comment

metal content

Li x m

GRC0688A

EXPL

235.00

302.00

67.00

352.00

1.51

GRC0688A: 67m at 1.51% Li2O from 235m


100.92

GRC0680

EXPL

116.00

144.00

28.00

200.00

1.26

GRC0680: 28m at 1.27% Li2O from 116m


35.30

GRC0676

EXPL

142.00

162.00

20.00

206.00

0.75

GRC0676: 20m at 0.75% Li2O from 142m


15.00

GRC0684

EXPL

96.00

104.00

8.00

224.00

1.43

GRC0684: 8m at 1.43% Li2O from 96m


11.42

GRC0675

EXPL

187.00

194.00

7.00

227.00

1.53

GRC0675: 7m at 1.53% Li2O from 187m


10.69

GRC0684

EXPL

154.00

163.00

9.00

224.00

1.12

GRC0684: 9m at 1.12% Li2O from 154m


10.08

Resource infill drilling results received to date at the Ewoyaa Main deposit have confirmed mineralisation continuity and ability to convert from Inferred and Indicated resources to Measured resources on a nominal 20m x 20m grid. High grades over broad intervals were reported from near surface within the proposed starter pit zone of the Ewoyaa Main deposit, including highlights of 84.5m at 1.63% Li2O from 6m, 89m at 1.52% Li2O from 9m and 90.5m at 1.48% Li2O from surface (refer Figure 1, Figure 2 and Figure 3).

Exploration drilling results outside of the currently defined 30.1Mt at 1.26% Li2O Resource continue to demonstrate further resource scale potential at the Ewoyaa Project, where drilling has returned highlights of 67m at 1.51% Li2O from 235m at the Grasscutter East deposit and 28m at 1.27% Li2O from 116m, 20m at 0.75% Li2O from 142m and 8m at 1.43% Li2O from 96m at the Ewoyaa Main deposit (refer Figure 1, Figure 4 and Figure 5).

Sample preparation was completed by Intertek Ghana and assay by Intertek Perth with all reported results passing QA/QC protocols, providing confidence in reported results.

 

A map of a city Description automatically generated with medium confidence

Figure 1: Location of reported assay results with highlight drill intersections for Measured holes and Exploration holes (inclusive holes highlighted individually outside of Ewoyaa Main).

 

A picture containing map Description automatically generated

Figure 2: Location of reported assay results and hole IDs with highlight drill intersections within the Ewoyaa Main deposit.

 

A picture containing diagram Description automatically generated

Figure 3: Cross-section A-A' showing assay results received for infill holes GRC0686 and GRC0690 and GDD 0070, at the Ewoyaa Main deposit.

 

 

 

Diagram Description automatically generated

Figure 4: Cross-section B-B' assay results received for exploration hole GRC0680, at the Ewoyaa Main deposit.

 

Diagram Description automatically generated with low confidence

Figure 5: Cross-section C-C' assay results received for exploration hole GRC0688A, at Grasscutter East deposit.

 

 

 

Competent Persons

 

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff 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'. 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.

 

The reported Ore Reserves have been compiled by Mr Harry Warries.  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.

 

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

Lennard Kolff (Interim CEO)

Amanda Harsas (Finance Director and Company Secretary)

www.atlanticlithium.com.au

Tel:  +61 2 8072 0640

 

 

atlantic@yellowjerseypr.com

 


SP Angel Corporate Finance LLP

Nominated Adviser

Jeff Keating

Charlie Bouverat

Tel: +44 (0)20 3470 0470

 

Canaccord Genuity Limited

Joint Company Broker

Raj Khatri

James Asensio

Harry Rees

 

Tel: +44 (0) 20 7523 4500

 

 

Liberum Capital Limited

Joint Company Broker

Scott Mathieson

Edward Thomas

Kane Collings

 

Tel: +44 (0) 20 3100 2000 

 

 


Yellow Jersey PR Limited

Henry Wilkinson

Dominic Barretto

James Lingfield

Tel: +44 (0)20 3004 9512

 

 

Notes to Editors:

 

About Atlantic Lithium

www.atlanticlithium.com.au

 

Atlantic Lithium (formerly "IronRidge Resources") is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d'Ivoire through to production.

 

The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet.

 

Atlantic Lithium holds 560km2 & 774km2 of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.

 

Appendix 1 - New drill intersections reported in hole ID order, reported at a 0.4% Li2O cut-off and maximum 4m of internal dilution.

Hole ID

Target type

From m

To m

Interval m

Hole depth m

Assay Li2O %

Intersection

Comment

metal content Li x m

GDD0068

MEA

34.30

57.00

22.70

104.40

1.50

GDD0068: 22.7m at 1.5% Li2O from 34.3m


34.04

GDD0068

MEA

61.60

64.00

2.40

104.40

0.65

GDD0068: 2.4m at 0.65% Li2O from 61.6m


1.56

GDD0068

MEA

80.10

82.00

1.90

104.40

0.50

GDD0068: 1.9m at 0.51% Li2O from 80.1m


0.96

GDD0068

MEA

88.50

97.00

8.50

104.40

0.93

GDD0068: 8.5m at 0.93% Li2O from 88.5m


7.89

GDD0069

MEA

25.00

96.50

71.50

96.50

1.49

GDD0069: 71.5m at 1.49% Li2O from 25m


106.45

GDD0070

MEA

7.00

8.00

1.00

90.50

1.21

GDD0070: 1m at 1.21% Li2O from 7m

weathered pegmatite

1.21

GDD0070

MEA

13.00

90.50

77.50

90.50

1.50

GDD0070: 77.5m at 1.5% Li2O from 13m


116.25

GDD0071

MEA

0.00

90.50

90.50

90.50

1.48

GDD0071: 90.5m at 1.48% Li2O from 0m


133.94

GDD0072A

MEA

4.4

32

27.6

90.80

1.40

GDD0072A: 27.6m at 1.41% Li2O from 4.4m

weathered pegmatite

38.67

GDD0072A

MEA

45

76.5

31.5

90.80

1.12

GDD0072A: 31.5m at 1.12% Li2O from 45m


35.18

GDD0072A

MEA

81.5

82.8

1.3

90.80

0.44

GDD0072A: 1.3m at 0.44% Li2O from 81.5m


0.57

GDD0073

MEA

6.00

90.50

84.50

90.50

1.62

GDD0073: 84.5m at 1.63% Li2O from 6m


136.91

GDD0074

MEA

27.00

90.30

63.30

90.30

1.10

GDD0074: 63.3m at 1.1% Li2O from 27m


69.63

GDD0075

MEA

37.00

81.60

44.60

90.60

1.56

GDD0075: 44.6m at 1.56% Li2O from 37m


69.40

GDD0075

MEA

85.20

86.00

0.80

90.60

0.62

GDD0075: 0.8m at 0.62% Li2O from 85.2m


0.50

GDD0076

MEA

0.00

4.00

4.00

90.80

0.42

GDD0076: 4m at 0.42% Li2O from 0m

weathered pegmatite

1.68

GDD0076

MEA

11.50

32.50

21.00

90.80

0.79

GDD0076: 21m at 0.79% Li2O from 11.5m

weathered pegmatite

16.59

GDD0077

MEA

40.00

90.00

50.00

90.00

1.51

GDD0077: 50m at 1.51% Li2O from 40m


75.50

GDD0078

MEA

34.00

38.00

4.00

90.50

0.58

GDD0078: 4m at 0.58% Li2O from 34m

weathered pegmatite

2.32

GDD0078

MEA

43.20

90.50

47.30

90.50

1.40

GDD0078: 47.3m at 1.4% Li2O from 43.2m


66.06

GDD0079

MEA

23

78

55

90.30

1.00

GDD0079: 55m at 1% Li2O from 23m


55.00

GDD0080

MEA

1.9

10.4

8.5

50.20


no significant intersections

weathered pegmatite


GDD0080

MEA

21.8

24.1

2.3

50.20


no significant intersections

weathered pegmatite


GDD0081

MEA

1.6

29.2

27.6

90.30


no significant intersections

weathered pegmatite


GDD0081

MEA

35.9

36.6

0.7

90.30


no significant intersections



GDD0081

MEA

39.7

40.8

1.1

90.30


no significant intersections



GDD0081

MEA

48.95

49.7

0.75

90.30


no significant intersections



GDD0081

MEA

53.1

53.54

0.44

90.30


no significant intersections



GDD0081

MEA

53.9

54.3

0.4

90.30


no significant intersections



GDD0081

MEA

55

55.3

0.3

90.30


no significant intersections



GDD0081

MEA

62.7

63

0.3

90.30


no significant intersections



GDD0082

MEA

16.5

17

0.5

90.10

0.45

GDD0082: 0.5m at 0.45% Li2O from 16.5m

weathered pegmatite

0.23

GDD0082

MEA

30

53.9

23.9

90.10

1.01

GDD0082: 23.9m at 1.01% Li2O from 30m


24.12

GDD0083

MEA

26

64.1

38.1

90.40

0.97

GDD0083: 38.1m at 0.97% Li2O from 26m


36.96

GDD0084

MEA

25

27.5

2.5

90.20

0.55

GDD0084: 2.5m at 0.55% Li2O from 25m

weathered pegmatite

1.37

GDD0085

MEA

13.8

16

2.2

90.30

0.66

GDD0085: 2.2m at 0.67% Li2O from 13.8m

weathered pegmatite

1.46

GDD0085

MEA

22.4

22.7

0.3

90.30

0.86

GDD0085: 0.3m at 0.86% Li2O from 22.4m

weathered pegmatite

0.26

GDD0085

MEA

26

27

1

90.30

0.57

GDD0085: 1m at 0.57% Li2O from 26m

weathered pegmatite

0.57

GDD0085

MEA

35.6

40.5

4.9

90.30

1.25

GDD0085: 4.9m at 1.26% Li2O from 35.6m


6.13

GDD0086

MEA

19

20

1

90.80

0.48

GDD0086: 1m at 0.48% Li2O from 19m

weathered pegmatite

0.48

GDD0086

MEA

30

57.6

27.6

90.80

0.72

GDD0086: 27.6m at 0.72% Li2O from 30m


19.87

GDD0087

MEA

33.4

35.7

2.3

90.70

1.00

GDD0087: 2.3m at 1.01% Li2O from 33.4m

weathered pegmatite

2.31

GDD0087

MEA

42

65

23

90.70

0.99

GDD0087: 23m at 1% Li2O from 42m


22.79

GDD0088

MEA

37.7

56.2

18.5

90.20

0.81

GDD0088: 18.5m at 0.82% Li2O from 37.7m


15.03

GRC0673

EXPL

206.00

226.00

20.00

255.00


no significant intersections



GRC0673

EXPL

228.00

235.00

7.00

255.00


no significant intersections



GRC0674

EXPL

187.00

188.00

1.00

270.00

0.67

GRC0674: 1m at 0.68% Li2O from 187m


0.67

GRC0674

EXPL

192.00

193.00

1.00

270.00

0.88

GRC0674: 1m at 0.89% Li2O from 192m


0.88

GRC0675

EXPL

155.00

156.00

1.00

227.00

0.57

GRC0675: 1m at 0.57% Li2O from 155m


0.57

GRC0675

EXPL

169.00

170.00

1.00

227.00

0.59

GRC0675: 1m at 0.59% Li2O from 169m


0.59

GRC0675

EXPL

177.00

180.00

3.00

227.00

0.86

GRC0675: 3m at 0.87% Li2O from 177m


2.58

GRC0675

EXPL

187.00

194.00

7.00

227.00

1.53

GRC0675: 7m at 1.53% Li2O from 187m


10.69

GRC0676

EXPL

132.00

134.00

2.00

206.00

0.51

GRC0676: 2m at 0.51% Li2O from 132m


1.02

GRC0676

EXPL

142.00

162.00

20.00

206.00

0.75

GRC0676: 20m at 0.75% Li2O from 142m


15.00

GRC0677

MEA

33.00

83.00

50.00

100.00

1.25

GRC0677: 50m at 1.25% Li2O from 33m


62.41

GRC0677

MEA

88.00

89.00

1.00

100.00

0.61

GRC0677: 1m at 0.62% Li2O from 88m


0.61

GRC0678A

EXPL

157.00

159.00

2.00

200.00

0.88

GRC0678A: 2m at 0.89% Li2O from 157m


1.77

GRC0679

MEA

6.00

7.00

1.00

90.00

1.36

GRC0679: 1m at 1.37% Li2O from 6m

weathered pegmatite

1.36

GRC0679

MEA

21.00

26.00

5.00

90.00

0.49

GRC0679: 5m at 0.49% Li2O from 21m

weathered pegmatite

2.45

GRC0679

MEA

47.00

59.00

12.00

90.00

0.67

GRC0679: 12m at 0.67% Li2O from 47m


8.02

GRC0679

MEA

63.00

65.00

2.00

90.00

0.51

GRC0679: 2m at 0.51% Li2O from 63m


1.01

GRC0679

MEA

84.00

87.00

3.00

90.00

0.68

GRC0679: 3m at 0.69% Li2O from 84m


2.05

GRC0680

EXPL

116.00

144.00

28.00

200.00

1.26

GRC0680: 28m at 1.27% Li2O from 116m


35.30

GRC0681

EXPL

67.00

73.00

6.00

153.00

0.44

GRC0681: 6m at 0.45% Li2O from 67m


2.66

GRC0681

EXPL

127.00

128.00

1.00

153.00

1.37

GRC0681: 1m at 1.38% Li2O from 127m


1.37

GRC0682

IND

81.00

99.00

18.00

160.00

1.21

GRC0682: 18m at 1.22% Li2O from 81m


21.86

GRC0683

IND

43.00

47.00

4.00

200.00

0.58

GRC0683: 4m at 0.58% Li2O from 43m


2.31

GRC0683

IND

79.00

98.00

19.00

200.00

1.03

GRC0683: 19m at 1.03% Li2O from 79m


19.51

GRC0684

EXPL

96.00

104.00

8.00

224.00

1.43

GRC0684: 8m at 1.43% Li2O from 96m


11.42

GRC0684

EXPL

154.00

163.00

9.00

224.00

1.12

GRC0684: 9m at 1.12% Li2O from 154m


10.08

GRC0685

MEA

6.00

11.00

5.00

90.00


no significant intersections

weathered pegmatite


GRC0685

MEA

29.00

33.00

4.00

90.00


no significant intersections

weathered pegmatite


GRC0685

MEA

46.00

48.00

2.00

90.00


no significant intersections

weathered pegmatite


GRC0685

MEA

51.00

52.00

1.00

90.00


no significant intersections

weathered pegmatite


GRC0685

MEA

54.00

56.00

2.00

90.00


no significant intersections

weathered pegmatite


GRC0686

MEA

32.00

94.00

62.00

100.00

1.29

GRC0686: 62m at 1.29% Li2O from 32m


79.94

GRC0686

MEA

99.00

100.00

1.00

100.00

0.68

GRC0686: 1m at 0.68% Li2O from 99m


0.68

GRC0687

EXPL

168.00

169.00

1.00

230.00


no significant intersections



GRC0687

EXPL

177.00

184.00

7.00

230.00


no significant intersections



GRC0687

EXPL

185.00

189.00

4.00

230.00


no significant intersections



GRC0687

EXPL

195.00

196.00

1.00

230.00


no significant intersections



GRC0688A

EXPL

235.00

302.00

67.00

352.00

1.51

GRC0688A: 67m at 1.51% Li2O from 235m


100.92

GRC0689

IND

128.00

133.00

5.00

159.00

1.40

GRC0689: 5m at 1.41% Li2O from 128m


7.01

GRC0690

MEA

9.00

98.00

89.00

100.00

1.51

GRC0690: 89m at 1.52% Li2O from 9m


134.53

GRC0691

IND

146.00

152.00

6.00

172.00


no significant intersections



 

 

Appendix 2 - Newly reported drill collar locations (MEA = Measured, IND = Indicated, EXPL = Exploration)

Hole_ID

Target type

Hole depth_m

Eastings

Northings

 Elevation

Dip

Hole Azimuth

GDD0068

MEA

104.40

715527

578993

60.76

-50

305

GDD0069

MEA

96.50

715559

579002

60.56

-50

305

GDD0070

MEA

90.50

715560

579030

61.00

-50

305

GDD0071

MEA

90.50

715551

579062

58.61

-50

305

GDD0072A

MEA

90.80

715582

579080

52.28

-50

305

GDD0073

MEA

90.50

715582

579080

52.28

-50

305

GDD0074

MEA

90.30

715610

579120

41.83

-50

305

GDD0075

MEA

90.60

715629

579167

37.34

-50

305

GDD0076

MEA

90.80

715552

579096

48.37

-50

305

GDD0077

MEA

90.00

715644

579216

32.83

-50

305

GDD0078

MEA

90.50

715669

579231

24.09

-50

305

GDD0079

MEA

90.30

715660

579476

16.80

-50

305

GDD0080

MEA

50.20

715611

579484

17.41

-50

305

GDD0081

MEA

90.30

715631

579503

40.00

-50

305

GDD0082

MEA

90.10

715635

579407

32.00

-50

305

GDD0083

MEA

90.40

715673

579524

32.00

-50

305

GDD0084

MEA

90.20

715645

579545

35.00

-50

305

GDD0085

MEA

90.30

715646

579523

34.00

-50

305

GDD0086

MEA

90.80

715643

579461

33.00

-50

305

GDD0087

MEA

90.70

715610

579149

40.33

-50

305

GDD0088

MEA

90.20

715593

579130

43.77

-50

305

GRC0673

EXPL

255.00

715832

579588

25.09

-50

305

GRC0674

EXPL

270.00

715757

579167

21.52

-50

305

GRC0675

EXPL

227.00

715701

579147

26.24

-65

305

GRC0676

EXPL

206.00

715668

579107

34.42

-65

305

GRC0677

MEA

100.00

715546

578981

59.80

-50

305

GRC0678A

EXPL

200.00

715611

578963

57.28

-50

305

GRC0679

MEA

90.00

715494

579014

55.73

-50

305

GRC0680

EXPL

200.00

715662

579051

45.48

-50

305

GRC0681

EXPL

153.00

715474

578818

33.78

-50

305

GRC0682

IND

160.00

715658

579350

16.21

-60

305

GRC0683

IND

200.00

715640

579316

16.61

-60

305

GRC0684

EXPL

224.00

715745

579364

15.97

-65

305

GRC0685

MEA

90.00

715477

579025

50.03

-50

305

GRC0686

MEA

100.00

715591

579007

59.54

-50

305

GRC0687

EXPL

230.00

715663

579051

45.15

-65

305

GRC0688A

EXPL

352.00

716660

580150

28.19

-50

140

GRC0689

IND

159.00

716399

578804

23.07

-50

180

GRC0690

MEA

100.00

715577

579021

59.43

-50

305

GRC0691

IND

172.00

716398

578806

22.76

-65

180

 

 

 

'JORC Code 2012 Table 1' Section 1 Sampling Techniques and Data

The following extract from the JORC Code 2012 Table 1 is provided for compliance with the Code requirements for the reporting of Exploration Results.

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 programmes 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.

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).

 

 

· Five 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 programmes used a 5.25-inch hammers while Phase 3 and 5 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 programme. Drill sample recovery and quality is adequate for the drilling technique employed.

· The DD twin programme 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 pulps were submitted for analysis by Sodium peroxide fusion (Nickel crucibles) and Hydrochloric acid to dissolve the melt. Analysed by Inductively Coupled Plasma Mass Spectrometry (FP6MS) / Inductively Coupled Plasma Optical (Atomic) Emission Spectrometry (FP6/OE). The analytical suite consisted of Al, B, Ba, Be, Ca, Cs, Fe, K, Li, Mg, Mn, Nb, P, Rb, S, Si, Sn, Sr, Ta and Ti.

· 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.

· 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.

· ALL'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 programmes 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 5 programmes 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 programmes. 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. 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 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 programmes.

· 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 programme, 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.

 

 ~end~

 

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