The Atlantic Lithium Ltd (LON: ALL) share price fell 18.8% after announcing the drilling and assay results from the resource and exploration drilling programme underway at the Ewoyaa Lithium Project in Ghana, West Africa.
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The company noted that it had received additional assay results covering 5,444m of infill and exploration reverse circulation (RC) drilling completed at Ewoyaa as part of a broader 18,500m 2023 planned drilling programme.
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The infill mineralisation at the Ewoyaa South-2 deposit from the newly reported assay results is part of the 35.3 Mt @ 1.25% Li2O Ewoyaa Mineral Resource Estimate (MRE). It extends the mineralisation to a depth outside the current Ewoyaa North-East deposit resource.
The company encountered multiple high-grade drill intersections reported as downhole intercepts, with estimated true widths in the intersections table. Some of the results were 23m at 1.75% Li2O from 184m from hole GRC0928, 15m at 1.3% Li2O from 68m from hole GRC0911, and 9m at 1.57% Li2O from 263m from hole GRC0927, among others.
Atlantic Lithium also announced its decision to demobilise the equipment used to complete the passive seismic survey of the central portion of the Ewoyaa Resource area instead of extending the survey.
The lithium exploration company discontinued the seismic survey to deploy all its resources to systematic drilling programmes delivering significant value to the Company.
Neil Herbert, Atlantic Lithium’s Executive Chairman, said: “We are pleased to report ongoing drilling assay results across the Ewoyaa Lithium Project, which have returned high-grade infill and extension intersections. These include some significant apparent widths and grades from relatively shallow depths.”
“Results are from the Ewoyaa South-2 deposit, where we are infill drilling to convert Inferred to Indicated Resources to provide optionality for future mine scheduling, and from the Ewoyaa North-East deposit, where mineralisation has been confirmed outside of the current Resource envelope and at depth.”
“A total of 18,500m of infill, extensional and exploration RC drilling has been planned for 2023. These programmes are intended to grow and improve the confidence of the Ewoyaa Resource, in turn, improving the economics of the Project.”
Atlantic Lithium (ALL) share price.
The Atlantic Lithium (ALL) share price fell 18.81% to trade at 15.97p, from Monday’s closing price of 19.67p.
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