Although the time has come for lithium exploration small-cap Atlantic Lithium [ASX:A11] to showcase the goods in its final drilling results update, investors were, for the most part, relatively unmoved.
The stock has dipped slightly in the last week (1.5%), not shaping up as the best start to the new year. Though, over 2022, the lithium stock did increase its value by 12%.
Lithium has been touted as the metal that will power our future, but the question of who the major players in that story will be remains a guessing game.
For now, we visit Atlantic Lithium, which brings confirmation of new mineralised pegmatites confirmed in its final drilling for the Ewoyaa Lithium project in Ghana:
Atlantic Lithium confirms new pegmatite discoveries
A11 presented its final assay results for its resource and exploration drilling program. These results confirm near-surface mineralisation for newly defined pegmatites found within trucking distance to its present mine.
The new area covers an additional 10,052 metres for diamond core and reverse circulation drilling, already delivered across multiple high-grade drill intersections outside the Kaampakrom North, Grasscutter North, and Assan targets and defined resource areas.
Atlantic listed the highlights, which include holes at Anokyi and Grasscutter West:
The samples were prepared by Intertek of Ghana and Perth and were found to pass all QA/QC protocols.
Atlantic says it has now reported on all assay results for the whole of its 47,000-metre drilling program and draws confidence from recent findings.
Commenting on the progress, Interim CEO of Atlantic Lithium Lennard Kolff said:
‘Drilling continues to deliver high-grade drill intersections outside the current MRE [Mineral Resource Estimates].
‘This last batch of results has delivered multiple near-surface drill intersections in new pegmatites defined outside of the resource footprint at the Kaampakrom North and Grasscutter North targets including highlights of 36m at 1.23% Li2O from 42m and 20m at 1.62% Li2O from 44m.
‘Drilling has also returned high-grade, near-surface results at the Assan target approximately 3km north-east of the northern-most current pit design including highlights of 6m at 1.49% Li 2O from 66m and 6m at 1.44% Li2O from 45m, demonstrating further potential within the mineralised pegmatite swarm.’
Atlantic’s processing plant and DFS
The miner intends to chase a resource upgrade for the first quarter of 2023, which will impact its Definitive Feasibility Study (DFS), already set for completion by midyear.
Also, as announced in December, Atlantic has awarded a FEED engineering contract to Primero for its processing plant, asking its new engineers to support its project as it grows into a ‘financially and operationally robust lithium-producing mine’.
Primero will be tasked with optimising its project flow sheet and long-term profitability, identifying long lead items, exploring execution risks, and providing general support for project advancement opportunities.
‘With the Pre-Feasibility Study delivered, the Mining Licence application submitted, the FEED engineering contract awarded and the funding agreement with our partner Piedmont Lithium in place, we feel the Company is ideally positioned to benefit from the ongoing lithium demand expected over the coming years’, concluded Mr Kolff.
An incoming boom for commodities
Our resources expert and trained geologist, James Cooper, thinks the Australian resources sector is set to enter a new commodities boom brought on by the ‘Age of Scarcity’.
Similar patterns that occurred 20 years ago are happening again.
James is convinced ‘the gears are in motion for another multiyear boom in commodities’.
A boom where Australia (and ASX stocks) stands to benefit…
The next big mining boom is predicted to happen in the next few years.
You can access a recent report by James on exactly that topic AND access an exclusive video on his personalised ‘attack plan’, right here.
If that isn’t enough to sate your curiosity, we can also share with you a recent interview with James and Greg at Ausbiz at the end of last year.
For The Daily Reckoning Australia