The Conversation (0)
Green Technology Metals Limited (ASX: GT1) (GT1 or the Company) is pleased to provide an update from the diamond drilling activity at its flagship Seymour Lithium Project in Ontario, Canada.
HIGHLIGHTS
- Further diamond drilling assay results returned from North Aubry (Seymour Project) including:
- Hole GTDD-22-0323 intersected 17.9m and 7.7m thick pegmatites with significant intercepts:
- 6.0m @ 1.37% Li2O (from 218.9m to 225.0m); and
- 3.6m @ 2.08% Li2O (from 378.3m to 382.0m).
- Hole GTDD-22-0128 intersected 6.4m and 22.8m thick pegmatites with significant intercepts:
- 2.8m @ 1.48% Li2O (from 253.3m to 256.2m); and
- 3.4m @ 0.86% Li2O (from 322.8m to 326.3m).
- Hole GTDD-22-0320 intersected 10.7m thick pegmatite with significant intercept of:
- 10.7m @ 1.49% Li2O (from 458.1m to 468.8m).
- Intersections considerably thicker than modelled and significantly increases the mineralised volumes and grade in this targeted strike extension of North Aubry.
- Drilling at Seymour now targeting lateral extents of the Aubry Complex and testing numerous pegmatite exposures within the Pye Complex.
- Drilling at Root Project set to commence shortly with additional equipment mobilised to site.
- Root hosts known high-grade pegmatites ready for drilling and Mineral Resource Estimation.
“These intercepts significantly increase the targeted mineralised volumes in these areas of North Aubry, with the original interpretations suggesting much narrower thicknesses. Our drilling focus at Seymour now moves to testing for lateral repeats of the North Aubry deposit to the north and drilling the multiple mapped pegmatite targets across the Pye Complex. We are also gearing up for commencement of drilling at the Root Project, with known high-grade pegmatites ready for targeted resource definition drilling and Mineral Resource estimation.”
- GT1 Chief Executive Officer, Luke Cox
Further extensional intercepts at North Aubry
Diamond drilling has continued at the North Aubry deposit of GT1’s flagship Seymour Project since recommencement in June. The sustained focus of drilling at North Aubry has been further expansion of the deposit dimensions, both along strike to the north and with further down dip extensions.
Figure 1: Location map of northern area of the Seymour Project showing North and South Aubry deposits, Central Aubry zone and Pye prospect
Hole GTDD-22-0323, which stepped out 60 metres northwest of the nearest previous hole, intersected two spodumene- bearing pegmatite intervals from 217.9m and 377.9m downhole with major intercepts of:
- 6.0m @ 1.37% Li2O (from 218.9m to 225.0m); and
- 3.6m @ 2.08% Li2O (from 378.3m to 382.0m).
These intersections were thicker than modelled and increases the mineralised volumes in this targeted strike extension of the North Aubry deposit.
Hole GTDD-22-0128 was completed approximately 230m down dip of hole GTDD-22-0323 and intersected two spodumene-bearing pegmatites from 252.3m and 312.0m downhole with major intercepts of:
- 2.8m @ 1.48% Li2O (from 253.3m to 256.2m); and
- 3.4m @ 0.86% Li2O (from 322.8m to 326.3m).
Hole GTDD-22-0320, our deepest hole targeting down dip extension intersect spodumene-bearing pegmatite from 458.1m to 468.8m returning 10.7m @ 1.49 % Li2O, highlighting the orebody continues at depth with consistent grade.
Click here for the full ASX release
This article includes content from Green Technology Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
GT1:AU
Field Work Extends Liwa Creek Gold Prospect; Samples 55 g/t Gold and 379 g/t Silver in Outcrop And Discovers Significant New Gold Zone
In particular, sampling programs have returned high-grade gold and silver assays over previously discovered zones and expanded those zones. In addition, a potentially significant new zone, featuring the highest-grade soil sample yet collected, has been discovered.
Brien Lundin, Thunderstruck’s Chairman stated, “Following up on the successful results from our Rama prospect, field work continues to expand our Liwa prospect as well. In combination with our Nakoro and Wainaleka VMS discoveries, it’s becoming obvious that our Fiji properties offer tremendous potential. We are excited about continuing to advance on all fronts.”
As detailed in the Appendix, prospecting and geochemical sampling programs at Liwa Creek have resulted in the discovery of multiple gold showings over a three-km, northeast-trending structural corridor that is open in all directions.
Two distinct styles of gold mineralization have been identified at Liwa Creek: narrow northeast-trending high-grade gold plus base metal veins lacking significant wall rock alteration typified by the Jensen’s Showing; and dominantly north-south trending wide zones of gold-silver mineralized quartz-sericite-illite-pyrite altered volcanic rocks such as those occurring at the Liwa Ridge Showing and possibly the newly discovered Lower Vatuvatulevu gold target.
The two styles of mineralization exhibit characteristics of sub-epithermal gold-base metal and intermediate sulphidation epithermal gold-silver veins, respectively. The classification is significant in that both deposit styles are interpreted to have close copper porphyry deposit association, with intermediate sulphidation veins being interpreted as shallow-level counterparts of deeper gold plus base metal sub-epithermal veins located alongside porphyry copper deposits.
Juxtaposition of relatively shallow high-level intermediate sulphidation gold-silver vein system and deeper sub-epithermal high grade gold veins is interpreted to indicate overprinting of early deep copper porphyry related high grade gold veins by relatively late high-level gold-silver mineralization. The Company believes this indicates the presence of a significant and long-lived hydrothermal system at Liwa Creek.
Lawrence Roulston, Thunderstruck Director, noted, “The methodical exploration program at Liwa continues to be very effective at outlining this extensive gold system under soil cover. On-going work continues to push out the limits in prospective areas. Liwa already has a footprint in line with major gold-bearing systems. The size and the gold tenor of this system are extremely encouraging, especially in this Pacific Ring of Fire setting that hosts multiple world-class gold deposits.”
Thunderstruck is advancing toward securing joint venture partners on its VMS and porphyry targets as it focuses on this highly prospective gold zone.
About Fiji
Viti Levu, the main island of Fiji, has a long mining history. It is on the prolific Pacific Ring of Fire, a trend that has produced numerous large deposits, including Porgera, Lihir and Grasberg. The island of Viti Levu hosts Namosi, held by a joint venture between Newcrest and Mitsubishi. Newcrest published Proven and Probable Reserves for Namosi of 1.3 billion tonnes at 0.37% Cu and 0.12 g/t Au (5.2M ounces Au and 4.9M tonnes Cu). Namosi is now undergoing environmental assessment as part of the permitting process. Lion One Metals is now developing its Tuvatu Project, with Indicated Resources of 1.1 million tonnes at 8.17 g/t Au (294,000 ounces Au), and Inferred Resources of 1.3 million tonnes at 10.6 g/t Au (445,000 ounces Au). The Vatukoula Gold Mine has been operating for 80 years, producing in excess of 7 million ounces.
About Thunderstruck Resources
Thunderstruck Resources is a Canadian mineral exploration company that has assembled extensive and highly prospective properties in Fiji on which recent and previous exploration has confirmed VMS, copper and precious metals mineralization. Liwa Creek is one of four projects, each of which is being marketed as potential joint venture opportunities. The Company provides investors with exposure to a diverse portfolio of exploration stage projects with potential for zinc, copper, gold and silver in a politically safe and stable jurisdiction. Thunderstruck trades on the Toronto Venture Exchange (TSX-V) under the symbol “AWE” and United States OTCQB under the symbol “THURF”.
Qualified Person Statement
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release as it relates to the Liwa Creek Prospect.
During 2018 all stream sediment samples were submitted to Australian Laboratory Services Pty. Ltd (ALS) labs Perth for BLEG determination of gold. Auger soil samples were submitted for gold and multi-element geochemical analysis via a 25 gram (g) sample split subject ICP-MS. Prospecting and trench rock samples submitted for 30g gold Fire-Assay analysis and multi-element geochemistry by four-acid ICP-ES. Given the reconnaissance nature of the samples, Thunderstruck has relied on the external QA/QC of ALS which included the insertion of insertion of standard, blank and duplicate samples at a rate of 10% into the sample stream to confirm the accuracy of the reported results.
For additional information, please contact:
Rob Christl, Investor Relations
Email: rob@thunderstruck.ca
P: 778 840-7180
or, visit our website: https://www.thunderstruck.ca
APPENDIX – LIWA CREEK GOLD PROJECT EXPLORATION DETAILS
Rock Sampling
At Liwa Creek exploration was designed to follow-up and expand on broad trenched gold zones at the Liwa Ridge Showing (0.61 g/t gold over 71.3 metres; including 1.2 g/t gold over 26.5. metres); further develop the high-grade Jensen’s Showing (previous outcrop quartz vein rock grab samples returning 36 and 32 g/t gold from outcrop); and locate the source of widespread gold in float rock located within confined drainages of the Lower Vatuvatulevu Creek and Gun showing areas (see the Company’s February 13, 2018 news release).
Of the 55 current rock grab samples collected at Liwa, a total of 15 samples returned greater than 1 g/t gold or 10 g/t silver; and up to 55.2 g/t gold and 379 g/t silver (Table 1).
At the Jensen’s Showing two parallel, northeast trending, high-grade gold bearing quartz veins are exposed in the bed of Wainamoli Creek over a distance of 50 metres. The veins dip 60 to 80 degrees to the northwest and occur along the upper and lower contacts of an approximately 10 metre thick intrusive dyke cutting volcaniclastic rocks of the Wainimala Group.
Rock grab and small diameter backpack core drilling of the northern vein resulted in four (4) samples returning gold assays of 55.2 , 40.2 , 31.9, and 25.5 g/t gold (the later cored over a 0.22-metre true-width of the vein) with associated lead, copper and zinc values. Jensen’s Showing quartz veins are brecciated and contain massive to semi-massive galena, chalcopyrite and sphalerite with vuggy comb to crustiform banded quartz vein textures in association with sericite-illite host rock alteration. The Jensen’s south vein ranges in width from 0.1 to 0.5 metres in width and exhibits similar polyphase brecciated, anastomosing pinch-and-swell, comb and crustiform banded textures, with a total of 6 rock outcrop samples returning between 1.45 to 7.13 g/t gold.
Table 1: Liwa Creek Gold Prospect Significant Rock Grab Sample Results
| Sample ID | Showing | Au (g/t) | Ag (g/t) | Pb (%) | Cu (%) | Zn (%) |
| 28028 | Jenson’s | 55.2 | 24.8 | 10.0 | 0.35 | – |
| 28014 | 40.2 | 19.4 | 1.85 | 0.39 | – | |
| 28003 | 31.9 | 21.8 | 0.99 | 0.34 | – | |
| 28021 | 25.5 | 27.8 | 0.94 | 1.42 | 1.94 | |
| 28015 | 7.13 | 13.4 | 0.65 | 0.12 | 0.63 | |
| 28004 | 4.62 | 8.3 | 0.36 | 0.3 | – | |
| 28002 | 4.14 | 8.2 | 0.34 | – | – | |
| 28013 | 3.33 | 7.1 | 0.17 | – | – | |
| 28029 | 3.24 | 8.9 | 0.24 | – | 0.29 | |
| 28018 | 1.82 | 11.7 | 0.61 | 0.1 | 0.16 | |
| 28017 | 1.45 | 5.7 | 0.23 | – | – | |
| 28010 | Liwa Ridge | – | 379 | 0.28 | – | 0.54 |
| 28009 | 4.53 | 9.2 | 0.36 | – | – | |
| 28027 | 0.85 | 13.0 | 0.1 | – | – | |
| 28007 | 0.30 | 36.2 | – | – | – |
A distance of 100 metres to the east of the main Jensen’s discovery outcrops a rock grab sample of silicified and comb textured quartz veined Wainimala Group volcanic breccia rocks returned 4.62 g/t gold.
Rock outcrop and subcrop float grab sampling within Liwa Creek at the northern extent of the Liwa Ridge Showing, 800 metres west of Jensen’s, returned 4.53 g/t gold and 379 g/t silver (the highest silver assay to date at Liwa Creek), respectively, from silica-flooded and quartz stockwork veined intrusive.
Soils
A total of 141 additional ridge-and-spur aguer soil geochemical samples were collected Liwa Creek. Sampling was designed to isolate potential source zones to the northeast of the Jenson’s gold zone, and widespread gold in float rock recovered within the Lower Vatuvatulevu Creek and Gun showing areas.
Auger soil sampling within the Lower Vatuvatulevu Creek area resulted in the discovery of a significant new gold zone. Prior stream BLEG and prospecting float rock grab sampling within this small 400 x 400 metre drainage returned anomalous gold values. Current soil sampling along the southern ridge resulted in 8 soils collected over a 160-metre interval returning greater than 20 ppb gold, and up to 2,480 ppb gold (2.48 g/t gold) in soil. The result is four times greater than any previous soil sample collected on the project (643 ppb gold from the Liwa Ridge Gold Zone 1.5 km to the west). The five highest soils samples returned 707, 804, 894, 1050 and 2,480 ppb gold. The orientation of this newly discovered gold zone is presently not known. An aggressive follow-up via intensive prospecting, hand trenching and expansion of ridge-and-spur aguer soils to the south is warranted.
In addition, soil sampling along the Gun Showing ridge returned isolated anomalous gold values including 336 ppb and 82 ppb gold, which warrant additional follow-up sampling and prospecting.
Trenching
Hand excavated trenching at three locations (GT1, GT2, and GT3) totaling 29 metres within the Gun Showing area was designed to follow up on previously reported anomalous gold in soil values of 65 and 82 ppb gold (see the Company’s February 13, 2018 news release). Trenches were excavated to a depth of 1 metre into the subsoil, however competent outcrop was not reached in any of the trenches. Trench GT3 returned 0.2 g/t gold over 2 metres from 0 to 2 metres; and 0.17 g/t gold over 3 metres between 8 and 11 metres. Trench GT2 returned 0.12 g/t gold over 2 metres; in addition to silicified and veined float rock grab samples recovered during excavation that returned 0.44, 0.20, and 0.15 g/t gold; including 4.5, 6.2 and 9.6 g/t silver, respectively. Trench GT1 did not return significant values.
Stream BLEG Sampling
Completion of stream BLEG geochemical sampling in the Noda Creek drainage designed to evaluate the potential southern extension of the north-south trending Liwa Ridge Gold Zone. Of the 23 Noda Creek stream BLEG samples collected a total of 13 samples returned greater than 20 parts-per-billion (ppb) gold and are considered anomalous. A stream BLEG collected from the Noda Creek headwaters at the southernmost known extent of the Liwa Ridge gold zone returned 93 ppb gold. This sample represents the highest gold in stream sediment value returned form the Project to date, and underscores the potential to expand the Liwa Zone southward.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements”. Although Thunderstruck believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.Forward looking statements are based on the beliefs, estimates and opinions of Thunderstruck’s management on the date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Figure 1
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2901/40686_
Source: www.newsfilecorp.com
Top 9 Lithium-producing Countries (Updated 2024)
Manufacturers commonly use lithium carbonate or lithium hydroxide in these batteries rather than lithium metal. Lithium-ion batteries also include other important battery metals, such as cobalt, graphite and nickel.
As demand for lithium continues to rise, which countries will provide the lithium the world requires? The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are doing their best to meet rising demand from energy storage and EVs — in fact, worldwide lithium production rose sharply from 2022 to 2023, coming in at 180,000 metric tons (MT) of lithium content last year (not including US production), compared to 146,000 MT in 2022.
What are the top lithium-producing countries?
Australia, Chile and China were the top three lithium countries in 2023, and Brazil and Zimbabwe rose significantly in the ranks. Read on for an overview of global lithium production by country. As the EV lithium-ion battery market continues to grow, it’s likely these countries will vie for larger roles in supplying the metal in the years to come.
1. Australia
Mine production: 86,000 MT
Kicking off this lithium production by country list is Australia, which produced 86,000 MT of lithium last year, up from 74,700 MT the year before. Following that increase, it's likely the country's lithium production will see a decline in 2024 as demand for EVs has stalled in the current slowing economic climate, leading to much lower lithium prices. In fact, Australia's lithium miners have already begun to curb production rates.
Who owns Australia's largest lithium mines? The Greenbushes lithium mine in Western Australia is operated by Talison Lithium, a subsidiary that is jointly owned by miners Albemarle (NYSE:ALB), Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466) and IGO (ASX:IGO,OTC Pink:IPDGF). Greenbushes has been in operation for over a quarter of a century, making it the longest continuously running mining area in the state. Mount Marion, a joint venture between Mineral Resources (ASX:MIN,OTC Pink:MALRF) and Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772), is another key lithium mine in Australia. The mine is located in the Yilgarn Craton, southwest of Kalgoorlie.
Australia also holds over 4.8 million MT of identified JORC-compliant lithium reserves, which puts it behind Chile. It is worth noting that most of the country’s lithium supply is exported to China as spodumene.
2. Chile
Mine production: 44,000 MT
Lithium miners in Chile increased the nation's output from 38,000 MT of lithium in 2022 to 44,000 MT last year, making it the second top lithium producer in the world. Unlike Australia, where lithium is extracted from hard-rock mines, Chile’s lithium is found in lithium brine deposits.
The Salar de Atacama salt flat in Chile generates roughly half the revenue for SQM (NYSE:SQM), a top lithium producer. The Salar de Atacama is also the home of another top lithium brine producer — US-based Albemarle.
In April 2023, market participants and lithium miners were surprised by the Chilean government's plans to nationalize the lithium industry. While ultimately it wasn't a true nationalization, the country is moving to gain controlling stakes in lithium assets in the Salar de Atacama and Maricunga through its state-owned mining company Codelco.
SQM has signed an arrangement with Codelco that will allow it to continue operations in the Salar de Atacama until 2060. The two companies will create a new entity for the operations, with Codelco owning 50 percent plus one share of the company. Albemarle recently agreed to a deal that will give it the option to raise its production quota by meeting certain conditions. In March 2024, Chile also opened over two dozen other salt flats for private investment.
3. China
Mine production: 33,000 MT
China came third for lithium production in 2023, beating fourth place Argentina significantly. The Asian country saw its lithium supply grow to 33,000 MT last year from 22,600 MT the year prior.
China is the largest consumer of lithium due to its electronics manufacturing and EV industries. It also produces more than two-thirds of the world’s lithium-ion batteries and controls most of the world’s lithium-processing facilities. China currently gets the majority of its lithium from Australia, but it is looking to expand its capacity.
In January of this year, China announced the discovery of a massive million-metric-ton lithium deposit in the country's Sichuan Province. However, China's lithium production capacity is unlikely to increase much in 2024 as slowing EV demand in the country has in turn dampened demand for lithium.
4. Argentina
Mine production: 9,600 MT
Lithium producer Argentina’s output ticked up by 3,010 MT from 2022, with the nation putting out 9,600 MT in 2023.
It’s well known that Bolivia, Argentina and Chile make up the Lithium Triangle. Argentina’s Salar del Hombre Muerto district hosts significant lithium brines, and its reserves are enough for at least 75 years.
At present, lithium mining in the country consists of two major brine operations currently in production and 10 projects that are in development. Analysts at consultancy firm Eurasia Group project that Argentina’s lithium production has the potential to grow approximately tenfold by 2027, as per CNBC.
One of the largest lithium miners in Argentina is Arcadium Lithium (ASX:LTM,NYSE:ALTM), the result of the January 2024 merger of Livent and Allkem. The new entity is the third largest lithium producer in the world.
5. Brazil
Mine production: 4,900 MT
Lithium production in Brazil has taken off in the last several years, catapulting it onto the list of the top lithium-producing countries. After achieving output of 400 MT or less from 2011 to 2018, the country’s production hit 2,400 MT in 2019. Brazil saw another significant jump last year, when its lithium output rose by 2,270 MT over 2022's 2,630 MT.
Brazil's government plans to invest more than US$2.1 billion by 2030 into expanding the nation's lithium production capacity. At the state level, in 2023 the Minas Gerais government launched the Lithium Valley Brazil initiative, which is aimed at promoting investment in lithium mining. The program includes four publicly listed lithium companies with assets in the state's Jequitinhonha Valley: Sigma Lithium (TSXV:SGML,NASDAQ:SGML), Lithium Ionic (TSXV:LTH,OTCQX:LTHCF), Atlas Lithium (NASDAQ:ATLX) and Latin Resources (ASX:LRS,OTC Pink:LRSRF).
6. Zimbabwe
Mine production: 3,400 MT
Zimbabwe's lithium output has grown exponentially in a short space of time. Just a few years ago, in 2021, the African nation's output came in at only 710 MT. As of 2023, that figure has grown by 378 percent to reach 3,400 MT of the battery metal. Total reserves in Zimbabwe stand at 310,000 MT, as per the US Geological Survey.
In December 2022, Zimbabwe banned the export of raw lithium in an effort to build out the nation's capacity to process battery-grade lithium domestically. The ban excludes companies that are already developing mines or processing plants in Zimbabwe. Lithium concentrate is now on track to become Zimbabwe's third biggest mineral export, behind gold and platinum-group metals, reported Reuters in November 2023.
Lithium-producing countries in Africa have attracted much attention from Chinese firms in recent years, especially Zimbabwe. Sinomine Resource Group (SZSE:002738), for example, bought a stake in Zimbabwe's emerging lithium industry with the purchase of the Bikita mine, the African nation's oldest lithium mine.
Zimbabwe's other key lithium mines include Zhejiang Huayou Cobalt's (SHA:603799) Arcadia mine and state miner Kuvimba Mining House’s Sandawana mine. A few other advanced lithium projects reached the pilot plant production stage in 2022 and 2023: Premier African Minerals' (LSE:PREM) Zulu lithium-tantalum project; Chengxin Lithium's (SZSE:002240) Sabi Star lithium-tantalum mine; and Lonosphere Investment's open-pit mine in Mataga Mberengwa. Pilot plant stage production is not typically included in total global lithium supply estimates.
6. Canada
Mine production: 3,400 MT
Canada's lithium production for 2023 was on par with Zimbabwe's 3,400 MT. The North American nation substantially increased its production of the battery metal with a rise of more than 553 percent from the previous year.
While Canada is home to a wealth of hard-rock spodumene deposits and lithium brine resources, much of it remains underdeveloped. In an effort to grow a strong North American lithium supply chain for the battery industry, the government has invested in a number of lithium projects, including C$27 million for E3 Lithium (TSXV:ETL,OTCWX:EEMMF), a lithium resource and technology company, and C$1.07 million to Prairie Lithium.
Taking it further, in November 2023, the Canadian government launched the C$1.5 billion Critical Minerals Infrastructure Fund. The fund seeks to address gaps in the infrastructure required for the sustainable development of the nation’s critical minerals production, including battery metals like lithium.
Canada's efforts were rewarded in early 2024, when BloombergNEF gave the nation the top spot in the fourth edition of its Global Lithium-ion Battery Supply Chain Ranking.
8. Portugal
Mine production: 380 MT
Portugal's lithium production dropped by two-thirds in 2022, coming in at 380 MT compared to 900 MT in the previous year. For 2023, the European nation's lithium output remained at 380 MT. The dramatic decline is attributed to public backlash against the environmental impact of lithium mining.
Most of Portugal's lithium comes from the Gonçalo aplite-pegmatite field. Despite this lithium-producing country’s comparatively low output, Portugal’s lithium reserves stand at 60,000 MT.
9. United States
Mine production: withheld
In the final place on this top lithium-producing countries list is the US, which has withheld production numbers to avoid disclosing proprietary company data. Its only output last year came from two operations: a Nevada-based brine operation, most likely in the Clayton Valley, which hosts Albemarle’s Silver Peak mine, and the brine-sourced waste tailings of Utah-based US Magnesium, the largest primary magnesium producer in North America.
There are a handful of major lithium projects underway in the US, including Lithium Americas’ (TSX:LAC,NYSE:LAC) Thacker Pass lithium claystone project, Piedmont Lithium’s (ASX:PLL,NASDAQ:PLL) hard-rock lithium project and Standard Lithium’s (TSXV:SLI,OTCQX:STLHF) Arkansas Smackover lithium brine project.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Atlantic Lithium
Overview
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location and abundance of mineral wealth.
In 2023, the country reclaimed its title as Africa's number one producer of gold. And gold isn't the only precious metal to be found in the country. Ghana is also home to significant lithium reserves, with c. 180,000 tonnes of estimated resources.
Located between Europe, the United States and China, Ghana is perfectly positioned to serve as an important hub for the global supply of the battery metal.
Australian lithium exploration and development company Atlantic Lithium (ASX:A11, AIM:ALL, OTCQX:ALLIF) intends to leverage this opportunity through its flagship Ewoyaa project, set to become Ghana’s first lithium-producing mine. Atlantic intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for use in electric vehicle batteries, helping drive the transition to decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that, considering its current 35.3 million tons (Mt) @ 1.22 percent lithium oxide JORC Mineral Resource Estimate and conservative life-of-mine concentrate pricing of US$1,587/t, FOB Ghana Port, Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability. Through simple open-pit mining, three-stage crushing and conventional Dense Media Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, delivering US$6.6 billion life-of-mine revenues, a post-tax NPV8 of US$1.5 billion and an internal rate of return of 105 percent.
Atlantic Lithium intends to deploy a Modular DMS plant ahead of commencing operations at the large-scale main plant to generate early revenue, which will reduce the peak funding requirement of the main plant. The project is expected to deliver first spodumene production as early as April 2025.
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total capex. In accordance with the agreement, Piedmont is funding US$17 million towards studies and exploration and an initial US$70 million towards the total capex. Costs are split equally between Atlantic Lithium and Piedmont thereafter.
In return, Piedmont will receive 50 percent of the spodumene concentrate produced at Ewoyaa, providing a route to consumers through several major battery manufacturers, including Tesla. With 50 percent of its offtake still available, Atlantic Lithium is one of very few near-term spodumene concentrate producers with uncommitted offtake.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to roughly 800 personnel at Ewoyaa and, through its community development fund whereby 1 percent of retained earnings will be allocated to local initiatives, will deliver long-lasting benefits to the region and to Ghana.
Atlantic Lithium also has the potential to capitalise upon considerable additional upside across its extensive exploration portfolio — potential it intends to leverage to the fullest as it becomes an early mover in West African lithium production.
Company Highlights
- A mining and exploration company operating in West Africa, Atlantic Lithium is set to deliver Ghana’s first lithium-producing mine with its flagship Ewoyaa Lithium Project.
- Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
- There is significant government interest in getting Ewoyaa operational to diversify the country’s production from gold.
- Atlantic Lithium is already the leading taxpayer and employer in the region and, through Ewoyaa, expects to bring significant business and development locally.
- The June 2023 definitive feasibility study proves Ewoyaa to be a financially viable, major near-term lithium-producing asset.
- The project is co-funded under an agreement with Piedmont Lithium.
- With 50 percent of offtake still uncommitted, the company is one of few near-term spodumene producers with offtake available.
- Situated on the West African coast, Atlantic Lithium is well-positioned to serve the global electric vehicle markets.
Key Assets
Ewoyaa
Set to be Ghana's first lithium-producing mine, Atlantic Lithium's flagship Ewoyaa Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce. A definitive feasibility study (DFS) released in June 2023 confirmed the project's economic viability and profitability potential, indicating a 3.6-Mt spodumene concentrate production over the mine's 12-year projected life.
Atlantic Lithium is currently in the process of securing a mining lease for the project, which will enable the commencement of the permitting process. Through the deployment of a Modular DMS plant, which will process 450,000 tons of ore as the main 2.7-Mt processing plant is being constructed, the mine is expected to deliver first production in 2025.
Highlights:
- Promising DFS Results: Atlantic Lithium's recent DFS reaffirmed Ewoyaa as an industry-leading asset with low capital intensity and excellent profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Average LOM EBITDA of US$316 million per annum
- NPV of US$1.5 billion
- Free cash flow of US$2.4 billion from life-of-mine revenues of US$6.6 billion
- Modest $185 million capital cost
- Payback within 19 months.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate is 35.3 Mt at 1.25 percent lithium oxide, with ore reserves of 25.6 Mt at 1.22 percent lithium oxide.
- Potential for Further Exploration: There remains significant exploration potential, with only 15 square kilometres of Atlantic Lithium's entire tenure having been drilled to date.
- Strong Partnerships: Atlantic Lithium has a 50-percent offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem.
- Positive Presence: Atlantic Lithium will generate significant economic benefits to the region. Once operational, the project is expected to employ roughly 800 personnel.
Côte d'Ivoire
Atlantic Lithium currently has two applications pending for an area of roughly 774 square kilometres in the West African country of Côte d'Ivoire. The underexplored yet highly prospective region is known to be underlain by prolific birimian greenstone belts, characterised by fractionated granitic intrusive centres with lithium and colombite-tantalum occurrences and outcropping pegmatites. The area is also incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission line within roughly 100 kilometres of the country's capital, Abidjan.
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies both as an executive and as an investor for over 25 years. Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company.
Prior to this, Herbert was a director of resource investment company Galahad Gold, after which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raise US$400 million in equity financing and negotiate the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing. Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia.
Prior to that, Muller served as operations manager and senior mining engineer at Simec. He holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Prior to joining Atlantic Lithium, she worked across several sectors including healthcare, insurance, retail and professional services. Harsas is a chartered accountant, holds a Bachelor of Business and has international experience in Asia, Europe and the US.
Len Kolff - Head of Business Development and Chief Geologist
Len Kolff has over 25 years of mining industry experience in the major and junior resources sector. With a proven track record in deposit discovery and a particular focus on Africa, Kolff most recently worked in West Africa and was instrumental in the discovery and evaluation of the company’s Ewoyaa Lithium Project in Ghana, as well as the discovery and evaluation of the Mofe Creek iron ore project in Liberia. Prior to this, he worked at Rio Tinto with a focus on Africa, including the Simandou iron ore project in Guinea and the Northparkes Copper-Gold mine in Australia.
Kolff holds a Master of Economic Geology from CODES, University of Tasmania and a Bachelor of Science (Honours) degree from the Royal School of Mines, Imperial College, London.
Patrick Brindle - Non-executive Director
Patrick Brindle currently serves as executive vice-president and chief operating officer at Piedmont Lithium. He joined Piedmont in January 2018. Prior to this, he held roles as vice-president of project management and subsequently as chief development officer.
Brindle has more than 20 years' experience in senior management and engineering roles and has completed EPC projects in diverse jurisdictions including the United States, Canada, China, Mongolia, Australia and Brazil. Before joining Piedmont, he was vice-president of engineering for DRA Taggart, a subsidiary of DRA Global, an engineering firm specialising in project delivery of mining and mineral processing projects globally.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of growth and strategic development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the global head of strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a mining geologist responsible for the mining-related geology and resources of Assore’s subsidiary companies (comprising the pyrophyllite and chromite mines) and is also concerned with the company's iron and manganese mines. She has been the Assore group geologist since 2013 and involved with strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP and the GSSA.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is a senior executive with significant, global listed company experience, primarily in the mining industry, having held various leadership and board roles for nearly two decades. Henry is currently the non-executive chair of Toronto Venture Exchange-listed (TSX-V) Giyani Metals. He has been heavily involved in the strategic management and leadership of projects toward production, commercialisation and, ultimately, the realisation of shareholder value. He has gained significant experience working across capital markets, business development, project financing, key stakeholder engagement (including public and investor relations), and the reporting and implementation of ESG-focused initiatives.
Henry was the executive chair and non-executive director at Euronext Growth and AIM-listed Ormonde Mining, non-executive director at TSX-V-listed Ashanti Gold, president, director and CEO at TSX-listed Gabriel Resources and various roles, including CEO and managing director, at London and Oslo Stock Exchange-listed Avocet Mining PLC.
Edward Nana Yaw Koranteng - Independent Non-executive Director
Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He was the chief executive officer of the Minerals Income Investment Fund (MIIF), Ghana’s sovereign minerals wealth fund, since 2021. As CEO, he oversees the management of Ghana’s equity interest in mining companies, manages all royalties paid to the state from mining activities and supports the growth of the mining industry through long-term, sustainable investments in the sector.
Koranteng was the business head for East, Central and Southern Africa for Ghana International Bank (GHIB) leading various financing projects in Ethiopia, Ghana, Tanzania, Kenya and Malawi. He also worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, as the group head for energy, oil, gas and mining.
Koranteng is the co-founder of one of Ghana’s leading law firms, Koranteng & Koranteng Legal Advisors, and currently sits on the boards of major gold producer Asante Gold Corporation, the Minerals Income Investment Fund, and Glico General Insurance Ltd in Ghana.
Aaron Maurer – Head of Operational Readiness
Aaron Maurer is a senior-level business executive with over 25 years’ international multi-commodity mining experience, overseeing strategic, operational and financial performance. Over his career, he has held several engineering, production, operational and senior executive roles. Before joining Atlantic Lithium, he served as executive general manager - operations at Minerals Resources, where he oversaw the Mt Marion Lithium mine and three iron ore mines in Western Australia. He was previously the managing director and CEO of PVW Resources and general manager (site senior executive) at Peabody Energy Australia.
His significant expertise spans the development and implementation of safety and cost-saving initiatives, change management, strategic planning, business development and employee development. Maurer holds a Master in Corporate Finance and a Bachelor of Engineering (Mining).
Roux Terblanche - Project Manager
Roux Terblanche is a mineral resource project delivery specialist with proven African and Australian experience working for owners, EPCMs, consultants and contractors. He has a wide range of commodity experiences, including lithium, gold, copper, diamonds and platinum. He has proven to add value and deliver projects safely, on time and within budget.
Terblanche has worked in the UAE and across Africa, including Ghana, the DRC, Burkina Faso, Zambia, Rwanda, Botswana and Senegal. He was instrumental in increasing the operating footprint of an international construction company across Africa and was integral to the building of the Akyem, Tarkwa Phase 4 and Chirano mines in Ghana.
Terblanche holds a national diploma in mechanical engineering, a diploma in project management and a Bachelor of Commerce from the University of South Africa.
Iwan Williams - Exploration Manager
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and west African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Africa having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak - Country Manager
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental in establishment of the current development team and defining Ghana’s maiden lithium resource estimate. He is based at the project site in Ghana.
