Australian mineral resources company Atlantic Lithium has received an exploration licence for its Cape Coast project in Ghana.

The licence provides access to 139.23km² of highly prospective lithium tenure for Atlantic Lithium (formerly IronRidge Resources).

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The licence area is located near the company’s Mankessim exploration asset, which hosts the Ewoyaa lithium project and is adjacent to the Saltpond licence.

Atlantic Lithium CEO Vincent Mascolo said that the company plans to launch regional exploration on the newly granted licence for defining more pegmatite targets.

Mascolo said: “The licence is exceptionally well located, both geologically and from an infrastructure perspective, and provides the company with access to an additional 139km² of highly prospective geology, adjacent to the company’s Ewoyaa Lithium Project.

“We are confident the additional exploration tenure will help generate targets to potentially increase resource scale and improve overall Ewoyaa project economics, where we have defined Ghana’s first lithium JORC compliant resource of 14.5Mt at 1.31% Li₂O, within 110km of an operating deep-sea port.”

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Atlantic Lithium expects the new licence to strengthen its Cape Coast lithium portfolio, which includes the Ewoyaa lithium project and the Egyasimanku Egyasimanku Hill spodumene-rich lithium deposit.

According to estimates, the Ewoyaa project holds 14.5 million tonnes (Mt) at 1.31% Li₂O.

Of the Cape Coast lithium portfolio, which is now expanded to 560km², only 13km² has been drill tested to date.

Atlantic Lithium said that there is considerable exploration potential within verified prospective pegmatite hosting terrain.

The company plans to undertake a soils geochemistry survey and extend its ongoing airborne geophysical survey over the new licence area.

In August 2021, Piedmont Lithium completed a 9.9% investment in IronRidge Resources to fund the Ewoyaa lithium project.