These muhfuckas released a statement on how dope everything is supposed to be. Got the stock price back up a bit in the process.
Atlas Lithium Provides Corporate Update
9:57 am ET May 5, 2023 (Benzinga) Print
- Latest Drilling and Geochemical Results Emphasize Lithium Project Potential -
- Recent Non-Dilutive Agreement with Lithium Royalty Corp. Strengthens Balance Sheet -
Belo Horizonte, Brazil--(Newsfile Corp. - May 5, 2023) - Atlas Lithium Corporation (NASDAQ:ATLX) ("Atlas Lithium" or the "Company") today provided a corporate update on key strategic initiatives and operational progress.
Marc Fogassa, Atlas Lithium's Chairman and Chief Executive Officer commented: "I am very pleased with the progress the Company has made on several fronts. From an operational perspective, Atlas Lithium is a much stronger company today than we were even a few months ago. We now have 10 active diamond-core drills advancing our 40,000-meter lithium exploration campaign with some recent results being the strongest to date. Our existing Memorandum of Understanding with Mitsui & Co., Ltd., a global enterprise headquartered in Tokyo, and this week's non-dilutive royalty transaction with Lithium Royalty Corp., an experienced lithium investor, underscore the quality of the Company's team, mineral assets and the attractiveness of our business model. We are progressing along the lifecycle of corporate development, from our current stage of mineral exploration to our goal of producing lithium concentrate."
Atlas Lithium's ongoing drilling campaign is delineating the lithium resources at the Neves Project, which represents a cluster of four mineral rights for hard-rock lithium. Our flagship pegmatite, "Anitta," a 1.1-kilometer formation which remains open along strike and at depth, has been proven to contain high-quality spodumene, a key lithium-bearing mineral. Recent drill hole DHAB-104 yielded a total of 99.1 meters (325 feet) of visually appearing fresh spodumene intersects - geochemical assays are currently pending and take approximately three weeks to be completed at SGS-Geosol, the premier analytical laboratory used by reputable mining companies in Brazil. Drill hole DHAB-85, for which the Company already received geochemical results from SGS-Geosol, produced a 47-meter (154 feet) spodumene intersect with an average of 1.18% Li2O. Notably, spodumene in DHAB-85 was encountered at a low depth of only 7 meters (23 feet) - a favorable characteristic for the envisioned open pit operation.
On September 7, 2022, Atlas Lithium publicly filed SLR International Corporation's technical report summary entitled "S-K 1300 Technical Report Summary on the Das Neves Lithium Project" (the "Initial Exploration Report"), with effective date of August 10, 2022 and signature date of August 31, 2022, that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("Regulation S-K 1300"). The Initial Exploration Report presented recommendations to the Company on further steps necessary for the delineation of the lithium resources at Neves Project. At the time of the Initial Exploration Report, the Company had one drill on site and 1,213 meters drilled in total. Currently, Atlas Lithium has 10 active drills operating and has drilled an aggregate of 19,017 meters. The current campaign pace is approximately 6,500 meters drilled per month.
Atlas Lithium has now engaged SGS Canada Inc. ("SGS"), and, in particular, their geologist Marc-Antoine Laporte, a Qualified Person for lithium under the definition of Regulation S-K 1300, to produce a mineral resource estimate report (the "Maiden Resource Report") for the Neves Project. Mr. Laporte is the author of mineral resource reports for two other companies which have hard-rock lithium projects in Lithium Valley, the general area where Atlas Lithium's Neves Project is located, and has worked on lithium properties in the Lithium Valley since 2017. Mr. Laporte is currently visiting Atlas Lithium's Neves Project - he arrived on May 4, 2023, and will depart on May 6, 2023. Photos taken yesterday of Mr. Laporte accompanied by Atlas Lithium geology team at the Company's project site are attached below. The majority of Atlas Lithium's team is based in Brazil and speaks Portuguese; today's photo of part of the Company's geological team during Mr. Laporte's core repository visit is attached.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
