Business
Atlas Lithium Provides Third Quarter 2023 Corporate Update
Progressing on Preliminary Economic Analysis Report for Release in Q1, 2024 Alongside Mineral Resource Estimate Boca Raton, Florida--(Newsfile Corp. - October
About this update from Atlas Lithium Corporation
[{"type":"text","content":"Progressing on Preliminary Economic Analysis Report for Release in Q1, 2024 Alongside Mineral Resource Estimate\nBoca Raton, Florida--(Newsfile Corp. - October 23, 2023) - Atlas Lithium Corporation (NASDAQ: ATLX) (\"Atlas Lithium\" or \"Company\"), a leading mineral exploration company, today provided a corporate update for the third quarter ended September 30, 2023.\nKey Operational Highlights\n\nRecent exploration efforts at the Company's 100%-owned flagship Neves Project have identified six new and promising target areas, complementing the four confirmed pegmatite bodies with spodumene mineralization, known as Anitta 1, 2, 3, and 4. Geological mapping has so far revealed 38 pegmatite occurrences throughout these six new target areas.\nCompleted 58,497 meters of drilling at its Neves Project as of September 30, 2023, including 103.4 meters of continuous lithium-bearing spodumene, which the Company believes to be the largest down-hole continuous spodumene intersect in Brazil's Lithium Valley.\nAppointed Mr. Martin Rowley as Lead Strategic Advisor. Mr. Rowley is a pioneer of the modern lithium industry and has over 40 years of experience as a founder, financier, and highly successful mining entrepreneur.\nHired James Abson as Chief Geology Officer. With over 29 years of diverse experience in mining and mineral exploration, Mr. Abson is an accomplished geologist who brings extensive experience in lithium geology.\nAppointed Mr. Nicholas Rowley as its Vice President of Business Development. Mr. Rowley brings over a decade of experience with many strong relationships built over time throughout the global lithium space.\nEngaged Rodrigo Menck as an Advisor to the Company. Mr. Menck has over 25 years of experience in project finance, complex equity and debt transactions, as well as investor relations at mining and financial institutions.\n\nFinancial Highlights\n\nAtlas Lithium ended the third quarter with $22.8 million in cash and cash equivalents as of September 30, 2023.\nDuring the third quarter, the Company received $10 million through a non-brokered private placement from several strategic parties for restricted shares of its common stock to advance its lithium project.\n\nProject Update\nDuring the third quarter of 2023, Atlas Lithium made substantial progress in advancing the Company's Neves Project (the \"Project\"), includi...