Atlas Lithium Corporation (NASDAQ: ATLX) reported high grade lithium returns from its Neves Project in Brazil, including 1.61 per cent Li2O over 5.71 meters.
The company announced geochemical lithium assay results on Monday. The project is four mineral rights with a total of 2,684 hectares in the lithium mining district in Brazil. The latest collection of results show the potential spread out across the company’s 24,000 hectare land package.
Ongoing drilling efforts at the Neves Project, particularly within the “Anitta 3” pegmatite strike, continue to consistently yield high-grade lithium intercepts.
Highlights include:
- Drill hole DHAB-208:
- Downhole intersect with 1.64 per cent lithium oxide over 18 meters starting at just 67.6 meters depth
- Drill hole DHAB-211:
- 1.31 per cent lithium oxide over 14.89 meters
- 1.49 per cent lithium oxide 4.60 meters.
- Drill hole DHAB-214:
- 1.70 per cent lithium oxide over 26.55 meters, including a robust 2.12 per cent lithium oxide over 20.00 meters.
- Drill hole DHAB-220:
- 1.34 per cent lithium oxide over 9.72 meters.
“It is rewarding that the latest results of Anitta 3 point to geological continuity while lithium mineralization remains open in several directions,” said James Abson, Atlas Lithium’s chief geology officer.
“The high lithium grades and large intercepts observed in our drilling confirm the potential of this particular pegmatite within our Neves Project.”
Shares of Atlas Lithium dropped 25.5 per cent to $19.78 on Monday on the NASDAQ exchange.
NEWS: Atlas Lithium Intersects More High-grade Lithium Mineralization And Extends “Anitta 3” Pegmatite
Several recent drill holes in Anitta 3 intersected high-grade lithium mineralization:
Drill hole DHAB-208 intersected 1.64% Li2O over 18.00 meters starting at only 67.6-meter… pic.twitter.com/tvsEPNzs7P
— Atlas Lithium (Nasdaq: ATLX) (@Atlas_Lithium) October 23, 2023
Read more: Lithium South Development updates leadership roster, appoints new director
South America is lithium’s next big frontier
As global demand for lithium-ion batteries continues to develop and more big name car companies get into electric cars, South America’s lithium resources grow in value and investors are drawn to the potential for substantial returns in this burgeoning market. Typically, the strongest lithium reserves are found in countries such as Argentina, Bolivia and Chile, making it a strategic hub for lithium production.
This so-called ‘lithium triangle’ has given rise to a number of different opportunities for companies and investors, and the largest lithium companies in the world have taken root. Most of the largest companies in the world have set up shop here, including Albemarle Corp (NYSE: ALB) and Sociedad quimica y minera de chile sa (SQM) (NYSE: SQM) and Chinese giants such as Tianqi Lithium (HK: 9696) and Ganfeng Lithium Co (SHE: 002460).
There are also prominent juniors like Lithium South Development Corporation (TSXV: LIS) (OTCQB: LISMF) (Frankfurt: OGPQ), which recently started drilling new wells in Argentina’s Salta province, after expanding its lithium brine resources at the site by 175 per cent.
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Lithium South Development Corporation is a sponsor of Mugglehead news coverage.
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