Atlas Lithium Corporation (OTCMKTS:ATLXD) Stock Falls: Subsidiary Gets Permit to Begin Quartzite Mine Operations

There are a number of mineral exploration companies which may be of keen interest to investors at this point and one of those could well be the Atlas Lithium Corporation (OTCMKTS:ATLXD). It is a mineral exploration company which is involved with lithium and other materials which go into batteries.

Trading Data

On Wednesday, ATLXD stock slumped 16.67% to $8.50 with more than 36.73K shares, compared to its average volume of 21.13K shares. The stock moved within a range of $8.45 – 10.74 after opening trade at $10.20.

Atlas Lithium Subsidiary Receives Permit to Begin Quartzite Mine Operations

The company is involved in boosting the green energy revolution that is underway. On Wednesday, the company announced that Jupiter Gold Corporation, in which Atlas Lithium holds a 24% stake, had been awarded the necessary permits for the purpose of starting its first quartzite mine. It was a significant new development and one that could have an effect on the Atlas stock as well.

The Chief Executive Officer and Chairman of Atlas Lithium Marc Fogassa spoke about the latest development as well. He noted that the receipt of the permit was a major milestone for Jupiter Gold and it was particularly so because the company was also a major component of Atlas Lithium’s portfolio of mineral assets.

He went on to note that the it was a major new step towards the commencement of mining activities at the company’s highly anticipated quartzite project.

Key Quote

“Obtaining the operational permit is a highly significant milestone for Jupiter Gold, an important component of our mineral asset portfolio,” said Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium. “This development is a mandatory step towards beginning mining activities for our subsidiary’s highly anticipated quartzite project.”