One of the companies in which many investors may soon take a keen interest in is Brazil Minerals Inc (OTCMKTS:BMIX). The company was in focus yesterday after it made a major new announcement with regards to the fact that it had filed an exploration report for its Neves property with the United States Securities and Exchange Commission.
Trading Data
On Wednesday, BMIX stock moved up 3.36% to $0.0123 with 18.81 million shares, compared to volume of 16.41 million shares. The stock moved within a range of $0.0113 – 0.0149 after opening trade at $0.0131.
Brazil Minerals Files Initial Exploration Technical Report on Its Neves Lithium Property
The initial exploration report had been prepared by SLR International Corporation. The property for which the exploration report was made is part of the Minas Gerais Lithium Project, which is owned in its entirety by Brazil Minerals. At this point in time, the Minas Gerais Lithium Project is made up of as many as 52 mineral rights and the area spanned by those rights is 22694 hectares.
Brazil Minerals has claimed that it is the biggest holder of lithium areas in entire Brazil. The latest report provides details with regards to the initial drilling program for one of those lithium rights. Last month on August 18 the company had been successful in acquiring as many as three new rights in the area near Neves and that helped in expanding its rights by almost 40 times.
Key Quote
Marc Fogassa, CEO of the Company, added, “We have surpassed our expectation on the validation of our lithium project by a world-renowned and independent expert firm. Using very little capital, it has now been demonstrated that we have quality spodumene and that it can be concentrated to a commercial lithium product. It is an exciting time for us, and we look forward to continued progress on the field and in other fronts.”
Technical Data
BMIX stock is trading below the 50-Day and 50-Day Moving averages of $0.0130 and $0.0135 respectively. However, the stock is trading below the 200-Day moving average of $0.0090. The company has a total market capitalization of $43 million.
