Shares of Atlas Lithium (NASDAQ: ATLX) slipped 3.7% through 12:30 p.m. ET on Tuesday despite reporting some modestly good news this morning.

Atlas is a small lithium mining start-up based in Brazil, and that country was the source of this morning's good news. The company's 100%-owned Neves Project mining operating in Brazil's "lithium Valley" reached "the longest down-drill lithium mineralization of the Company's current exploration campaign," finding "excellent" concentrations of lithium in the rock most recently drilled -- 1.47%, according to a press release. 

The company noted that other sections of the drill site have recorded lithium concentrations as high as 2.31%.

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Source Fool.com