CEO Corner - JULY 25, 2024
Our Annual General Meeting (AGM) is coming up. You will be getting your proxy in the mail, and we will post the zoom meeting link to attend on our company’s Web Site (acrlintl.com). With this coming up, I thought that I would provide our shareholders and interested parties a heads up on a variety of developments in addition to the information you will receive on the proxy.
The company’s mining properties
The company is excited about the mining assets purchased over the last two years. A comprehensive listing of the company’s assets is included in this CEO Corner. This includes 146 claims over 6500 acres in nine separate claim blocks in Ontario and Quebec. They are:
1. Tannahill
a. Completed 43-101 with the Ontario Mining Commission
b. Mag and IP work (Completed)
c. Phase 1 drilling (85% completed)
d. Assay evaluation and report (25% complete)
e. Infield drilling. (to begin as soon as the assay report is submitted)
f. Open pit mining evaluation (to start as soon as assay report is completed)
g. Open pit mining to start upon the completion of the assay report being completed and permits in place.
h. Tannahill South work
i. Drilling program (to start immediately upon funding in place)
2. Heighington Lithium
a. Mag and IP work (75% complete)
b. Drilling program (to start immediately upon funding in place)
3. Lamothe Lithium
a. Mag and IP work (1st quarter of 2025)
b. Drilling (2nd quarter of 2025)
c. 43-101 nearly complete
4. Mystery Graphite
a. Preliminary prospecting (completed)
b. Drilling (1stquarter of 2025)
c. 43-101 compliant
5. Atacama 3 Gold
a. Mag & IP work (completed)
b. Drilling (Summer 2025)
6. Golden Eagle Gold
a. Mag & IP work (Summer of 2025)
b. Drilling (Summer of 2025)
7. Cabo Cobalt
a. Drilling (2025)
8. Rare Earth
a. Prospecting Evaluation (2025)
The ground operations
The company has been focusing on Tannahill and, with IP and Mag Particle, as well as drilling, collecting core samples, core cutting, and assay activities, the ground operations have been active. The news release issued a couple of weeks ago disclosed early results from the assays but with most of them still being processed, a more detailed new release will be posted at the appropriate time. The company has just been informed that the last of the core cutting should be completed by the AGM and a final assay report will be published with the Ontario Mining Commission in August. The next ground operation is scheduled to take place at the Heighington lithium mining claims. The rest of 2024 and beyond will be very busy!
The Cease Trade Order (CTO)
The company has been subject to a cease trade order since mid-2018. When the current management assumed control of the company in mid-2022, a top priority was established to have the CTO lifted so that interested investors anywhere in the world could trade Atacama common shares.
Atacama requested the revocation in March 2023; however, the request was denied. Atacama has spent the last year answering questions and providing requested documentation at great expense to itself. Atacama has spent more than $75,000 over the last year for administrative, accounting, auditing, and legal expenses in trying to remove the CTO. As of today, it has not yet been revoked. Atacama’s US and Canadian counsel will continue to work toward the revocation of the CTO.
The company cannot forecast when the CTO will be revoked at this time. Atacama is determined to see the CTO revoked and legal action is not out of the question. Atacama has been extremely active in making the case for a cease trade order revocation and shareholders must be made aware of the hundreds of hours spent responding to the agency’s demands. Enough on that subject.
As shareholders, you are the owners of Atacama Resources, and you are very important. Atacama doesn’t have millions of shareholders, each with a tiny piece of the company. Atacama has 2400 shareholders in total and the company is working hard to continue to earn your interest and the support of each and every one of you.
Scheduling has been projected dependent on funding.
The work already done and the work about to happen is extensive and as a result, a budget of $2,500,000 has been established for 2024.
Atacama does not receive funding from stock market transactions, meaning that finding alternative funding methods is necessary.
This constitutes the necessity of making changes to funding strategies which will and is happening.
Management welcomes questions regarding this at the annual general meeting.
The new management team has exceptional experience in all factors of running a business and Atacama feels very fortunate to have them as part of the success story that everyone is about to experience.
Atacama has acquired strategically located claims and as a result, has major interest developing from multiple companies.
Thanks, Glenn
(1-780-512-3805) (glennbgrant85@gmail.com)