In This Article:
Boca Raton, Florida--(Newsfile Corp. - October 7, 2024) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or "Company"), a leading lithium exploration and development company, is pleased to announce that it has discovered spodumene-rich pegmatites in its Salinas Project area located approximately 60 miles north of its flagship Neves Project, where the Company's initial lithium concentrate production is planned to take place. Atlas Lithium's Salinas Project spans 388 hectares (approximately 959 acres) and is situated just 5 miles east of Latin Resources' Colina Project, a significant lithium deposit. It is relevant to note that in August 2024, Pilbara Minerals Ltd., a major lithium producer, announced that it has entered into a binding agreement to acquire lithium exploration company Latin Resources Ltd. for consideration worth approximately US$370 million.
The Company considers its Salinas Project a promising lithium-bearing area where spodumene-rich pegmatites ("SRPs") have now been identified and mapped. Atlas Lithium's technical team has also completed soil geochemistry and LIDAR geological mapping with favorable results, and is now pursuing further geological and geophysical studies prior to initiation of a drilling campaign. Given the attractive observed data and current market dynamics, the Salinas Project area has emerged as a prime candidate for Atlas Lithium's future growth plans. The Company's highest priority remains to bring its Neves Project to production. As previously reported, the Neves Project is in the final stage of operational licensing for both its processing plant and one of its lithium deposits.
Atlas Lithium believes that it is strategically positioned to capitalize on its exposure to two significant yet distinct spodumene areas in Brazil's Lithium Valley. In the southern region, the Company's Neves Project offers access to high-quality, large-crystal spodumene suitable for open-pit mining and processing into lithium concentrate, a key ingredient in the global supply chain for electric vehicle (EV) batteries. This site is poised to become the source of Atlas Lithium's initial production and revenue generation. In the northern part of Lithium Valley, as announced today, Atlas Lithium plans to actively participate in the development of the lithium district surrounding the Salinas municipality, a process further catalyzed by the recently announced Pilbara acquisition.
About Atlas Lithium Corporation
Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project in the state of Minas Gerais. In addition, Atlas Lithium has 100% ownership of mineral rights for other battery and critical metals including nickel, rare earths, titanium, graphite, and copper. The Company also owns equity stakes in Apollo Resources Corp. (private company; iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (gold and quartzite).