Atlas Lithium Expands Exploration Area Twofold in Brazil

Atlas Lithium has significantly increased its lithium exploration holdings in Brazil, more than doubling its portfolio. The company announced on Monday the acquisition of multiple promising mineral rights in the Doce River and Mucuri Valleys, expanding its total portfolio to approximately 539 km², an area larger than nine times that of Manhattan Island in New York. These new areas are situated near Governador Valadares, a city with a population of 280,000 in the state of Minas Gerais, known for its favorable infrastructure and access to roads, and located about 350 km from the Port of Vitoria. Atlas Lithium stated that it now holds the largest claim ownership position among publicly listed companies in this emerging lithium region.

James Abson, Chief Geology Officer at Atlas Lithium, highlighted the significance of these new mineral rights near Governador Valadares, emphasizing the region's potential as an untapped lithium frontier in Brazil beyond gemstone mining. "This area of Minas Gerais state hosts numerous documented lithium-rich pegmatites, presenting a significant opportunity for us," Abson remarked.

According to the Brazilian Geological Survey, four occurrences of lithium-mineralized pegmatites have been identified within Atlas Lithium's permits, including two confirmed to contain spodumene. Other lithium minerals reported include lepidolite and amblygonite, alongside accessory minerals like colombo-tantalite. During initial mapping and sampling, the exploration team also discovered an additional six spodumene-bearing pegmatites.

In addition to its expansion efforts, Atlas Lithium announced plans to begin production at its flagship Neves project in Q4 2024. Annual production is projected to reach 300,000 tonnes after an expansion in late 2025, enough to supply batteries for approximately 1 million electric vehicles. Earlier this year, Mitsui & Co of Japan announced a $30 million investment, acquiring a 12% stake in Atlas Lithium to venture into Brazilian lithium mines and capitalize on the growing demand for EV battery metals.

Atlas Lithium Corporation is actively progressing its wholly-owned hard-rock lithium project located in Brazil's Lithium Valley, a renowned lithium district within Minas Gerais state. Furthermore, Atlas Lithium possesses full ownership of mineral rights for additional battery and critical metals such as nickel, rare earth elements, titanium, graphite, and copper. The company also holds equity interests in Apollo Resources Corp. (a private company specializing in iron) and Jupiter Gold Corp. (OTCQB: JUPGF) (engaged in gold and quartzite mining). Atlas Lithium Corporation aims to establish itself as a leading provider of essential minerals crucial for the global shift from fossil fuels to electrification, a transition anticipated to span several decades.