Atlas Lithium Corporation has announced the results of the first 23 holes drilled in the Company’s lithium exploration program at the Abelhas Target in the Neves Area, part of its flagship 100%-owned Minas Gerais Lithium Project (“MGLP”) in Brasil. MGLP encompasses 227 km2 of lithium mineral rights which the Company believes to be the largest such collection in the state of Minas Gerais, a premier jurisdiction for hard-rock lithium.
The Neves Area (“Neves”) is a subset of MGLP and is situated in the Araçuaí mining district within the prolific Eastern Brazilian Pegmatite Province in Minas Gerais.
Significant Neves drilling highlights that indicate high grade lithium mineralization include:
- 1.72% Li2O over 3.5 meters Estimated True Width (‘ETW’) in hole AB-11
- 1.22% Li2O over 17.3 meters ETW in hole AB-11B
- 1.33% Li2O over 4.8 meters ETW in hole AB-12
- 1.08% Li2O over 18.2 meters ETW in hole AB-15
- 1.00% Li2O over 8.0 meters ETW in hole AB-18
- 1.00% Li2O over 21.2 meters ETW in hole AB-21
“These are strong results from our drilling program at Neves, both in terms of lithium grades and thicknesses encountered so far,” said Volodymr Myadzel, PhD, Atlas Lithium’s Senior Vice President of Geology.
Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium, commented, “This is a demonstration of the potential for lithium resources within our 100%-owned property portfolio in Brazil’s premier district for hard-rock lithium. Furthermore, as detailed in our initial exploration technical report, preliminary metallurgical testing on samples collected from our lithium project demonstrate the ability to obtain commercial-grade lithium concentrate.”
The Company is working towards delineating its lithium resources while also advancing the metallurgical analysis of its ore material to progress towards the revenue-generating goal of producing lithium concentrate, a product which is highly sought-after in the battery supply chain for electric vehicles.
In particular, Atlas Lithium is in the initial stages of planning to develop and own 100% of a lithium concentration facility capable of producing 150,000 tons of lithium concentrate annually. As of November 18, 2022, the price of lithium concentrate quoted by S&P Global Markets Platts was as high as $7,700 per ton; however, such price is known to fluctuate significantly. The Company has been approached by certain potential pre-buyers of its future production; there can be no assurance, however, that such discussions will result in any binding agreements.