Atlas Lithium (NASDAQ: ATLX) shares rose on Monday after the company announced the discovery of spodumene-rich pegmatites at its Salinas Project in Minas Gerais, Brazil.

Salinas is located approximately 60 miles north of Atlas’s flagship Neves Project, where the company plans to initiate lithium concentrate production.

The project spans 388 hectares (approximately 959 acres) and is situated just 5 miles east of Latin Resources’ Colina Project, a significant lithium deposit.

Atlas Lithium’s technical team has also completed soil geochemistry and LIDAR geological mapping with favorable results. They are now pursuing further geological and geophysical studies before launching a drilling campaign, the company stated.

Atlas Lithium expects to begin production at its flagship Neves Project in Q4 2024.

Annual production is projected to reach 300,000 tonnes following an expansion in late 2025, which is enough lithium to power about 1 million electric vehicles.

In March, Japan’s Mitsui & Co. announced a $30 million investment to acquire a 12% stake in Atlas Lithium, seeking to venture into Brazilian lithium mines and meet the growing demand for EV battery materials.

Shares of Atlas Lithium rose 5% on the NASDAQ by 12:30 p.m. EDT. The Florida-based company has a market capitalization of $106 million.

Source: MINING.COM – Read More