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Atlas Lithium Subsidiary Receives Mining Permit on Property with 7.85 Million Tons in Iron Ore Resources
Atlas Lithium Owns 44% of Apollo Resources, Which Recently Received the Permit to Mine its Iron Quadrangle Project in Brazil Belo Horizonte, Brazil--(Newsfile
About this update from Atlas Lithium Corporation
[{"type":"text","content":"Atlas Lithium Owns 44% of Apollo Resources, Which Recently Received the Permit to Mine its Iron Quadrangle Project in Brazil\nBelo Horizonte, Brazil--(Newsfile Corp. - January 3, 2023) - Atlas Lithium Corporation (OTCQB: ATLXD) (\"Atlas Lithium\" or the \"Company\"), a mineral exploration company focused on lithium and other battery metals critical to powering the green energy revolution, announced that Apollo Resources Corporation (\"Apollo Resources\"), a private company in which Atlas Lithium owns a 44% stake, has received a permit from the Brazilian mining department to mine iron ore at its 100%-owned Rio Piracicaba Iron Project (the \"Project\"), located in the world-renowned Iron Quadrangle region in the state of Minas Gerais in Brazil.\n\"Apollo Resources is a powerful differentiator within Atlas Lithium's mineral portfolio,\" said Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium. \"Iron ore, Brazil's second largest export item, has market dynamics that are mostly uncorrelated with lithium and other battery metals, which, as such, provides a complementary method for value generation alongside our core lithium projects. We are thrilled that Apollo Resources continues to make progress toward its initial mine.\"\nApollo Resources' geology team supervised a drilling campaign in 2021 which culminated in the publication of the Project's technical report summary (the \"Technical Report\"), a copy of which was filed by Atlas Lithium as an exhibit to the Form 8-K/A filed with the Securities and Exchange Commission (the \"SEC\") on June 3, 2022. The Technical Report was prepared in accordance with the SEC's Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (\"Regulation SK-1300\") and indicated that the Project has approximately 7.85 million tons (\"MT\") in iron ore resources (comprised of ~2.77 MT in indicated resources and ~5.08 MT in inferred resources).\nApollo Resources' progress is occurring in parallel with the advancement of Atlas Lithium's flagship 100%-owned Minas Gerais Lithium Project (\"MGLP\"). MGLP encompasses 227 km2 of mineral rights which the Company believes to be the largest such collection in the Lithium Valley in Brazil, a premier jurisdiction for hard-rock lithium. At...