Jupiter Gold Corporation (OTCQB: JUPGF), a Brazillian gold mining company, has received the necessary permits for a profitable quartzite mining endeavour in South America.
On Wednesday, the company announced that the upcoming Brazillian quartzite project in the state of Minas Gerais was now fully licensed and would commence early next year.
Jupiter estimates that the deposit contains a potential 3.9 million tonnes of quartzite mineralization and says the revenue potential for the mineral ranges between US$1,800 to US$2,000 per cubic metre sold.
$ATLXD subsidiary Jupiter Gold Corp. has been permitted to launch its quartzite mining operation in Brazil. Jupiter's geology team believes that the project may contain up to 3.9M tons of quartzite mineralization. Currently, quartzite sells for up to $2K per cubic meter. $JUPGF pic.twitter.com/ZnXa1HAoCz
— Atlas Lithium (ATLXD) (@Atlas_Lithium) December 28, 2022
“Obtaining the operational permit is a highly significant milestone for Jupiter Gold, an important component of our mineral asset portfolio,” said Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium.
“This development is a mandatory step towards beginning mining activities for our subsidiary’s highly anticipated quartzite project.”
The geology team at Jupiter Gold discovered the metamorphic rock deposit in late 2020 and took samples the following year which contained high-grade quartzite.
The company says it has hired a knowledgeable engineer with a vast amount of experience in the mining and commercialization of quartzite to oversee the project.
“It has been rewarding to observe the continued progress of the quartzite project from our initial discovery of the deposit to the positive results of the drilling campaign, to the final regulatory milestone necessary for the commencement of operations,” said Joel de Paiva Monteiro, a board member of Jupiter Gold.
Monteiro also added that quartzite mining operations are relatively inexpensive to start and require few workers. He says the company is excited to start generating revenue through the operation.
Jupiter Gold owns two major gold projects in Minas Gerais and Mato Grosso, Brazil. Atlas Lithium Corporation (OTCQB: ATLXD) has a 24 per cent stake in the company.