Another great step forward for SALT, which VUL owns about 38% or around 28 M shares. SALT is trading strongly over $0.90, suggesting this could represent significant revenue to VUL.... Hard to believe that VUL is trading at $0.24, can one say undervalued....!!!! Also
Vulcan Minerals Inc. just started drilling at its 100-per-cent-owned Colchester copper/gold property in Newfoundland. Can you say undervalued again....!!!! Mr. Rowland Howe, President of Atlas, commented: “Having managed Goderich into the largest underground salt mine in the world, and after six months of guiding this project, I’m more confident than ever in describing Great Atlantic as a very advantaged asset. This deposit has all the right attributes, including the necessary infrastructure surrounding it, in one of the best locations in the world for mining.
“We envision an environmentally friendly ‘salt factory’ with straightforward, chemical-free processing using state-of-the-art technology given the apparent predictable homogeneous nature of this deposit,” Mr. Howe continued. “The core from the northernmost hole is exceptional in grade and consistency and we look forward to following up on this result shortly.
“We are into a very active period for Atlas Salt with plenty of news flow this quarter. Security of supply issues in the large eastern North America road salt market highlight the importance of Great Atlantic, strategically located in the middle of this market.”
Highlights:
- Based on seismic information for the homogeneous and high-grade Great Atlantic deposit, the drill program will step out 500 meters toward the deep water port from the existing northernmost hole (CC-4) drilled by the Company which returned 335.3 meters grading 96.8% salt starting only 190 meters downhole. The top 125 meters of that intercept graded 98% salt (NI-43-101 Apex Resource Estimate Report, 2016). The new step-out hole will be collared approximately 3.5 km from the port in an area where seismic data suggests that the deposit thickens;
- One of the key issues being addressed by the Feasibility Study is whether the deposit can be accessed via an inclined ramp or a vertical shaft. Ramp access is anticipated to require less capital and operating costs while providing infrastructure efficiencies. Upcoming drilling will assist with this determination;
- Full permitting has been received from the Newfoundland and Labrador Government for the Atlas drill program designed to acquire geotechnical data and further delineate the deposit.