ST. JOHN’S, Newfoundland and Labrador, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Atlas Salt(the “Company” or “Atlas” - TSXV: SALT) is pleased to provide an update on its high-grade and 100%-owned Great Atlantic Salt Project in western Newfoundland.
Highlights:
- Preliminary development evaluations are now premised on accessing the salt deposit via an inclined ramp as opposed to vertical shaft access, subject to final geotechnical assessments from the drill program;
- Atlas has commenced its diamond drilling program at Great Atlantic to further delineate and evaluate the large homogenous and relatively shallow salt deposit pursuant to the Company’s ongoing Feasibility Study. The first drill hole, with progress updates to come, is a 500-meter step-out toward the deep-water port from the existing northernmost hole (CC-4) that returned a gross thickness of 335.3 metres grading 96.8% salt starting only 190 metres downhole;
- The Company has engaged GEMEC Consulting Engineers and Scientists Limited (GEMTEC) and Terrane Geoscience Inc. to undertake geotechnical logging of the drill core and conduct downhole surveys to assist in the evaluation of mine design.
Mr. Rowland Howe, Atlas President, commented: “The unusual shallowness of this salt deposit, and its location next to a deep water port in such a favorable jurisdiction, combine to make Great Atlantic a prime advantaged asset in the heart of the robust North American road salt market that relies heavily on overseas imports.”
Mr. Howe added: “The potential to make Great Atlantic the lowest cost underground salt mine in North America, with significant annual tonnage, speaks to the uniqueness of this asset and the role it could play in this sector for decades. SLR has made great progress thus far in assessing this project’s technical and commercial viability. The current drill program is expected to further substantiate Great Atlantic’s merits.”
Additional Feasibility Study Progress:
- Preliminary modelling of underground mining levels has been produced;
- An inventory and evaluation of existing and anticipated new infrastructure has been made;
- Studies have also been initiated to confirm the nature of the market for road de-icing salt in eastern North America which has been offsetting production shortfalls with imports from Chile and North Africa;
- Atlas has also engaged GEMTEC to undertake baseline environmental studies in anticipation of seeking environmental approval for mine development.
PRmediaNow Interview With Rowland Howe:
“Having an incline is a great advantage.” Atlas Salt President Rowland Howe discusses this news release with PRmediaNow’s Cyndi Edwards – click on the link below to view.
Rowland Howe Interview
Qualified Person
Patrick J. Laracy, P.Geo, and CEO, is the Qualified Person responsible for the technical contents of this news release as defined in National Instrument 43-101.
About Atlas Salt
Bringing the Power of SALT to Investors: Atlas Salt owns 100% of the Great Atlantic salt deposit strategically located in western Newfoundland in the middle of the robust eastern North America road salt market. The project features a large homogeneous high-grade resource. Atlas also owns the Fischell’s Brook Salt Dome with plans to spin out that asset into a separate company as a potential renewable energy storage opportunity.
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Not for release in the United States or to U.S. newswire services
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except by law, the Company undertakes no obligation to publicly update or revise forward-looking information.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cf86dab5-0866-4184-86b9-780d215181e8
