Categories: Energy
Topics: General Energy

First-Mover Advantage in Canada’s Green Hydrogen Space

Atco Mining Inc. (CSE: ATCM)(OTC: ATMGF) — currently trading around C$0.13 per share — has engaged GroundTruth Exploration Ltd. to interpret the historical geophysical data on its 100%-owned Flat Bay salt project located in St. Georges Bay Basin, southwestern Newfoundland, Canada. 

The Flat Bay project boasts a historically mapped gravity low, which suggests the presence of a possible salt dome structure at depth, resulting in yet another high-priority target across Atco’s land package warranting immediate follow-up exploration and, potentially, drilling.

Atco is targeting salt dome structures across its impressive portfolio of 8 properties as these giant underground geologic features are ideal for hydrogen storage, and more specifically “green hydrogen” storage — an emerging clean-energy resource in Newfoundland.

The Atco team is building momentum off of positive results from its recently completed 816-line-km airborne gravity survey over its properties, which confirmed the presence of two to three high-priority, oval-shaped gravity and magnetic-low features (including the one at Flat Bay) that could signal the presence of large salt dome structures. 

Additionally, the Atco team is in receipt of historical seismic data, which suggests that the known salt formations at Flat Bay potentially form a dome-like structure. Further exploration work, including drilling, will be required to confirm the presence of a salt dome feature that may be amenable to green hydrogen storage. 

This process of exploration, data collection and interpretation, and possible drilling is something the Atco team can repeat across its portfolio of 8 properties… giving the company, and its shareholders, multiple shots-on-goal for near-term discovery success. 

An Emerging Area Play:

The government of Newfoundland is rapidly advancing plans to utilize the province’s vast wind energy resources to power the production of green hydrogen (which only emits water when utilized) and other gases.

Recent studies confirm that green hydrogen — hydrogen produced by splitting water into hydrogen and oxygen using renewables such as wind power — could potentially supply up to 25% of the world’s energy needs by 2050. 

In April, 2022, Newfoundland’s Minister of Industry, Energy and Technology announced that, for the first time in 15 years, the province will allow companies to generate and export onshore wind energy, stating that the province’s relentless winds are now “available to be harnessed.”

Following that key announcement, a total of nineteen companies submitted bids to build wind energy projects in Newfoundland; a phase-one review process is currently underway. 

Additionally, World Energy GH2 — one of Canada’s premier renewable energy companies — has launched a C$16B project to produce 250,000 tonnes of green hydrogen annually from a new facility powered by wind turbines on Newfoundland’s west coast and in Labrador. 

In other words, activity is heating up big time in the region with billions of investment dollars flowing in. Atco Mining, as one of the area’s largest landholders, has the potential to become a key player in the region’s rapidly emerging green hydrogen storage arena. 

New Interim CEO Appointed:

Atco’s board has announced the appointment of Etienne Moshevich as interim CEO of Atco Mining wherein he stated: 

“As the founder and single-largest shareholder of Atco Mining, I am extremely excited to be appointed to the helm. Our company is one of the largest land-holders in what could become one of the most sought-after green-energy districts in the world. I feel the Company is perfectly positioned to take advantage of the massive investment inflow into this prolific basin. I am aligned with all shareholders and will do everything I can to turn Atco into a major success story. It is imperative that Atco has a clear focus and vision that will be accretive to all shareholders and that is what I plan to accomplish. I look forward to keeping shareholders informed over the coming months with our progress.” 

Always quick to the puck, our own Gerardo Del Real of Junior Resource Monthly caught up with Atco Mining’s newly-appointed CEO Etienne Moshevich to offer his congratulations and to get a firsthand account on all of the recent happenings across the company’s impressive land package. Enjoy!

For additional information on Vancouver-based Atco Mining, be sure to contact the company’s IR department at 604-512-5624 or via email at info@atcomining.com.

Sign up to receive updates directly from the company at the Atco Mining corporate website.

Mike Fagan
Editor, Resource Stock Digest