May 11, 2023
Atco Mining Inc. (CSE: ATCM)(OTC: ATMGF) — currently trading around C$0.15 per share — has entered into an agreement to acquire 100% of the 1,000-hectare Flat Bay salt project located in St. Georges Basin, southwestern Newfoundland, Canada.
The acquisition, once completed, will bring the company’s total position in the region to 21,450 hectares (214.5 sq km) across 8 prospective salt dome exploration projects.
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 follow-up exploration and, potentially, drilling.
The Flat Bay property sits in the same general area as Atlas Salt’s spinout company Triple Point Resources’ properties (see above map), which also combine for around 22K hectares.
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Atco Mining director Neil McCallum — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“This is a significant acquisition for us. I am very pleased to bring this high-quality project into our portfolio as we build one of the most prolific land positions in Southwestern Newfoundland. The Flat Bay Project is not only strategically located directly to the North and West of Triple Point, but having an already existing historical gravity low gives us another target to explore. I look forward to updating our shareholders over the coming weeks with our next steps.”
Atco is targeting salt dome structures on its properties as these giant underground geologic structures are ideal for hydrogen storage, and more specifically “green hydrogen” storage — an emerging clean-energy resource in Newfoundland.
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.
The government of Newfoundland is rapidly advancing its 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.
In terms of Atco’s project portfolio, 3D modeling has already identified two gravity low anomalies that could signal the potential for hosting multiple salt dome structures at the Eagle prospect: the Golden target and the Baldy target.
Exploration is currently being advanced at multiple Atco projects, including Eagle, with drilling on-track to follow in short order.
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For an update and closer look, our own Gerardo Del Real of Junior Resource Monthly caught up with Atco Mining director Neil McCallum to go over the Flat Bay acquisition and next steps in the exploration process. Please enjoy!
For additional information on Vancouver-based Atco Mining, be sure to contact Etienne Moshevich at the company’s IR department at 604-512-5624 or via email at email@example.com.
Sign up to receive updates directly from the company at the Atco Mining corporate website.
Editor, Resource Stock Digest