Vancouver, British Columbia – TheNewswire - November 22, 2022 – Atco Mining Inc. (the “Company” or “Atco”) (CSE:ATCM) is pleased to announce that it has staked a new project on the west coast of Newfoundland. The newly staked claims named The Eagle Salt Project (the “Project”) are 100% owned by Atco and are located just 15km south of Triple Point Resources’ (Atlas Salt’s – TSXV:SALT new spinout) Fischell’s Brook Salt Dome Project and 5km east of their St. Fintan’s Salt Project. The Eagle Salt Project consists of mineral claims totaling 10,575 hectares.
With the newly staked mining claims, Atco now controls four projects in the area which consist of 13,525 hectares. With this acquisition, Atco has increased its land position in the prolific St. Georges Bay Basin in Southwest Newfoundland by over 350%. Atlas Salt’s (TSXV:SALT) spinout company, Triple Point Resources, currently holds approximately 22,599 hectares.
The Project is located at the southern end of the St. George Bay Basin. The underlying geology is mapped as the Codroy Group and Barachois Group geological strata. The nearby Fischell’s Brook Salt Dome Project of Atlas Salt contains salt dome formations within the base of the Codroy Group. Thus, the newly acquired Project contains potential for salt resources and/or sub-surface salt domes. An on-going data compilation is being completed on this and all the other Atco projects in order to develop an exploration plan.
Please see map below:
“This is a significant opportunity for us” says Christopher Cooper, CFO of Atco Mining. “Not only does it increase our footprint in the St. Georges Basin by over 4.5 times but it positions Atco as one of the largest landholders in the area right next to Atlas Salt (TSXV:SALT). As we continue to move towards a clean energy revolution, our team is extremely excited to continue to explore for potential salt domes and how they can be used for hydrogen storage.”
The technical information contained in this news release has been reviewed and approved by Neil McCallum B.Sc., P.Geo., of Dahrouge Geological Consulting, who is a “Qualified Person” as defined in NI 43-101.
About Atco Mining (CSE: ATCM):
Atco is a junior exploration mining company focused on exploring for green energy metals throughout Canada. Atco is also exploring for sulphide-rich VHMS deposits in Saskatchewan as well as salt opportunities in Western Newfoundland. Investors are encouraged to visit the company’s website here: www.atcomining.com
On behalf of the Board of Directors of Atco Mining Inc.
President & CEO, Director
For further information contact:
Atco Mining Inc.
Alex Klenman – President & CEO
Telephone: (604) 681-0084
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
Completion of the acquisition is subject to a number of conditions, including receipt of appropriate regulatory approvals.
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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