Vancouver, BC - TheNewswire - March 30, 2023 - Atco Mining Inc. (the “Company” or “Atco”) (CSE:ATCM) (Frankfurt:QP9) (US:ATMGF) is pleased to announce that the final interpretation on its 100%-owned salt projects, located within the St. George’s Bay Basin in southwestern Newfoundland, confirm that two to three, high-priority oval-shaped gravity anomaly targets are present on the Company’s tenures.
The detailed interpretation includes inversion modelling to attain a 3D view of the gravity anomaly at depth and integration of the magnetic signal. The relatively low density of salt and minimal magnetic susceptibility of evaporite deposits with respect to surrounding rock types makes the survey an ideal exploration method.
The results of the survey reveal a high-priority trend of coincident gravity- and magnetic-low anomalies that are consistent with the interpretation of salt-dome structures at the south-end of the Company’s tenures. The 3D interpretation of the model suggests that the salt dome structure may be present at a depth as shallow as 300 to 400 metres below surface and extending as deep as the model predicts (approximately 1600 metres below surface).
The most striking anomaly, herein named the “Golden Target”, is approximately 3 by 1.5 kilometres in size and has a strong correlation with the magnetic-low signature.
The secondary target, herein named the “Baldy Target”, is approximately 6 by 1.5 kilometres in size and has a slightly less prominent gravity and magnetic correlation. The linear nature of this anomaly may be considered two separate anomalies that have the same roots at depth.
The size and geometry of the gravity feature is similar to Atlas Salt’s Fischell’s Brook Salt Dome* gravity anomaly, located approximately 15 kilometres north of the Golden Target, which measures 4.1 by 1.3 kilometres in size. Exploration drilling at Fischell’s Brook has intercepted salt starting at a depth of 360 metres below surface.
Neil McCallum, Director of Atco Mining, states: “I am very pleased with the results of the interpretation of the recent survey results. They tell us exactly what we were hoping to see, which is a series of gravity and magnetic-low features that are consistent with the interpretation of salt-dome structures.”
The geophysical program was completed approximately two months ago (see news release dated January 25th, 2023) utilizing the Falcon® Plus airborne gravity gradiometer (“AGG”) and magnetics completed by Xcalibur Multiphysics of Mississauga, Ontario. Falcon® is the world’s only purpose-built AGG system, designed to isolate aircraft motion noise. The Survey was managed and was interpreted by GroundTruth Exploration (“GroundTruth") of Dawson City, Yukon.
In addition, Atco is pleased to announce that it has obtained a trading symbol in the United States and its common shares will trade under the ticker symbol ATMGF on the OTC Markets.
“This is also an extremely positive step forward for us,” says Neil McCallum. “This will enable us to broaden our exposure in the United States as we look to boost our profile among investors around the world. We’re committed to growing our audience and this is an important step towards achieving that goal.”
The technical information contained in this news release has been reviewed by Neil McCallum B.Sc., P.Geo., of Dahrouge Geological Consulting and director of Atco Mining, who is a “Qualified Person” as defined in NI 43-101.
*Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company’s properties.
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.
For further information contact:
Atco Mining Inc.
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 has neither approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
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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