Atlas Salt Inc. (TSXV: SALT) (OTCQB: REMRF) (the
“
Company” or “
Atlas Salt”) is
pleased to provide the following update on its proposed spinout of
226 sq. km of mineral licenses in southwest Newfoundland, outside
of its flagship Great Atlantic Project, highlighted by the
Fischell’s Brook Salt Dome.
Highlights:
- A Special AGM
will be held August 31, 2022, to vote on the
proposed Plan of Arrangement as per an information circular posted
on SEDAR and mailed to Atlas Salt shareholders;
- Subject to
receipt of Atlas shareholder, regulatory and court approvals, the
Date of Record for the distribution of 23,750,000
Triple Point Resources Ltd. (“Triple Point”) shares will be on or
about September 21, 2022. All Atlas shareholders qualify to receive
one Triple Point share for approximately four Atlas shares owned as
of the Date of Record;
- Triple
Point has applied to list its common shares on the CSE
following completion of the Plan of Arrangement, and Atlas Salt
will continue to hold a significant ownership position in Triple
Point;
- A NI-43-101
compliant Technical Report on the Fischell’s Brook Property is
discussed in the information circular and available on SEDAR. From
the unconstrained three-dimensional gravity inversion model, the
Fischell’s Brook Salt Dome, or FB-1 anomaly, measures
4.1 km x 1.3 km extending to a
depth of greater than 2.4 km, providing
significant volume potential.
Mr. Rowland Howe, President of Atlas Salt,
commented: “The salt endowment of the Bay St. George Basin exceeds
expectations. The spinout allows Atlas Salt to focus all of its
energies on Great Atlantic, a potential ‘disrupter’ in the eastern
North America road salt market, while a separate team at Triple
Point unlocks the full value of Fischell’s Brook, 15 km south of
Great Atlantic, and other mineral licenses prospective for salt
dome-type deposits that are also in demand for their salt cavern
renewable energy storage potential.”
PRmediaNow Interview with Rowland Howe
& Patrick Laracy
“So much salt”: Atlas Salt
President Rowland Howe and CEO Patrick Laracy discuss this news
release with PRmediaNow’s Cyndi Edwards – click on
the link below to view.
https://www.youtube.com/watch?v=1-3JUZuRYM4
Fischell’s Brook NI-43-101 Technical
Report
The Fischell’s Brook Technical Report, prepared
independently by APEX Geoscience Ltd. of Edmonton, AB, had five
major objectives: 1) Provide a geological introduction to the
property; 2) Summarize historical work completed on the property;
3) Detail a 2021 ground gravity geophysical survey conducted on
behalf of Atlas; 4) Disclose a conceptual exploration target for
the Fischell’s Brook Salt Dome with cautionary and explanatory
statements; and 5) Provide recommendations for future exploration
programs.
Atlas Salt in the Bay St. George
Basin is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ed9bb5a-a98c-4cef-ab44-a5110b533754
Geological Background
The Fischell’s Brook deposit is in the heart of
the Bay St. George Sub-Basin (160 km x 60 km) which formed as a
pull-apart trough adjacent to, and west of, the northeast trending
Long Range Fault, a major strike-slip fault and part of the Cabot
Fault system.
The marine sedimentary rocks of the Codroy
Group, which hosts the Fischell’s Brook Salt Dome, include salt
units of the evaporite-dominated Woodville Formation highlighted by
the clean, thick sequence of the Basal Halite Member.
Historical Work
Six diamond drill holes, totalling 4,820 metres,
are reported to have been completed at Fischell’s Brook by four
different operators from 1968 to 1998, including Hooker (1968),
Amax Exploration Ltd. (1976), Pronto Exploration Ltd. (1980),
Canadian Nickel Company Ltd. (Inco) (1987) and Leeson Resources
Inc. (1998). The holes were drilled vertically, with depths of
between 358 and 1,099 metres, averaging 803 meters. The discovery
drill hole, Hooker #1, was drilled at the centre of the negative
gravity anomaly from approximately 100 metres off the Trans-Canada
Highway. The Pronto and Inco drill holes were located on the
northern and western flank of the anomaly. Four of the six drill
holes ended in the Basal Halite Member, with end-of-hole depths
ranging from 642 to 1,099 metres.
The historical drilling data pertaining to
Fischell’s Brook was collected prior to the current CIM definition
standards and guidelines (2014, 2019). However, the information
presented in historical assessment reports appear to meet the
technical standards that were employed at the time of
exploration.
The Technical Report Qualified Persons conducted
verification of the following historical information and data:
- Historical drill hole data,
including drill logs, down-hole geophysical logs, assay analytical
results and laboratory certificates;
- Historical collar locations (n=2
drill collars);
- Historical drill core archived at
the Newfoundland Department of Mines and Energy Mineral Core
Library in Pasadena, NL (n=1 drill hole);
- Independent Qualified Person
geochemical analysis of the Basal Halite Member in the Hooker drill
hole yielded between 92.6% and 97.8% NaCl with an average of 95.0%
NaCl (n=4 samples);
- Historical salt quality test work
data and laboratory certificates;
- Historical geophysical data.
2021 Ground Gravity Survey
During October-November 2021, Atlas Salt
commissioned Abitibi Geophysics of Val- d’Or, Quebec, to conduct a
high-resolution ground gravity survey over Fischell’s Brook. The
objective of the geophysical program was to provide an initial
geological framework of the property with emphasis on the size,
geometry, depth, and structure of the Fischell’s Brook Salt Dome. A
total of 974 gravity stations including one base station were
recorded. Spacing of the gravity stations ranged from 175 to 200
metres.
The 2021 geophysical gravity survey delineated
the FB-1 anomaly gravity low with an estimated amplitude of -5.43
milligal (mGal). The FB-1 anomaly correlates with the known
Fischell’s Brook Salt Dome which was originally delineated by
historical drill holes. The dimensions of the anomaly were derived
from an unconstrained three-dimensional gravity inversion.
Conceptual Exploration Targets
The conceptual total (global) in-situ Basal
Halite Member exploration target within the Woodville Formation at
Fischell’s Brook is estimated to include between
1.763 billion tonnes and 3.126
billion tonnes of salt (NaCl).
The Fischell’s Brook Salt Dome exploration
target’s potential quality and grade is conceptual in nature, there
has been insufficient exploration to estimate a mineral resource,
and it is uncertain if further exploration will result in the
estimation of a mineral resource. The exploration target expressed
should not be misrepresented or misconstrued as an estimate of a
mineral resource or ore reserve. The exploration target was
prepared by the Technical Report Qualified Persons as follows:
- Used an average
Basal Halite Member salt concentration of 94% salt based on 36
historical analyses;
- Multiplied the
mean volume of the wireframed Basal Halite Member domain and the
average salt concentration of the Basal Halite Member by +/- 10% to
calculate the estimated range of the exploration target;
- Used a density
of 2.20g/cm3 to convert the volume of the exploration target into a
range of tonnages. The density value was defined in the 2021
gravity survey.
The Basal Halite Member is one of three
Woodville Formation sub-members at the Fischell’s Brook deposit.
The composition and the overall consistency of the salt for the
Upper/Middle members is not well defined. Hence, conceptual
exploration target tonnages were not calculated for these
stratigraphic members of the deposit though a conceptual range of
volumetrics were derived as described in the Technical Report.
The authors of the Technical Report also noted
that the exploration target 3D geological modelling and estimation
process was constrained by the limited number of historical drill
holes and the limited depth of the drill holes at Fischell’s Brook.
The gravity 3D model might also have larger dimensions, especially
eastward, where modelling has identified a potential second deeply
rooted salt dome of vertical cylindrical shape with a diameter of
1.5 km and an average density of 2.35 grams per cubic centimetre.
This target area, known as Fischell’s Brook East, has never been
drilled and further work is required to evaluate the potential
target.
Work Program Recommendation
Additional exploration work is required by
Triple Point. A two-phase work program totalling approximately
$4,246,000 (CND) including a 10% contingency, is recommended in the
Technical Report to advance the Fischell’s Brook Salt Dome Project.
This includes completion of a 2-hole diamond drill program. The
objective of the drill program would be to 1)
Delineate the lateral and vertical extent of the Salt Dome, and in
particular, the Basal Halite Member; 2) Introduce
Quality Assurance - Quality Control protocols; 3)
Define the thickness and mechanical properties of the
unconsolidated, water-bearing and structurally complex waste
overlying the Salt Dome including glacial till and sedimentary
rock; and 4) Advance the property toward potential
mineral resource estimations prepared in accordance with CIM
definition standards and guidelines (2014, 2019) and the disclosure
rule NI-43-101.
The Technical Report has been filed under the Company’s profile
on www.sedar.com.
Qualified Person
Mr. Roy Eccles, P.Geo., of Apex Geoscience Ltd,
independent of Atlas Salt and Triple Point and a Qualified Person
as defined in National Instrument 43-101, has reviewed and approved
the technical contents of this news release.
About Atlas Salt
Atlas Salt owns 100% of the Great Atlantic Salt
Project 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 Salt also
owns the Fischell’s Brook salt dome and other mineral licenses in
western Newfoundland, forming the proposed spin-out of Triple Point
Resources Ltd.
We seek Safe Harbor.
For information, please
contact:
Patrick J. Laracy, CEO(709)
754-3186laracy@atlassalt.com
MarketSmart Communications Inc.Adrian
SydenhamToll-free: 1-877-261-4466Email: info@marketsmart.ca
Neither the TSX Venture Exchange nor its
Regulation Services Provider, (as the term is defined in the
Policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This press release
includes certain "forward-looking information" and "forward-looking
statements" (collectively "forward-looking statements") within the
meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included
herein, without limitation, statements relating to the future
operating or financial performance of the Company, are
forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential",
"possible", and similar expressions, or statements that events,
conditions, or results "will", "may", "could", or "should" occur or
be achieved. Forward-looking statements in this press release
relate to, among other things: completion of the proposed
arrangement, receipt of required shareholder, court, stock exchange
and regulatory approvals for the arrangement and the timing of the
shareholder meeting. Actual future results may differ materially.
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.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by the respective parties, are inherently subject to
significant business, economic, and competitive uncertainties and
contingencies. Many factors, both known and unknown, could cause
actual results, performance or achievements to be materially
different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements and
the parties have made assumptions and estimates based on or related
to many of these factors. Such factors include, without limitation:
receipt of all required shareholder, court, stock exchange and
regulatory approvals for the arrangement; fluctuations in the
securities markets and applicable stock exchange approval for
listing of the Triple Point common shares. Readers should not place
undue reliance on the forward-looking statements and information
contained in this news release concerning these times. Except as
required by law, the Company does not assume any obligation to
update the forward-looking statements of beliefs, opinions,
projections, or other factors, should they change, except as
required by law.
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