Mining
Thursday, September 28th, 2023 1:56 pm EDT
Key Points
- Promising results from Atco Mining’s hydrogen storage capacity assessment for its salt structure at the Flat Bay Salt Project
- The assessment estimates that the salt structure can potentially hold approximately 130,000 to 250,000 tonnes of hydrogen, depending on the cavern layout
Vancouver, British Columbia – TheNewswire – September 28th, 2023 – Atco Mining Inc. (the “Company” or “Atco”) (CSE:ATCM); (OTC:ATMGF); (Frankfurt:QP9) is pleased to announce that it has completed a hydrogen storage capacity assessment for its salt structure at the Flat Bay Salt Project. The work was completed by the company’s contracted consultant partner, RESPEC Consulting Inc., a global leader in geology, geophysical and engineering work and who has direct experience in underground hydrogen storage caverns.
Based on the interpreted geology, operating pressure limits set by the Canadian Standards Association (CSA), and cavern dimensions, RESPEC generated preliminary cavern layouts and performed high-level thermodynamic calculations to estimate the maximum hydrogen storage capacity of the salt structure at the Flat Bay project site.
The cavern field layout depends on the areal extent and thickness of the salt structure. The cavern layouts generated for the Flat Bay project site salt structure are based on the following preliminary design considerations: (1) caverns are placed at an S/D ratio of 4 (where S is the distance between the center of one cavern to another cavern and D is the average maximum diameter of the two caverns), (2) caverns are at least a 1.5 cavern diameter length away from the salt dome boundary, (3) cavern diameter is limited to 80 m, (4) the cavern roof is located at least 200 m below the top of salt, and (5) caverns bottoms are at least 200 m away from the bottom of salt.
Because the 2D seismic interpretation results decrease in accuracy with increased distance from the seismic lines, RESPEC generated conservative and optimistic cavern field layouts based on the distance from the seismic lines and distance from the core of the salt structure. The conservative case only considers salt caverns closer to the seismic lines and within the salt structure core. Whereas the optimistic case also includes caverns away from the core of the salt structure.
Based on the available geological information, the Flat Bay salt structure can potentially hold approximately:
- 7 caverns providing a total hydrogen storage capacity of 130,000 tonnes for the conservative case; and
- 14 caverns providing a total hydrogen storage capacity of 250,000 tonnes for the optimistic case.
It is important to note that this cavern layout is preliminary and heavily based on the gravity and 2D seismic interpretation of the salt structure, which may change as additional geologic data are obtained. RESPEC anticipates that the preliminary cavern field layout and hydrogen storage capacity estimates will need to be updated as potential core wells are drilled, and more 3D seismic surveys are performed.
Jai Duhan, Subsurface Energy Storage Consultant at RESPEC, comments, “Based on the available geological information, the Flat Bay project site can potentially hold multiple caverns providing more than 130,000 tonnes of hydrogen storage. The next steps for Atco Mining would be to drill exploratory core wells and run additional seismic surveys to confirm the depth and thickness of the salt structure. RESPEC is looking forward to continuing to assist Atco in further defining the dimensions of the salt structure and obtaining rock parameters required for determining the quality of salt.”
Etienne Moshevich, CEO of Atco Mining states “this is a tremendous milestone to achieve with RESPEC. Being able to now have the necessary preliminary data to see how much hydrogen we can potentially store in our salt caverns is extremely important as we look to expand and build our company. If these results are accurate, Atco’s Flat Bay Salt Project has the potential to not only store significant amounts of hydrogen but also capitalize on the tremendous amount of investment that is ear-marked to be spent in the area building renewable energy projects. Our goal is to position Atco as a leader in the hydrogen storage industry and these results bring us one step closer towards achieving just that.”
Qualified Person
The technical content of this news release has been reviewed and approved by Tabetha Stirrett (P.Geo), who is a Qualified Person as defined by 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 exploring for salt and hydrogen storage opportunities in Southwestern Newfoundland. Investors are encouraged to visit the company’s website here: www.atcomining.com
For further information contact:
Etienne Moshevich
Chief Executive Officer
Atco Mining Inc.
Email: info@atcomining.com
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 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.
