Mining
Thursday, October 19th, 2023 1:40 pm EDT
Key Points
- Identification of Salt Structure: RESPEC Consulting Inc. has completed an analysis of 2-D seismic data on Atco Mining Inc.’s Eagle Salt Project in Southwestern Newfoundland. They have identified at least one salt structure that is considered prospective for halite exploration, with potential suitability for hydrogen salt dome cavern development.
- Gravity Anomalies and Seismic Data: The Project Area contains two gravity anomalies, “Baldy” in the southwest and “Golden” in the northeast. The 2-D seismic data, in conjunction with gravity data, supports the potential for salt deposits at depth in the Baldy area. The Golden area suggests the presence of low-density strata, possibly salt, although it currently lacks seismic data. Additional 2D seismic surveys are being planned to define the dimensions of potential salt structures.
- Hydrogen Storage Capacity: Completing additional 2D seismic surveys will not only help define the dimensions of salt structures but also assist in better defining the hydrogen storage capacity of the Project Area. This exploration program aims to outline the dimensions of the salt structure and its potential for hydrogen storage.
Vancouver, British Columbia, October 19th, 2023 – Atco Mining Inc. (the “Company” or “Atco”) (CSE: ATCM; OTC: ATMGF; Frankfurt: QP9) is pleased to announce that its contracted consultant, RESPEC Consulting Inc. (RESPEC), has completed an analysis of the previously announced 2-D seismic interpretation on its Eagle Salt Project (“Project Area”), located in Southwestern Newfoundland. RESPEC has identified at least one salt structure that it considers prospective for halite exploration, the mineral form of sodium chloride or road salt, which is potentially also suitable for hydrogen salt dome cavern development.
As shown in Figure 1, the Project Area contains two gravity anomalies in the southwest (“Baldy”) and northeast (“Golden”) areas. The 2-D seismic data in conjunction with the gravity data support the potential for salt deposits at depth in the Baldy area. Figure 1 inset displays the seismic interpretation of the Baldy Target, highlighting the potential upper limit of the salt deposit (green line) and the lower extent (pink line).
Figure 1.
The Golden gravity anomaly suggests the presence of low-density strata, such as salt, may be located in this target area. However, this area currently lacks seismic data. Atco is scoping the completion of an additional 2D seismic survey in this area to define the dimensions of a potential salt structure.
Completing additional 2D seismic surveys will also assist Atco in better defining the hydrogen storage capacity of the Project Area.
Jai Duhan, Subsurface Energy Storage Consultant at RESPEC, comments, “The gravity and 2D seismic data show the potential presence of a salt structure in Atco’s Eagle Salt Project Area, possibly suitable for hydrogen storage cavern development. RESPEC is currently working with ATCO to define the next steps in its exploration program aimed at outlining the dimensions of the salt structure.”
“I am very pleased with this news,” says Etienne Moshevich, CEO of Atco Mining. “This is only the first of many steps in defining yet another salt structure for potential hydrogen storage, which will only make Atco a more attractive target to the various energy companies investing in clean-energy projects off the coast of Newfoundland.”
About RESPEC
RESPEC experts have evaluated over 1,000 caverns in nearly every major cavern storage region in the world. Its extensive history underground has helped them pioneer in-house specialty software and rock lab testing that focuses on analyzing solution-mined and conventionally mined caverns. Respec has the world’s largest rock laboratory dedicated to the underground storage industry and has experience with some of the largest scale projects in North America, including Mitsubishi Power’s Advanced Clean energy storage project in Utah, the Atco Heartland Energy Centre in Alberta and seven other hydrogen storage projects worldwide.
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 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.
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:
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