Atco Mining Inc. [ATCM-CSE] has staked a new project on the west coast of Newfoundland. The newly staked project named the Highland Salt Project is 100% owned by Atco and is located immediately adjacent to the Triple Point Resources (Atlas Salt’s new spinout company) St. Fintan’s Salt Project. It is also adjacent to the company’s existing Apollo Project. The Highland Salt Project consists of one license, totaling 975 hectares.
With the newly acquired Project, Atco now controls seven projects in the area which consist of 20,450 hectares. In comparison, Atlas Salt’s spinout company, Triple Point Resources, currently holds approximately 22,599 hectares.
The project was acquired to cover a portion of a historically mapped gravity low that was defined by ground gravity work and reports from 1971 by Hooker Chemical Company.
Interpretation of the anomaly, that is partially covered by the Highland Salt Project, suggests a depth to a possible salt dome at between 305 and 427 metres below the surface.
The company also announces that its board of directors granted 200,000 restricted share units (RSUs) to a consultant of the company. The RSUs will vest and convert into common shares on April 5, 2023, provided that the consultant remains involved with the company at the time.