Atlas Salt Commences Geotechnical Drilling Program and Finalizes 160 Hectare Crown Land Surface Lease for Great Atlantic Salt Project

Rhea-AI Summary

Atlas Salt Inc. (TSXV:SALT)(OTCQB:REMRF) has announced two significant developments for its Great Atlantic Salt Project:

1. Commencement of Geotechnical Drilling Program: The company has appointed Terrane Geoscience Inc. and GEMTEC Consulting Engineers and Scientists to lead a comprehensive geotechnical and hydrogeological investigation. Logan Drilling will execute approximately 2,700 meters of core drilling along the decline path. The program, expected to be completed by Q1 2025, aims to evaluate rock conditions and groundwater behavior, ensuring safety and stability for the proposed decline and box cut.

2. Acquisition of 160-hectare Crown Land Surface Lease: Atlas Salt has secured the necessary land for geotechnical drilling and surface infrastructure development, including access roads and on-site facilities.

These developments are important for de-risking the decline construction and advancing the project towards becoming Canada's next major salt mine.

Positive

• Commencement of comprehensive geotechnical drilling program to de-risk decline construction
• Acquisition of 160-hectare Crown land surface lease for project development
• Partnerships with top-tier companies for project execution (Terrane, GEMTEC, Logan Drilling, Sandvik)

Negative

• None.

ST. JOHN'S, NL / ACCESSWIRE / October 22, 2024 / Atlas Salt Inc. ("Atlas Salt" or the "Company") (TSXV:SALT)(OTCQB:REMRF) is pleased to announce the commencement of the geotechnical drilling program at its Great Atlantic Salt Project. Additionally, the Company has finalized the acquisition of a 160-hectare Crown land surface lease.

Geotechnical Drilling and Investigation Program Commences

Atlas Salt has appointed Terrane Geoscience Inc. and GEMTEC Consulting Engineers and Scientists Ltd. to lead the comprehensive geotechnical and hydrogeological investigation for the proposed decline and box cut at the Great Atlantic Salt Project. Logan Drilling has been selected to execute the geotechnical drilling program, which will involve approximately 2,700 meters of core drilling along the decline path to evaluate rock conditions and groundwater behavior.

The program is designed to ensure that the decline and box cut meet the highest standards of safety and stability. Drilling has commenced and is expected to be completed by Q1 2025. The investigation's scope includes:

• Geotechnical Drilling: 2,700 meters of core drilling along the decline alignment to gather data on rock quality, structural conditions, and other key factors affecting construction.

• Hydrogeological Testing: Assessment of groundwater flow and permeability to support dewatering and design strategies for underground development.

• Data Analysis: Development of a 3D geotechnical model to guide detailed design and construction efforts.

• Groundwater Monitoring: Installation of piezometers to continuously monitor groundwater levels and ensure stability during future underground operations.

This program is critical in de-risking the decline construction-one of the key risks for the project-by providing site-specific data that will inform design decisions and mitigate potential challenges before construction begins.

Robert Booth, Vice President, Construction & Engineering, stated: "Selecting Terrane, GEMTEC, and Logan Drilling for our geotechnical program, alongside Sandvik as our underground equipment partner, demonstrates our commitment to working with top-tier companies as we advance the Great Atlantic Salt Project. These partnerships are crucial for the successful development of the project. The geotechnical investigation will provide us with detailed insights that significantly de-risk the decline construction and ensure a safer and more efficient execution of this key phase."

160 Hectare Crown Land Surface Lease Acquired

Atlas Salt has completed the acquisition of an approximately 160-hectare Crown land surface lease, securing the necessary land for the geotechnical drilling and surface infrastructure development, including access roads, on-site facilities, and material handling systems. This lease ensures the Company has the space required to support future development and the construction phase as the project advances.

CEO Richard LaBelle commented: "The commencement of our geotechnical drilling program and the finalization of our 160-hectare surface lease are pivotal in the progress of the Great Atlantic Salt Project. These achievements demonstrate that we are on track to meet our development objectives and move forward towards constructing Canada's next major salt mine."

For further information and ongoing updates, please visit https://atlassalt.com.

About Atlas Salt Inc.

Atlas Salt Inc. is developing Canada's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.

For information, please contact:

Richard LaBelle, CEO
investors@atlassalt.com
(709) 739-9545

We seek safe harbor.

Cautionary Statement

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: obtaining financing, completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. 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, technical, 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: the timing, completion and delivery of required permits, supply arrangements and financing. 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.

SOURCE: Atlas Salt

View the original press release on accesswire.com

FAQ

What is the extent of Atlas Salt's geotechnical drilling program for the Great Atlantic Salt Project?

Atlas Salt's geotechnical drilling program for the Great Atlantic Salt Project involves approximately 2,700 meters of core drilling along the decline path to evaluate rock conditions and groundwater behavior.

When is the geotechnical drilling program for Atlas Salt's Great Atlantic Salt Project expected to be completed?

The geotechnical drilling program for Atlas Salt's Great Atlantic Salt Project is expected to be completed by Q1 2025.

What is the size of the Crown land surface lease acquired by Atlas Salt (REMRF) for the Great Atlantic Salt Project?

Atlas Salt (REMRF) has acquired an approximately 160-hectare Crown land surface lease for the Great Atlantic Salt Project.

Who are the key partners involved in Atlas Salt's geotechnical drilling program for the Great Atlantic Salt Project?

The key partners involved in Atlas Salt's geotechnical drilling program are Terrane Geoscience Inc., GEMTEC Consulting Engineers and Scientists , and Logan Drilling. Sandvik is also mentioned as the underground equipment partner.