Atlas Advances Fischell’s Brook As Potential Energy Storage Spinout
TSXV: SALT
333 Duckworth Street, St. John's
NL, A1C 1G9
Telephone: (709) 754-3186
Fax: (709) 754-3946
AtlasSalt.ca
Atlas Advances Fischell’s Brook
As Potential Energy Storage Spinout
St. John’s, Newfoundland and Labrador, November 17, 2021 – Atlas Salt (the “Company” or “Atlas” -
TSXV: SALT) is pleased to provide an update on its 100% -owned Fischell’s Brook Salt Dome in western
Newfoundland, approximately 15 km south of the Company’s flagship Great Atlantic Salt Project.
Highlights:
• Given the rapidly growing interest in “green” hydrogen, energy storage and the renewable energy sector
in general, driven in part by supportive policy actions by provincial, state and federal governments, Atlas
management is aggressively proceeding with a planned spinout of its 100%-owned Fischell’s Brook Salt
Dome for its underground energy storage potential. In management’s view, the location and volume
potential of this salt dome combine to make it an advantaged asset in Atlantic Canada as the clean energy
transition gathers momentum;
• The proposed spinout is being strategized in a way that aims to maximize value for both the Company
and shareholders (i.e., Atlas would be a significant shareholder of “SPINCO” while also providing a
“dividend” for Atlas shareholders in the form of “SPINCO” shares on a Date of Record yet to be
determined);
• Atlas is nearing completion of a ground gravity survey at Fischell’s Brook. This program is a key
step toward quantifying the technical characteristics of Fischell’s which will underpin a development
strategy for the new company and solicitation of partnerships with entities operating in this industr y.
Atlas has added 75 square kilometres to its landholdings in the general vicinity of Fischell's Brook, as
disclosed in May 13, 2021 news release, to cover other strategic ground that will complement this asset;
• Mr. Paul Larkin, who has an extensive background in the renewable energy sector, has joined a newly-
created Atlas Advisory Board established to help unlock the full value of the Fischell’s Brook asset for
Atlas and its shareholders;
• Energy storage is a key component to deliver clean energy transition. With climate change and
associated green environmental policies driving significant investment toward alternate energy sources
and global carbon emission reduction, underground storage will play an important role in Canada's
energy future.
Mr. Patrick Laracy, Atlas CEO, commented: “Completion of the gravity survey at Fischell’s Brook is a major step
forward with this spinout initiative and will accelerate the process. We eagerly anticipate the results of this survey
as it will give us a valuable digital high-resolution dataset of the deposit whose limits have yet to be defined. Large
salt domes provide a gravity signature which can be modelled three dimensionally in the subsurface. These data
will underpin the geotechnical storage evaluation.”
Mr. Laracy continued, “We welcome Paul Larkin to our team. He is a great addition as we leverage the opportunity
at Fischell’s Brook . His vast experience in the capital markets and the renewable energy sector will aid us
immensely in strategizing this spinout and setting up this new company for success . Currently a director of a
Vancouver-based renewable energy royalties company, Paul was a co -founder of U.S. Geothermal, a leading
geothermal renewable energy company that was sold to Ormat Technologies in 2018 for $200 million (U.S.).”
PRmediaNow Interview With Patrick Laracy
“That is one huge potential storage opportunity”: Atlas Salt CEO Patrick Laracy discusses this news
release with PRmediaNow’s Cyndi Edwards - click on the link below to view.
Patrick Laracy Interview
Options Granted
Mr. Paul Larkin of the Atlas Advisory Board has been granted 100,000 incentive stock options, exercisable at
$1.30, for a period of five years subject to TSXV approval.
Newfoundland & Labrador Hydrogen Potential
A recently completed study commissioned by the Offshore Energy Research Association (OERA) in partnership
with Natural Resources Canada concluded that “Newfoundland and Labrador bring unique energy resources to
the mix that enables greater potential for hydrogen production than the other Atlantic provinces. Newfoundland
and Labrador’s abundant hydroelectric power, wind, and oil and gas resources position it to become a major
producer of hydrogen to serve domestic demand as well as other provinces in Canada and international markets
with the most probable markets being the Northeast United States or Europe.”
Fischell’s Brook Salt Dome Location
Qualified Person
Patrick J. Laracy, P.Geo, and CEO is the Qualified Person responsible for the technical contents of this news
release as defined in National Instrument 43-101.
About Atlas Salt
Bringing the Power of SALT to Investors: Atlas Salt owns 100% of the Great Atlantic salt deposit 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 also owns the Fischell’s Brook Salt Dome with plans to
spin out that asset into a separate company as a potential renewable energy storage opportunity.
We seek Safe Harbor.
For information, please contact:
Patrick J. Laracy, CEO
(709) 754-3186
AtlasSalt.ca
MarketSmart Communications Inc.
Adrian Sydenham
Toll-free: 1-877-261-4466
Email: [email protected]
Not for release in the United States or to U.S. newswire services
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of
this release. This release may contain certain forward-looking statements. Actual events or results may differ from
the Company’s expectations. Certain risk factors beyond the Company’s control may affect the actual results
achieved. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except
by law, the Company undertakes no obligation to publicly update or revise forward-looking information.