Fischell’S Brook SALT Unit Interpreted to Extend to Depth of 2,400 Metres
TSXV: SALT
333 Duckworth Street, St. John's
NL, A1C 1G9
Telephone: (709) 754-3186
Fax: (709) 754-3946
AtlasSalt.com
FISCHELL’S BROOK SALT UNIT INTERPRETED
TO EXTEND TO DEPTH OF 2,400 METRES
St. John’s, Newfoundland and Labrador, August 4, 2022 – Atlas Salt Inc. (TSXV: SALT) (OTCQB:
REMRF) (the “Company” or “Atlas Salt”) is pleased to provide the following update on its proposed
spinout of 226 sq. km of mineral licenses in southwest Newfoundland, outside of its flagship Great
Atlantic Project, highlighted by the Fischell’s Brook Salt Dome.
Highlights:
• A Special AGM will be held August 31, 2022, to vote on the proposed Plan of Arrangement as
per an information circular posted on SEDAR and mailed to Atlas Salt shareholders;
• Subject to receipt of Atlas shareholder, regulatory and court approvals, the Date of Record for
the distribution of 23,750,000 Triple Point Resources Ltd. (“Triple Point”) shares will be on or
about September 21, 2022. All Atlas shareholders qualify to receive one Triple Point share for
approximately four Atlas shares owned as of the Date of Record;
• Triple Point has applied to list its common shares on the CSE following completion of the Plan
of Arrangement, and Atlas Salt will continue to hold a significant ownership position in Triple
Point;
• A NI-43-101 compliant Technical Report on the Fischell’s Brook Property is discussed in the
information circular and available on SEDAR . From the unconstrained three -dimensional
gravity inversion model, the Fischell’s Brook Salt Dome, or FB-1 anomaly, measures 4.1 km x
1.3 km extending to a depth of greater than 2.4 km, providing significant volume potential.
Mr. Rowland Howe, President of Atlas Salt, commented: “The salt endowment of the Bay St. George
Basin exceeds expectations. The spinout allows Atlas Salt to focus all of its energies on Great Atlantic,
a potential ‘disrupter’ in the eastern North America road salt market, while a separate team at Triple
Point unlocks the full value of Fischell’s Brook, 15 km south of Great Atlantic, and other mineral licenses
prospective for salt dome-type deposits that are also in demand for their salt cavern renewable energy
storage potential.”
PRmediaNow Interview with Rowland Howe & Patrick Laracy
“So much salt”: Atlas Salt President Rowland Howe and CEO Patrick Laracy discuss this news release
with PRmediaNow’s Cyndi Edwards – click on the link below to view.
https://www.youtube.com/watch?v=1-3JUZuRYM4
Fischell’s Brook NI-43-101 Technical Report
The Fischell ’s Brook Technical Report, prepared independently by APEX Geoscience Ltd. of
Edmonton, AB, had five major objectives: 1) Provide a geological introduction to the property; 2)
Summarize historical work completed on the property; 3) Detail a 2021 ground gravity geophysical
survey conducted on behalf of Atlas; 4) Disclose a conceptual exploration target for the Fischell’s Brook
Salt Dome with cautionary and explanatory statements; and 5) Provide recommendations for future
exploration programs.
Atlas Salt in the Bay St. George Basin
Geological Background
The Fischell’s Brook deposit is in the heart of the Bay St. George Sub-Basin (160 km x 60 km) which
formed as a pull-apart trough adjacent to, and west of, the northeast trending Long Range Fault, a major
strike-slip fault and part of the Cabot Fault system.
The marine sedimentary rocks of the Codroy Group, which hosts the Fischell ’s Brook Salt Dome,
include salt units of the evaporite -dominated Woodville Formati on highlighted by the clean, thick
sequence of the Basal Halite Member.
Historical Work
Six diamond drill holes, totalling 4,820 metres, are reported to have been completed at Fischell’s Brook
by four different operators from 1968 to 1998, including Hooker (1968), Amax Exploration Ltd. (1976),
Pronto Exploration Ltd. (1980), Canadian Nickel Company Ltd. (Inco) (1987) and Leeson Resources
Inc. (1998). The holes were drilled vertically, with depths of between 358 and 1,099 metres, averaging
803 meters. The discovery drill hole, Hooker #1, was drilled at the centre of the negative gravity anomaly
from approximately 100 metres off the Trans-Canada Highway. The Pronto and Inco drill holes were
located on the northern and western flank of the anomaly. Four of the six drill holes ended in the Basal
Halite Member, with end-of-hole depths ranging from 642 to 1,099 metres.
The historical drilling data pertaining to Fischell ’s Brook was collected prior to the current CIM
definition standards and guidelines (2014, 2019). However, the information presented in historical
assessment reports appear to meet the technical standards that were employed at the time of exploration.
The Technical Report Qualified Persons conducted verification of the following historical information
and data:
• Historical drill hole data, including drill logs, down-hole geophysical logs, assay analytical
results and laboratory certificates;
• Historical collar locations (n=2 drill collars);
• Historical drill core archived at the Newfoundland Department of Mines and Energy Mineral
Core Library in Pasadena, NL (n=1 drill hole);
• Independent Qualified Person geochemical analysis of the Basal Halite Member in the Hooker
drill hole yielded between 92.6% and 97.8% NaCl with an average of 95.0% NaCl (n=4
samples);
• Historical salt quality test work data and laboratory certificates;
• Historical geophysical data.
2021 Ground Gravity Survey
During October-November 2021, Atlas Salt commissioned Abitibi Geophysics of Val- d’Or, Quebec, to
conduct a high-resolution ground gravity survey over Fischell’s Brook. The objective of the geophysical
program was to provide an initial geological framework of the property with emphasis on the size,
geometry, depth, and structure of the Fischell ’s Brook Salt Dome. A total of 974 gravity stations
including one base station were recorded. Spacing of the gravity stations ranged from 175 to 200 metres.
The 2021 geophysical gravity survey deli neated the FB -1 anomaly gravity low with an estimated
amplitude of -5.43 milligal (mGal). The FB-1 anomaly correlates with the known Fischell’s Brook Salt
Dome which was originally delineated by historical drill holes. The dimensions of the anomaly were
derived from an unconstrained three-dimensional gravity inversion.
Conceptual Exploration Targets
The conceptual total (global) in -situ Basal Halite Member exploration target within the Woodville
Formation at Fischell’s Brook is estimated to include between 1.763 billion tonnes and 3.126 billion
tonnes of salt (NaCl).
The Fischell’s Brook Salt Dome exploration target’s potential quality and grade is conceptual in nature,
there has been insufficient exploration to estima te a mineral resource, and it is uncertain if further
exploration will result in the estimation of a mineral resource. The exploration target expressed should
not be misrepresented or misconstrued as an estimate of a mineral resource or ore reserve. The
exploration target was prepared by the Technical Report Qualified Persons as follows:
1. Used an average Basal Halite Member salt concentration of 94% salt based on 36 historical
analyses;
2. Multiplied the mean volume of the wireframed Basal Halite Member domain and the average
salt concentration of the Basal Halite Member by +/- 10% to calculate the estimated range of the
exploration target;
3. Used a density of 2.20g/cm 3 to convert the volume of the exploration target into a range of
tonnages. The density value was defined in the 2021 gravity survey.
The Basal Halite Member is one of three Woodville Formation sub-members at the Fischell’s Brook
deposit. The composition and the overall consistency of the salt for the Upper/Middle members is not
well defined. Hence, conceptual exploration target tonnages were not calculated for these stratigraphic
members of the deposit though a conceptual range of volumetrics were derived as described in the
Technical Report.
The authors of the Technical Report also noted that the exploration target 3D geological modelling and
estimation process was constrained by the limited number of historical drill holes and the limited depth
of the drill holes at Fischell’s Brook. The gravity 3D model might also have larger dimensions, especially
eastward, where modelling has identified a potential second deeply rooted salt dome of vertical
cylindrical shape with a diameter of 1.5 km and an average density of 2.35 grams per cubic centimetre.
This target area, known as Fischell’s Brook East, has never been drilled and further work is required to
evaluate the potential target.
Work Program Recommendation
Additional exploration work is required by Triple Point. A two-phase work program totalling
approximately $4,246,000 (CND) includ ing a 10% contingency, is recommended in the Technical
Report to advance the Fischell’s Brook Salt Dome Project. This includes completion of a 2-hole diamond
drill program. The objective of the drill program would be to 1) Delineate the lateral and vertical extent
of the Salt Dome, and in particular, the Basal Halite Member; 2) Introduce Quality Assurance - Quality
Control protocols; 3) Define the thickness and mechanical properties of the unconsolidated, water -
bearing and structurally complex waste overlying the Salt Dome including glacial till and sedimentary
rock; and 4) Advance the property toward potential mineral resource estimations prepared in accordance
with CIM definition standards and guidelines (2014, 2019) and the disclosure rule NI-43-101.
The Technical Report has been filed under the Company’s profile on www.sedar.com.
Qualified Person
Mr. Roy Eccles, P.Geo., of Apex Geoscience Ltd, independent of Atlas Salt and Triple Point and a
Qualified Person as defined in National Instrument 43 -101, has reviewed and approved the technical
contents of this news release.
About Atlas Salt
Atlas Salt owns 100% of the Great Atlantic Salt Project 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 Salt also owns the Fischell’s Brook salt dome and other mineral
licenses in western Newfoundland, forming the proposed spin-out of Triple Point Resources Ltd.
We seek Safe Harbor.
For information, please contact:
Patrick J. Laracy, CEO
(709) 754-3186
MarketSmart Communications Inc.
Adrian Sydenham
Toll-free: 1-877-261-4466
Email: [email protected]
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