11:48:36 EST Sun 05 Feb 2023
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Atco Mining stakes Adonis salt project in Newfoundland

2022-12-06 11:52 ET - News Release

Mr. Alex Klenman reports

ATCO MINING INCREASES POSITION IN THE ST. GEORGES BAY BASIN TO OVER 18,000 HECTARES WITH THE ACQUISITION OF THE ADONIS SALT PROJECT - 10KM SOUTHWEST OF TRIPLE POINT'S FISCHELLS BROOK SALT DOME

Atco Mining Inc. has staked a new project on the west coast of Newfoundland. The newly staked claims named the Adonis salt project are 100 per cent owned by Atco and are located just 10 kilometres southwest of Triple Point's (spinout of Atlas Salt) Fischells Brook salt dome project and directly adjacent to Atlas Salt's St. Fintan's salt project. The new claim consists of 90 claims, totalling 4,750 hectares.

With the newly acquired mining claims, Atco now controls five projects in the area which consist of a total of 18,275 hectares. In comparison, Atlas Salt's spinout company, Triple Point Resources, currently holds approximately 22,599 hectares.

"This is a strategic acquisition for us as we look to establish ourselves in the St. Georges Bay basin in Newfoundland," says Christopher Cooper, chief financial officer of Atco Mining. "We're looking forward to start exploring these areas for both potential salt domes and for its hydrogen storage potential. In addition, our team is looking to assess all available historical data on the previous hole drilled on our Blue Moon South project to gather as much information as possible to better formulate our exploration plans going forward. I look forward to keeping investors informed and updated as we work to create value for our investors."

Grant of restricted share units

The company also announces that its board of directors has approved the adoption of a new incentive plan for the company which permits the grant of restricted share units (RSUs) to directors, officers, employees and consultants of the company. The incentive plan permits the company to reserve up to 2.5 million common shares to be issued upon the vesting of RSUs granted under the incentive plan.

Initially, the company has granted 400,000 RSUs to certain directors of the company as compensation for continuing services rendered to the company. Each RSU represents the right to receive, upon vesting, one common share in the capital of the company. The RSUs granted by the company will vest on April 5, 2023, subject to the continued involvement of the directors.

About Atco Mining Inc.

Atco is a junior exploration mining company focused on exploring for green energy metals throughout Canada. Atco is also exploring for sulphide-rich VHMS (volcanogenic massive sulphide) deposits in Saskatchewan, as well as salt opportunities in western Newfoundland.

We seek Safe Harbor.

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