Gravity Survey Unveils Second Potential Salt Dome in SALT’S Bay St. George District

ST. JOHN’S, Newfoundland and Labrador, June 03, 2022 (GLOBE NEWSWIRE) -- Atlas Salt (the “Company” or “Atlas” - TSXV: SALT) is pleased to report that additional results from its ground gravity survey have led to the modelling of a potential second salt dome just 3 km east of the large Fischell’s Brook Salt Dome deposit (refer to May 26, 2022, news release).

“Fischell’s Brook East” is consistent with the increasingly apparent district-scale salt potential of Atlas’ nearly 200 sq. km land package in western Newfoundland, parts of which will form a strategic near-term “spinout” aimed at unlocking additional shareholder value.

Highlights:

• Geophysical interpretation of the gravity data has modelled a deeply rooted salt dome of vertical cylindrical shape at Fischell’s Brook East with a diameter of 1.5 km and an average density of 2.35 grams per cubic centimeter;
• Fischell’s Brook East has never been previously drilled. It appears to be a separate structure from the main Fischell’s Brook deposit but the two structures could potentially be connected at depth - further exploration would be required to confirm this;
• Atlas’ land package, with significant areas still under-explored, hosts varying styles of salt deposits with the potential for multiple opportunities in the commodity space.
  

Mr. Rowland Howe, Atlas President, commented: “The possibility of a second salt dome adjacent to Fischell’s Brook, suggested by this gravity data, is further evidence of very significant salt accumulations over a broad area of the Bay St. George Basin.

“It is rare to see such an advantaged salt asset as Great Atlantic - massive and relatively shallow, high-grade, homogeneous and immediately next to a deep-water port. It is also very exciting to see what’s unfolding to the south in the Fischell’s Brook area, and how these salt domes could help anchor a potential clean energy hub,” Mr. Howe concluded.

Spinout Plans

As Atlas progresses toward completion of a Feasibility Study for its flagship Great Atlantic Project approximately 15 km north of Fischell’s Brook, the Company intends to unlock the value of its non-Great Atlantic salt assets through the creation of a near-term spinout (“NEWCO”) led by a separate management team with expertise in the clean energy space.

The Company is preparing an application to list “NEWCO” on a Canadian stock exchange with details regarding a share distribution to Atlas shareholders to be announced shortly.

Image of Gravity Low Bouguer Anomaly at Fischell’s Brook East

The ground gravity survey was completed by Abitibi Geophysics and shows a second gravity low bouguer anomaly (see image below) approximately 3 km east of the Fischell’s Brook dome where no previous drilling has occurred. This Fischell’s Brook East gravity signature is consistent with a domal body of salt approximately 1.78 sq. km in aerial size, a substantial potential salt dome.

PRmediaNow Interview With Rowland Howe & Patrick Laracy

“It could be described as Elephant Country for 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=PqViWuW2gC8

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.

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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.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/47194edc-2702-4017-b6a4-05deb89ea99b
https://www.globenewswire.com/NewsRoom/AttachmentNg/8623c554-198b-48a6-9d03-c4332701aa31