Atlas Salt in the Bay St George Basin
ST. JOHN’S, Newfoundland and Labrador, Aug. 4, 2022 (GLOBE NEWSWIRE) — Atlas Salt Inc. (TSXV: SALT) (OTCQB: REMRF) (the “company” or “Atlas Salt”) is pleased to announce the following update on its proposed development of 226 square kilometers of mineral claims in Southwest Newfoundland, outside of its flagship Great Atlantic Project, highlighted by the Fischell’s Brook Salt Dome.
- A special general meeting is held August 31, 2022Vote on the Proposed Scheme of Arrangement pursuant to an Information Circular filed on SEDAR and mailed to Atlas Salt shareholders;
- Pending receipt of Atlas shareholder, regulatory and court approvals, the record date for distribution of 23,750,000 Triple Point Resources Ltd. (“Triple Point”) Shares will be issued on or about September 21, 2022. All Atlas shareholders will qualify to receive one Triple Point share for approximately four Atlas shares outstanding as of the record date;
- triple point has applied to list its common shares on the CSE upon completion of the Scheme of Agreement and Atlas Salt will retain a significant interest in Triple Point;
- A NI-43-101 compliant technical report on the Fischell’s Brook property is discussed in the information circular and is available on SEDAR. From the unconstrained three-dimensional gravity inversion model, the Fischell’s Brook Salt Dome, or FB-1 anomaly, measures 4.1 kmx 1.3 km extends to a depth of more than 2.4 km, which offers significant volume potential.
Mr. Rowland Howe, President of Atlas Salt, commented, “Bay St. George Basin’s salt deposits are exceeding expectations. The spin-off allows Atlas Salt to focus all of its energy on Great Atlantic, a potential “disruptor” in the road salt market in eastern North America, 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…