ATCO Mining ($ATCM) Advances Green Hydrogen Maritime Route Storage Potential in Newfoundland
March 30, 2023 – TheNewswire - Atco Mining Inc. (CSE:ATCM) has reported that detailed interpretation of the company’s land position in southwestern Newfoundland has confirmed the presence of numerous oval-shaped salt dome structures.
The company says that an airborne survey utilized inversion modeling to attain 3D views of various gravity anomalies at depth. The most striking anomaly is now estimated to be approximately 3 by 1.5 kilometers in size. A secondary target was also identified and modeling suggests it is approximately 6 by 1.5 kilometers in size.
Given the scale of these anomalies, Atco believes that these salt domes could possess the unique ability to store renewable energy underground in hollowed-out caverns. Salt domes are increasingly playing an important role in the clean energy transition
ATCO continues to build a highly prospective portfolio of salt cavern projects along important maritime routes that could potentially act as a key player in the renewable hydrogen export sector.
The significance of green hydrogen was recently underpinned by the signing of a Declaration of Intent between the city of Hamburg, Germany and the Government of Newfoundland. The agreement encourages the establishment of hydrogen supply chains that will result in exports of green hydrogen from Newfoundland to Germany.
Hydrogen is expected to play an essential role in the future energy mix- from fueling vehicles, trains, and ships to generating electricity and heating buildings.
Hydrogen has the potential to deliver sustainable, efficient and affordable energy at scale. However, it is expensive to store and transport. Salt domes offer a potential cost effective solution for hydrogen to be stored prior to maritime export.
Shares of ATCO Mining trade in Canada under the ticker symbol ATCM. The company now also trades in the U.S. under the ticker symbol ATMGF. For more information visit www.actomining.com.
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