Vulcan Minerals Inc. – Atlas Salt Releases Robust PEA Results on the Great Atlantic Salt Deposit
2023年1月31日 - 10:47PM
Vulcan Minerals Inc. (“the Company” - “Vulcan” TSX-V:
VUL), is pleased to announce that Atlas Salt Inc. (TSXV:
SALT), a related company, has released the results from a
Preliminary Economic Assessment (PEA) of its Great Atlantic salt
deposit in Western Newfoundland completed by SLR Consulting
(Canada) Ltd. The complete copy of the Atlas Salt news release can
be found here https://atlassalt.com/news providing full context for
the highlights below.
Highlights:
- Robust economic valuation
based on a pre-tax net present value (NPV) of $909 million at an 8%
discount rate as per a 30 year cash flow model at a production rate
of 2.5 million tonnes per year (Mtpa) yielding an Internal Rate of
Return of 22%
- Low cost production –
utilizing a Q4 cost basis of $23.81 per tonne FOB
- Mining infrastructure
designed to increase production up to 4 Mtpa plus recognition that
mineral resources are available for a much longer mine
life
- Indicated Mineral Resource
of 187 million tonnes (Mt) at 96.4 % NaCl, plus Inferred Mineral
Resource of 999 Mt at 95.6 % NaCl
- Project designed to utilize
electricity as the environmentally friendly energy
source
- Access to the underground
deposit through dual declines allowing for production scalability
and economic efficiencies
Economic Summary:
Table 1:Summary of Economic Outcomes –
Initial 30 Year Production Plan at 2.5 Mtpa
|
Metric |
Units |
Value |
|
Pre-Tax Payback Period |
yrs |
4.2 |
|
Pre-Tax IRR |
% |
22.1% |
|
Pre-tax NPV at 5%
discounting |
C$ '000 |
1,627,736 |
|
Pre-tax NPV at 8%
discounting |
C$ '000 |
909,338 |
|
Pre-tax NPV at 10%
discounting |
C$ '000 |
620,247 |
|
|
|
|
|
Post-Tax Payback Period |
yrs |
5.0 |
|
Post-tax IRR |
% |
17.3 |
|
Post-tax NPV at 5%
discounting |
C$ '000 |
920,320 |
|
Post-tax NPV at 8%
discounting |
C$ '000 |
481,900 |
|
Post-tax NPV at 10%
discounting |
C$ '000 |
304,935 |
Vulcan retains a 3% net production royalty on
the mineral licences it transferred to Atlas Salt (formerly Red
Moon Resources Inc.) upon spinout of Atlas Salt from the company in
2012, which includes the Great Atlantic Salt project. Vulcan also
owns 28,891,000 shares (31.2% of the outstanding shares) in Atlas
Salt Inc.
Patrick Laracy, President commented “The PEA
evaluation is very impressive. It is gratifying to have this
independent PEA confirm the project’s compelling commercial merits.
When considering production rates greater than 2.5 Mtpa and a mine
life beyond 30 years, significant additional valuation upside is
present. I look forward to the finalization of the feasibility
study and the development of this project. Projects of this nature
have the potential to be in production in excess of 50 years based
on comparable salt mines in North America with all the attendant
economic benefits.”
About Vulcan
Vulcan Minerals is a precious and base metals
exploration company based in St. John's NL, with strategic land
positions in multiple active Newfoundland gold exploration and
development belts. The Company has leveraged its exploration
exposure in most of this land position through equity ownership of
other explorers obtained by way of option and royalty agreements.
It also holds 31.2% of the outstanding shares in Atlas Salt. Atlas
Salt is carrying out a feasibility analysis on its Great Atlantic
salt deposit in western Newfoundland strategically located in the
robust road de-icing market of eastern North America.
Patrick J. Laracy, P. Geo. President, is the
qualified person responsible for the technical contents of this
news release as defined in National Instrument 43-101.
We seek safe harbour.
For information please contact:Patrick J.
Laracy, P.Geo.President (709)
754-3186info@vulcanminerals.cawww.vulcanminerals.ca
Neither the TSX Venture Exchange nor its
Regulation Services Provider, (as the term is defined in the
Policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This press release
includes certain “forward-looking information” and “forward-looking
statements” (collectively “forward-looking statements”) within the
meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included
herein, without limitation, statements relating to the future
operating or financial performance of the Company, are
forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “potential”,
“possible”, and similar expressions, or statements that events,
conditions, or results “will”, “may”, “could”, or “should” occur or
be achieved. Forward-looking statements in this press release
relate to, among other things: completion, delivery and timing of
the referenced assessments and analysis and assumptions related
thereto including access to existing infrastructure. Actual future
results may differ materially. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable by the respective parties, are inherently
subject to significant business, technical, economic, and
competitive uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: the timing,
completion and delivery of the referenced assessments and analysis.
Readers should not place undue reliance on the forward-looking
statements and information contained in this news release
concerning these times. Except as required by law, the Company does
not assume any obligation to update the forward-looking statements
of beliefs, opinions, projections, or other factors, should they
change, except as required by law.
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