Atlas Salt (TSX-V:SALT) has closed a non-brokered private placement of C$1.25 million ($1.26 million) for Canadian exploration expenses.
The company will issue 961,539 flow-through shares at C$1.30 each and use the proceeds to advance exploration on the nepheline discovery at its Black Bay Property in Southern Labrador, Canada.
As reported by Mining.com.au, SGS Lakefield conducted analysis on a bulk sample retrieved from the Black Bay Property, indicating that nepheline is potentially amenable to processing as a ‘high-value’ product.
Nepheline is an industrial mineral and a source of aluminum, sodium, and potassium. This mineral is used primarily in the manufacture of glass, ceramics, extenders, and fillers.
There is only one mine currently in production in North America that hosts a commercial nepheline deposit, located at Blue Mountain in Ontario.
Atlas Salt is developing North America’s next salt mine and is committed to responsible and sustainable mining practices.
Write to Maddison Elliott at Mining.com.au
Images: Atlas Salt
