Pulsar Helium Inc (TSXV:PLSR)(OTCQB:PSRHF), the helium project development company, has announced that it has signed a new drill contract with Capstar Drilling for its Topaz Helium Project in the State of Minnesota, USA. The drill contract follows the successful drilling of the Jetstream #1 well and additional drilling activities are scheduled to occur this quarter. Drilling activities will consist of deepening the Jetstream #1 well by a further c.500m to intersect the full anticipated height of the reservoir, with the option to drill an additional two step out wells. All necessary permits to deepen Jetstream #1 have been obtained, and site improvements and preparation are now underway.
HIGHLIGHTS
- A new drill contract has been signed with Capstar Drilling for deepening the Jetstream #1 well by a further c.500m to intersect the full anticipated height of the reservoir, with the option to drill two additional step out wells.
- Site improvements are underway, all relevant permits for deepening Jetstream #1 have been obtained, and drilling is scheduled to commence this quarter.
Thomas Abraham-James, President & CEO of Pulsar Helium, commented: “The signing of the Capstar Drilling contract is a further step forward as we look to commercialise the high-grade Topaz helium project in Minnesota. We anticipate that deepening the Jetstream #1 well will further validate the economics of the Project and confirm the reservoir’s district-scale potential, thus underpinning Topaz as North America’s leading helium and CO2 resource.”
“These are exciting times for Pulsar particularly as mineral security and ‘safe jurisdiction resource development’ increasingly shape investor decision making. We are receiving strong support across the political spectrum in Minnesota who recognise the statewide benefits of bringing Topaz on stream. As the project continues to develop at pace, we look forward to keeping the market regularly informed and delivering our strategy for the benefit of all stakeholders.”
DRILL CONTRACT DETAILS
Following the successful drilling and testing of the Jetstream #1 well, Pulsar Helium intends to maintain momentum and has accordingly signed a new drill contract with Capstar Drilling to undertake further drilling at the Topaz Project in Minnesota. The rig is scheduled to commence drilling services this quarter, consisting of deepening the Jetstream #1 well by c.500m, with the option to drill an additional two step out wells.
Capstar Drilling is the rig contractor of choice, having been previously contracted to drill the Jetstream #1 well in February of this year. The rig and experience of the crew with local conditions are highly regarded and the continuity with Capstar Drilling is anticipated to be a benefit to the drill program. Capstar Drilling will provide a 6000 Elenburg Manufacturing trailer-mounted drilling rig and the crew.
All necessary permits required from local, State and Federal authorities have been obtained for deepening Jetstream #1 and site preparations are currently underway. Drilling activities will be overseen by Company personnel and TRES Management Inc. During drilling, a gas chromatograph and mass spectrometer will be on location to provide real-time gas composition measurements including helium concentration. On reaching total depth, an open-hole logging suite will be acquired to evaluate the reservoir zone for the next phase of evaluation.
