Yahoo Finance Royal Helium Licensing High Impact Helium Well at Forty Mile, Southern Alberta
SASKATOON, SK, May 9, 2024 /CNW/ - Royal Helium Ltd. (TSXV: RHC) (TSXV: RHC.WT.A) (OTCQB: RHCCF) ("Royal" or the "Company") is pleased to announce that it has begun licensing and permitting for the Forty Mile #1 exploratory helium well at the Forty Mile project in southeastern Alberta. Acquired under a seismic review option agreement with an independent private vendor, the Forty Mile project is comprised of 7,000 acres and hosts one historic well that was drilled and tested in various horizons. The results of the original show well, rival the best Cambrian helium discovery wells to date in Alberta, Saskatchewan, and Montana. Royal has completed seismic work and has multiple defined drill targets across multiple prospective horizons. The target horizons for Forty Mile #1 will be Devonian and Cambrian and will be drilled into the Precambrian crystalline basement. Spud date will be announced once licensing is complete, and a drilling rig is secured under contract.
Shayne Neigum, COO, comments, "The Forty Mile #1 high impact exploration well is an exciting step for Royal. With its proximity to the successful wells at Steveville and Royal's first purification plant currently ramping up, the Forty Mile project boasts a historic show well that flowed with similar pressure and near 2.5 times the helium concentration. Forty Mile #1 will be targeting multiple zones and predicated on success, we look to fully develop Forty Mile with multiple drill targets already defined."
About Royal Helium Ltd.
Royal is an exploration, production, and infrastructure company with a primary focus on the development and production of helium and associated gases. The Company controls over 1,000,000 acres of prospective helium permits and leases across southern Saskatchewan and southeastern Alberta. Given the current and foreseeable global undersupplied nature of this critical and non-renewable product, Royal is well positioned to be a leading North American producer of this increasingly high value commodity.
Royal's helium reservoirs are carried primarily with nitrogen. Nitrogen is not considered a greenhouse gas (GHG) and therefore the plant has a low GHG footprint when compared to plants in other jurisdictions that rely on large scale natural gas production for helium extraction. Helium extracted from wells in Saskatchewan and Alberta can be up to 90% less carbon intensive than helium extraction processes in other jurisdictions.
Andrew Davidson
Chief Executive Officer
Royal Helium Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Royal Helium Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/09/c0990.html
