Pulsar Helium expands land holdings near Babbitt

Pulsar Helium is not only going deeper, but bigger.

A day after the company announced the deepening of its single helium well near Babbitt, the Vancouver, B.C.- based helium developer says it has increased its land holdings at the project site.

Pulsar Helium has increased its net land position at the site by 100 percent, company officials said.

The company is also pursuing additional acreage to secure district-wide control of what it believes to be a newly emerging helium reserve that is regional in scale, Pulsar Helium said in a news release.

“Based on existing data demonstrating continuity of the system, along with the Sproule resource report, which highlighted the helium resource of one prospect area, we believe the Topaz project has district size scalability,” Thomas Abraham-James, Pulsar Helium president and chief executive officer said. “Accordingly, as part of our growth strategy, we are pleased to have almost doubled our net acreage and are now targeting additional land acquisitions, guided by well-defined geological insights.”

Pulsar Helium in December struck helium in a 2,200-foot deep hole drilled near Babbitt.

The drill hole is on private land.

The land expansion provides the company with mineral rights on an additional 2,092 acres of private land, Abraham-James said.

The land expansion comes following the successful drilling of the single drill hole.

High concentrations of helium were found from the drill hole.

The drill hole is also producing CO2 as a byproduct, Pulsar Helium said.

An independent resource report conducted by Sproule, a global energy and consulting firm, confirmed the helium deposit concentration and potential, according to Pulsar Helium.

Pulsar Helium hopes to develop the deposit into a commercial helium operation.

If developed, it would be the state’s first helium project.

Pulsar Helium on Tuesday announced it is deepening the drill hole, called Jetstream #1.

Helium in 2011 was found by Duluth Metals in a drill hole about 50 feet from the Jetstream #1 drill hole while Duluth Metals was conducting exploratory drilling for copper, nickel, cobalt and platinum group minerals.

The 2011 discovery led Pulsar Helium to drill its hole.

The Babbitt area project is called the Topaz project.

Pulsar Helium also has a helium project in Greenland called Tunu.

Capstar Drilling of Hartrandt of Wyoming, has signed a contract with Pulsar Helium to deepen the Jetstream #1 hole near Babbitt, according to Pulsar Helium.

Drilling activities at the site, with an option to drill an additional two step out wells, are scheduled for this quarter, Pulsar Helium said.