Royal Helium Begins 2023 Exploration Programs with High Resolution Aeromagnetic Survey in SW Saskatchewan
SASKATOON, SK, Jan. 23, 2023 /CNW/ - Royal Helium Ltd. (TSXV: RHC) (TSXV: RHC.WT) (OTCQB: RHCCF) ("Royal" or the "Company") is pleased to announce that it has initiated its 2023 exploration program in southwest Saskatchewan by flying approximately 5,960 line-kilometers of proprietary High Resolution Aeromagnetic (HRAM) data over its Cadillac and Swift Current helium properties in southwestern Saskatchewan.
Andrew Davidson, President, and CEO comments, "With construction of our first purification facility well underway at Steveville, we are pleased to begin this year's exploration programs on our helium permit land at Cadillac and Swift Current. The same HRAM program being utilized was a critical factor in the drilling successes at Climax, Val Marie, and Ogema. As an aggressive growth E&P company, we view exploration capex as a critical growth driver for the company and its shareholders."
The Cadillac survey will cover approximately 4,800 line-kilometers and is designed to refine the basement structural architecture and identify drill targets correlating with historical seismic anomalies, known economic helium shows and current helium producing pools. The Cadillac survey is an extension of the previously acquired HRAM survey flown over Climax in 2019 and is aimed at expanding the known helium fairway approximately 75 km north to Cadillac.
The Swift Current HRAM survey will be approximately 1,160 line-kilometers in an area that has current helium production, and several historically mapped, deep-seated basement structures around the Wilhelm helium pool extending onto Royal's property.
Shayne Neigum, COO adds, "Royal's drilling successes to date can be attributed to our high-grade drill targets developed by correlating historic seismic, well data and mapping with deep, geophysics like this HRAM survey followed by detailed, targeted seismic surveys. We look forward to extending our helium fairway from Climax through to Cadillac and further north around the Wilhelm helium pool. The survey is designed to further define known anomalies, deep subsurface structures, potential closures and ultimately drill targets. Both Cadillac and Swift Current fields have current and past producing helium wells in close proximity to Royal's helium permit land blocks."
Royal's exploration programs for the year include target reconnaissance, exploration, and drilling on all three main permit areas, SW Saskatchewan, SE Saskatchewan and Alberta. Details of each program will be announced as they are finalized.
Royal controls over 1,000,000 acres of prospective helium land across southern Saskatchewan and southeastern Alberta. All of Royals' lands are in close vicinity to highways, roads, cities and importantly, close to existing oil and gas infrastructure, with a significant portion of its land in close proximity to existing helium producing locations. With stable, rising prices and limited, non-renewable sources for helium worldwide, Royal intends to become a leading North American producer of this high value commodity. Royal's helium reservoirs are carried primarily with nitrogen. Nitrogen is not considered a greenhouse gas (GHG) and therefore has a low GHG footprint when compared to 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 99% less carbon intensive than helium extraction processes in other jurisdictions.
Neither 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 news release.
This news release includes certain statements that may be deemed to be "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including anticipated deliveries under Royal's offtake agreement, the intended construction of a helium processing plant in Steveville, Alberta and the processing capabilities of Ladder Creek. In addition, all references to resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated and can be profitably produced in the future. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, volatility in production rates, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required third party and regulatory approvals, ability to access sufficient capital from internal and external sources, inability to access gas transportation and processing infrastructure, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, and the uncertainty of estimates and projections of production, costs and expenses. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Please see the public filings of the Company at www.sedar.com for further information and risks applicable to the Company.
SOURCE Royal Helium Ltd.
please contact the Company: Andrew Davidson, President and CEO, Royal Helium Ltd., 1 (306) 653-2692, [email protected]; Dean Nawata, VP, Corporate Development, Royal Helium Ltd., (604) 561-2821, [email protected]
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