SASKATOON, May 21, 2020 /CNW/ - Royal Helium Ltd. ("Royal" or the "Company") (TSXV: RHC) announces the commencement of a triaxial magnetometer survey over the Climax Helium Project in southern Saskatchewan. Detailed deep magnetic surveys, in conjunction with traditional seismic and well logs, have the potential to more accurately define potential inert gas bearing formations deep in the Precambrian basement. Results and refined drill target locations stemming from this survey will be announced once completed.
The focus of the survey is to identify areas of structural movement and deformation in the Precambrian basement, which may facilitate the vertical migration of helium into the overlying stratigraphic traps. Stephen Halabura, VP of Exploration at Royal, alongside the technical team at the Axiom Exploration Group, have compiled, analyzed and reprocessed regional geological, geophysical (seismic and magnetic) and offsetting well data. In conjunction with the triaxial magnetometer survey, this well data will contribute to the planning and execution of additional exploration and drilling going forward. The results of this program will lend additional confidence to the initial drilling at Climax, where Royal has seven (7) initial drill ready targets.
Mr. Andrew Davidson, President and CEO of Royal, states "It is exciting to commence this program and to kick off the 2020 exploration season. The Company wants to thank its partner, the Axiom Exploration Group, who are been responsible for the design and execution of the survey. Royal intends to build on the momentum generated by this program and move aggressively towards drilling at Climax". Mr. Davidson continues, "the supply and demand economics for primary helium remains extremely attractive. As well, the current glut and slowdown in oil and gas production has further hindered the production and supply of helium. Globally, helium is produced as a by-product of hydrocarbon extraction. Saskatchewan is one of the few places on earth that produces primary helium with little or no association with hydrocarbons. In Saskatchewan, helium is co-produced with nitrogen which can be safely vented to the atmosphere or used in value-added products such as fertilizer. The need for helium is well defined and continuing to expand. The Company looks forward to providing regular updates, as activity increases in the field."
Royal Helium Ltd.
Royal is focused on the exploration and development of primary helium production in southern Saskatchewan. With Over 400,000 acres of prospective helium lands, Royal is currently one of the largest helium leaseholders in North America. Located next to highways, roads, cities and, importantly, close to existing oil and gas infrastructure, Royals projects were methodically evaluated for helium potential for over two years, and have been vetted by helium experts, professional geologists and engineers.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include statements relating to the expected timing of the Annual Filings. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: uncertainties as a result of the global Covid-19 pandemic as well as those risk factors set out in the Company's Management Discussion and Analysis and other disclosure documents available under the Company's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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SOURCE Royal Helium Ltd.
For further information: please contact Andrew Davidson, the Chairman, President and CEO of the Company. Andrew Davidson, CEO, Royal Helium Ltd., (306) 281-9104, [email protected]