Royal Helium Commences Three Well Drill Program at Climax
SASKATOON, SK, Jan. 6, 2021 /CNW/ - Royal Helium Ltd. ("Royal" or the "Company") (TSXV: RHC) is pleased to announce the commencement of its initial three well drilling program at its Climax Helium project. The wells, beginning with the Climax-1 helium well which spudded early this morning, are targeting a 4-way structural closure identified and delineated by 2D seismic and the triaxial magnetic survey conducted in July 2020 over the central portion of the Company's Climax land block.
The Climax-1 well is expected to take up to 30 days to drill, case, complete and test and is targeting the Deadwood Sands formation that is known to currently and historically produce helium. Helium produced from this formation is known to be carried in nitrogen with little to no hydrocarbons or other by-products. The pay zone lies beneath a thick carbonate and shale cap and is anticipated to be encountered at an approximate vertical depth of between 2,250 – 2,560m. Climax-1 is a vertical well planned to TD (total depth) at 2,684m.
Andrew Davidson, President and CEO of Royal comments, "We are excited to be drilling our first of three helium exploration wells immediately after closing our oversubscribed $6.15 million financing. We are also pleased to have Savanna Drilling Corp. involved as our drillers. Savanna has successfully drilled 25 helium wells in Saskatchewan over the past four years".
Mr. Davidson continues, "The Climax land block is comprised of 227 sections (589 square kilometers) with multiple structural closures and well targets identified in the same formation. Climax is the first of several land blocks across southern Saskatchewan controlled by Royal. With 12 exploration targets in inventory to date, we are actively working to significantly increase target inventory in 2021".
Qualified Person: Stephen P. Halabura P. Geo. the Company's Vice President of Exploration is a Qualified Person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.
About Royal Helium Ltd.
Royal is focused on the exploration and development of primary helium production in southern Saskatchewan. With over 400,000 hectares of prospective helium lands held under permits, leases and applications, Royal is 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
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 release.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. 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. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
SOURCE Royal Helium Ltd.
please contact Andrew Davidson, the Chairman, President and CEO, Royal Helium Ltd., 1 (306) 653-2692, 1 (306) 281-9104, [email protected]
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