BABBITT- Pulsar Helium, the Canadian firm that hopes to develop the Topaz helium gas depost southwest of Babbitt, is feeling good about its exploration program– good enough that it has signed a new contract for additional drilling and is actively expanding its lease holdings in the region.
“We believe the Topaz Project has district size scalability,” said Pulsar CEO Thomas Abraham-James. “Accordingly, as part of our growth strategy, we are actively securing key land positions. Following this option exercise, we are pleased to have almost doubled our net acreage and are now targeting additional land acquisitions, guided by well-defined geological insights.”
The Oct. 2 announcement that Pulsar has doubled its land position also follows the release of the resource evaluation report by the Sproule reservoir engineering firm that supports the estimated regional extent of helium gas in the ground. The company is pursuing the acquisition of additional acreage to secure district-wide control of what it believes to be the newly emerging regional helium reservoir.
The firm also announced on Monday, Oct. 1, that it has signed a new drilling contract with Capstar Drilling. Pulsar has hired the driller to deepen the Jetstream No. 1 well an additional 500 meters (1,640 feet) with an option to drill additional step-out wells.
“The signing of the Capstar Drilling contract is a further step forward as we look to commercialize our high-grade Topaz helium project in Minnesota,” Abraham-James said. “We anticipate that deepening the Jetstream No. 1 well will further validate the economics of the project and confirm the reservoir’s district-scale potential.
“These are exciting times for Pulsar, particularly as mineral security and ‘safe jurisdiction resource development’ increasingly shape investor decision making. We are receiving strong support across the political spectrum in Minnesota, (where they) recognize the statewide benefits of bringing Topaz on stream.”