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Pulsar Helium Inc. appears to have hit the mother- lode of helium.
The Vancouver, British Columbia company said Monday that further analysis of its helium well near Babbitt has determined it to contain a significant amount of helium.
“The combination of flow rate multiplied by helium concentration confirms Jetstream #1 as world-class helium well in the context of other publicly listed helium explorers and developers,” Pulsar Helium said in a news release. The well, drilled in December, is flowing at 821,000 cubic feet per day with a helium grade between 8.7 and 14.5 percent, the company said.
In the analysis, a 70 percent pressure rebound within the first hour of post-flow shut-in was found, according to the company.
“The fast build-up of pressure is regarded as highly positive, suggesting that there is a significant volume of gas present, Pulsar Helium said in the news release. Pulsar Helium found helium in a 2,200 foot-deep well the company drilled near Babbitt.
Duluth Metals in 2011 had struck helium about 50 feet away from the Pulsar hole while performing exploratory drilling for copper, nickel, cobalt and platinum group metals.
Early testing of the Pulsar Helium drill hole showed a significant concentration of helium.
Pulsar Helium now says further analysis shows the well is in the top tier of global primary helium projects.
“The Jetstream #1 appraisal well is Pulsar’s first and only well on the property, which twinned and surpassed the original 2011 discovery which reported helium hosted in fractures,” Pulsar Helium said in the news release. “Ongoing analysis of Jetstream #1 has identified additional fracture sets, which in combination with the data collected to date confirms the presence of a globally significant discovery and provides Pulsar with the confidence to drill deeper and test the entirety of the interpreted helium- bearing zone, as identified by seismic surveys conducted by the Company.”
Helium is inert, nontoxic, non-flammable, and non-hazardous, according to Pulsar Helium.
Helium has a variety of uses including computer hard drives, magnetic resonance imaging (MRI) machines, vehicle air conditioning systems,, semi-conductor fabrication, fiber optic cables, as a coolant in nuclear reactors, arc welding, lead detection in the hulls of ships, and high pressure equipment, according to Pulsar Helium.
Data from the well is being transferred to Sproule International Ltd. for resource update calculation, Pulsar Helium said.
The updated calculations are expected to be complete in July, Pulsar Helium said.
Meanwhile, Pulsar Helium says it’s preparing for additional field activities including seismic surveys, interpretation of recently acquired in-fill airborne gravity gradiometry and preparation for drilling later this year.
The additional drilling is likely to consist of deepening the Jetstream #1 well and drilling step-out wells, the company said.
The 2024 Minnesota Legislature established permitting and regulatory rules for hydrocarbon extraction in the state, including helium.
The Pulsar Helium well is on private land.
However, if helium is found to be on public land at the site, communities and schools would under the legislation benefit from revenue generated from commercial production.
The project near Babbitt is called Topaz.
Pulsar Helium also has a helium project in Greenland called Tunu.
