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Pulsar Helium announced more positive results from its Topaz helium project in Minnesota, establishing it among the top-tier of global primary helium projects.
Positive results received from a recent 1.1 km (0.7 mi) long 2D seismic sweep survey shows a seismic reflector identified at the same depth as gas intersected in the Jetstream #1 appraisal well, and additional reflectors at depth.
This further substantiates Pulsar’s expectations for the helium-bearing reservoir to be regional in scale, expansive both laterally and at depth.
“We are delighted to receive this 2D seismic data, which demonstrates that the helium-bearing zone encountered in Topaz’s Jetstream #1 appraisal well is identifiable and that additional gas-bearing zones are likely at depth. This new data, alongside existing drilling, passive seismic, and gravity information, sets the stage for our upcoming drilling program where we plan to deepen Jetstream #1 and drill additional step-out wells. This is a busy period for us, as we also anticipate receiving the Topaz resource calculation from Sproule later this month,” said Pulsar President and CEO Thomas Abraham-James.
Pulsar has also successfully completed additional airborne gravity gradiometry (AGG) and magnetic surveys with data now processed and ready for interpretation.
Pulsar’s Jetstream #1 appraisal well has demonstrated helium concentrations between 8.7% and 14.5%, with gas naturally flowing to surface. This discovery confirms the presence of a sizable helium occurrence and underscores the potential for Topaz to become a major player in the global helium market.
The project is situated on private mineral rights for which Pulsar has an exclusive lease. The company has also applied for additional leases in areas of interest with the state of Minnesota and additional private mineral rights holders.
The state has also passed new helium-focused legislation, creating a pathway for project development.
The geology of the Topaz area includes some of the oldest rocks in North America. Helium is generated via the radiogenic decay of uranium and/or thorium, when they break down, a helium ‘alpha particle’ is created.
The Jetstream #1 appraisal well at the Topaz project has been the focal point of Pulsar’s recent activities.
The well reached a total depth of 671 meters (2,200 feet) and encountered remarkably high helium concentrations between depths of 533-671 metres (1,750 to 2,200 feet).
The flow testing recorded a maximum rate of 821,000 cubic feet per day, with helium concentrations ranging from 8.7% to 14.5%.
The Jetstream #1 appraisal well also demonstrated a rapid pressure rebound, with 70% pressure recovery within the first hour of postflow shut-in, indicating the potential for a significant volume of gas.
Data collected from Jetstream #1 has been sent to Sproule International Ltd, the independent resource estimator, for an update on the resource estimate for the Topaz project. The results are expected in July.
Meanwhile, Pulsar is preparing for additional field activities, including further drilling that is scheduled to occur in 2024.
The proposed drill program aims to deepen the Jetstream #1 well to assess the full extent of the helium- bearing zone as defined by existing and new seismic data.
During drilling, pressure is expected to increase at depth, contributing to increased gas flow rates to the surface.
Two step-out wells are also proposed to further delineate and de-risk the resource.
