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Pulsar Helium is setting the stage for the next phase of exploration at its helium site near Babbitt.
The Vancouver, B.C.based helium exploration company has completed improvements on the project’s main access road, fully prepared a pad for drilling operations and will deepen its existing Jetstream #1 well at the site, Pulsar Helium said in a news release.
“Deepening Jetstream #1 is an exciting step forward for Pulsar,” Thomas Abraham-James, Pulsar Helium president and chief executive officer said. “Our team has worked tirelessly to progress operations at Topaz, so we can fully understand its scale.
Only one well has been drilled within the prospect, which has not yet met target depth, but has flowed concentrations that are considered very high by global standards, significantly surpassing the commonly accepted economic viability threshold.
During the deeper drilling phase, we hope to build on this, and unlock a helium resource of size and quality, to advance our goal to become a premier helium supplier.”
Pulsar Helium in December tapped into helium in the single well.
Independent analysis found helium concentrations among the highest in the world, Pulsar Helium said.
A drill, along with ancillary equipment, is expected to arrive at the site during the first week in December, Pulsar Helium said.
Pulsar Helium will deepen the existing 2,200 foot-deep Jetstream #1 well by about 500 meters, according to Pulsar Helium.
The additional 500 meters will help identify the full height of the helium reservoir, according to Pulsar Helium.
To support ongoing operations, the project’s main access road has been modified for all-weather access for year-round operations, Pulsar Helium said.
With the road improvements, a Capstar Drilling Co. drill rig that arrives in early December can work in non-frozen conditions, according to Pulsar Helium.
The Babbitt area project is called the Topaz project.
Pulsar Helium hopes to develop a commercial helium operation utilizing helium produced at the site.
“This next drilling phase offers an unprecedented opportunity to unlock the district-scale opportunity offered by Topaz,” Abraham- James said.
“We’ve seen other projects achieve significant gains in resource size and flow rates through similar deepening efforts, and combined with our data, and our existing high concentration credentials, we believe Jetstream #1 can stand as a top-tier helium production site worldwide.” Pulsar Helium’s well is about 50 feet from a Duluth Metals drill hole that in 2011 struck helium while conducting copper, nickel, cobalt, and platinum group metals exploratory drilling. The Pulsar Helium well is on private land.
Pulsar Helium recently acquired additional mineral rights at the site from a private mineral holder, giving the company a total of 4,181 net acres, according to Pulsar Helium.
The company said it’s also seeking mineral rights on state land for the project.
If developed, it would be Minnesota’s first commercial helium operation.
Lacking rules and guidelines governing hydrocarbon extraction in the state, the 2024 Minnesota Legislature passed a series of regulatory measures that would apply to helium extraction.
Under the regulatory measures, revenue generated from a commercial helium operation could benefit schools and communities.
The helium deposit lies within the Duluth Complex, an untapped reserve of more than 9 billion tons of critical minerals such as copper, nickel, cobalt, and platinum group metals.
Pulsar Helium also has a helium project in Greenland called Tunu.
Pulsar Helium trades on the OTCQBVentureMarketintheUnited States, TSX Venture Exchange in Canada and AIM Market of the London Stock Exchange.
