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Pulsar shares now in U.S.
Pulsar Helium Inc. announced that its common shares commenced trading at the open on March 21, on the OTCQB Venture Market in the United States. Pulsar will trade under the symbol “PSRHF” in addition to its primary listing on the TSX Venture Exchange under its existing trading symbol “PLSR.”
“We are pleased to commence trading on the OTCQB Venture Market as it is an important component of our efforts to increase Pulsar’s profile and exposure to a broader audience, including the United States investment community” stated Thomas Abraham-James, President, CEO and Director of Pulsar.
The helium found near Babbitt appears to have the highest concentration of helium ever discovered in the world. Pulsar Helium Inc. says laboratory analysis from a drill hole has revealed helium content of up to 13.8 percent.
“Comparing this to our extensive database for helium occurrences around the world, we are pleased to say the results from the Jetstream #1 appraisal well are the highest helium concentrations that we have ever seen,” Cliff Cain, Edelgas Gas Group chief executive officer said in a Pulsar Helium news release.
“This marks an important milestone for Pulsar and we are delighted with such a positive outcome for our client.” The appraisal well hit a depth of 2,200 feet on Feb. 29.
Initially, Pulsar announced helium concentrations of up to 12.4 percent. But testing of 11 samples at laboratories from a sample at 1,801 feet deep, found the higher concentration.
“I’m excited,” Rep. Roger Skraba, R-Ely said. “I want this to be done sooner than later.”
Skraba said he, Sen. Grant Hauschild, DFL-Hermantown and Rep. Dave Lislegard, DFL-Aurora, have been meeting with the Minnesota Department of Natural Resources and Lake County officials to move the potential project ahead.
“It looks positive,” Skraba said. “Everybody’s been working together.”
However, because there’s never been a helium project in Minnesota, permitting needs to be ironed out, Skraba said.
And although the drill hole was on private land, a question of whether the helium deposit could also be emitting helium from public land, remains to be resolved, Skraba said.
That could lead to questions about royalty payments to the state, he said.
Helium was first discovered years ago by Duluth Metals near the site.
Duluth Metals was conducting exploratory drilling for copper, nickel, cobalt and platinum group metals when it struck helium.
Pulsar’s “Topaz,” project near Babbitt is the company’s flagship project.
Liquid helium is used in high-tech applications such as semi-conductor manufacturing, magnetic resonance image scanners, fiber optic cables and in space launches as a pressuring agent in fuel tanks, according to Pulsar.
It can also be used in arc welding for leak detection in the hulls of ships, in vehicle air conditioning systems, in high pressure equipment and in computer drives.
Pulsar President, Chief Executive Officer and Co-Founder Thomas Abraham- James said there’s a worldwide shortage of helium.
Helium is formed by the decay of uranium and thorium, Abraham-James said.
Pulsar said due to abnormally high winter temperatures and the early placement of spring road restrictions, a well testing package including flow testing, a pressure build-up program, and the collection of pressurized samples for additional laboratory analysis, will be delayed until road conditions improve for heavy traffic.
Ahead could be a economic analysis and feasibility study.
A commercial facility with a small footprint could be developed, Abraham-James said.
Pulsar is working with the Minnesota Department of Health and Lake County on the project, Abraham-James said.
Pulsar is also engaged in its “Tunu” helium project in Greenland.
