Royal Helium (TSXV: RHC) this morning reported initial gas sample results from three formations following drilling that took place earlier this year at Climax. Helium levels are said to be elevated as well as economic at three different formations.
Test samples reportedly returned values between 0.33% to 0.94% at the Deadwood, Souris River and Duperow formations, with long term production testing now to occur. This testing is to confirm flow rates as well as determine a resource size. Zones being tested currently range in thickness from five metres to thirty meters.
While the grades are currently economic, with current helium production in the province seeing concentrations between 0.3% and above 1.0%, the current data is preliminary and requires further confirmation. Concentration testing is to take place over the next 10 days, which will be followed by flow testing and analysis over a period of 30 to 40 days.
Royal Helium last traded at $0.84 on the TSX Venture.
Information for this briefing was found via Sedar and Royal Helium Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
