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On 23 December 2024, Helium One Global Ltd provided a development drilling update for the Galactica Project in Colorado, USA, where it holds a 50% working interest. Works have commenced on site access and the well pad at Jackson #31, with drilling scheduled to start in January 2025 at Jackson #31, followed by Jackson #04, and a further three approved wells in this campaign.
| Date | 23 Dec 2024 |
| Time | 07:00:06 |
| Category | Corporate updates |
| ID | 0921R |
23 December 2024
Helium One Global Ltd
("Helium One" or "the Company")
Development Drilling Update: Galactica Project
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, is pleased to provide the following updates and acknowledges the announcement released today by Blue Star Helium (ASX: BNL) ("Blue Star") regarding the Galactica-Pegasus project in Las Animas County, Colorado, USA ("the Galactica Project").
Highlights
· Works have commenced on site access and also the well pad at Jackson #31
· After completion of Jackson #31 civils, work will commence on the Jackson #04 location
· Drilling is scheduled to start in January at Jackson #31 followed by Jackson #04
· A further 3 approved wells are scheduled for this campaign
Drilling is expected to start, subject to weather, in mid-January 2025 at Jackson #31 followed by drilling at Jackson #04. A further three approved wells are scheduled for this campaign. The Company will provide further details on sequencing after the drilling of Jackson #04.
For further information please visit the Company's website: www.helium-one.com
Contact
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Helium One Global Ltd Lorna Blaisse, CEO Graham Jacobs, Finance and Commercial Director |
+44 20 7920 3150 |
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Panmure Liberum Limited (Nominated Adviser and Joint Broker) Scott Mathieson Nikhil Varghese |
+44 20 3100 2000 |
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Zeus Capital Limited (Joint Broker) Simon Johnson Louisa Waddell |
+44 20 3829 5000
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Tavistock (Financial PR) Nick Elwes Tara Vivian-Neal |
+44 20 7920 3150
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Notes to Editors
Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.
The Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis.
The Company's flagship southern Rukwa Project is located within the southern Rukwa Rift Basin covering 1,664km2 in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024.
Following the success of the extended well test, the Company has now flowed significant quantities of helium to surface and has filed a Mining Licence application with the Mining Commission of the Tanzanian Government.
The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL).
Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.