First Helium Secures Over 276,000 Acres on Highly Promising Optional Land Block
Company plans to confirm helium-ready drilling locations for the first quarter of 2022
TSXV: HELI FRA: 2MC
CALGARY, AB, November 29, 2021 / CNW / – First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (FRA: 2MC), a helium exploration company with access to significant development opportunities in the west Canada, is pleased to announce that the Company’s technical team has completed its assessment of approximately 880,000 acres of potential helium land in Southern Alberta (the “To block“) and chose to continue on over 276,000 acres of land, which includes over 176,000 acres of corresponding 3D seismic and 512 kilometers of 2D seismic (the “Selected lands”), for a further period of two years. The Company exercises its option under a seismic study and an option agreement (the “Option agreement“) with a large landowner for a total consideration of $ 661,000, or about $ 2.39 per acre, to be financed from working capital.
Ed Bereznicki, President and CEO of First Helium said, “In just six months, the First Helium engineering team has assessed over 880,000 acres of potential land and classified over 276,000 acres for further exploration. helium. Easy access to a large library of seismic data Near-existing and proven helium production has dramatically reduced the costs and time normally associated with evaluating such a large block of potential land, reducing the cycle from years to years. month. “
Mr. Bereznicki added, “The ability of First Helium to access 276,000 high quality and secure acres, nearly two-thirds of which are covered by 3D seismic data, at such a competitive price and in an area close to recent installation of bars. The potential sales of helium fields constitute a significant achievement for the Company. First Helium estimates that assembling the seismic package alone, regardless of logistics and schedule, in an aftermarket, would cost significantly more $ 3 million. First Helium sees this project as an excellent opportunity to establish a second core area for its ongoing helium exploration and development program at an attractive cost. “
The Company considers that the priority area on the options block is very promising for helium exploration based on the evaluation of existing 3D seismic programs. Several potential drill targets with a four-lane closure and substantial structural relief in the Devonian and Cambrian sections have been identified. Some of these structural features are similar to those of helium production both at Knappen in the south Alberta, as well as Cypress and Battle Creek in the southwest Saskatchewan. As with production at Knappen, promising helium formations include the basal Cambrian sandstone and the Beaverhill Lake formation.
First Helium plans to finalize a more detailed seismic and geological assessment and confirm drilling locations for the first quarter of 2022. Over the next two years, the Company will have the right, but not the obligation, to drill and drill. obtain selected leases on the selected lands. and pay industry standard royalties, including Alberta royalties equivalent to the crown on helium.
ABOUT FIRST HELIUM
First Helium is a helium exploration and development company operating in the Worsley domain of Alberta, Canada. In response to the changing supply dynamics of the global helium market, First Helium was founded to capitalize on the untapped potential of significant helium resources in Western Canada. Building on its successful discovery well, whose production has been repeatedly tested at over 1.3% helium content and 65% natural gas content, First Helium is working to develop its land base by more than 79,000 acres along the very promising area Worsley helium trend and 276,000 acres of selected exploration land located in the southeast Alberta, near the existing helium installations. To establish its base of operations, First Helium seeks to market its helium gas in the North American market through term marketing agreements with established third party distribution companies.
For more information about the company, please visit www.firsthelium.com. The Company’s final prospectus, financial statements and MD&A, among other documents, are all available on its profile page on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Edward J. Bereznicki
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS AND CAUTION
This press release contains certain statements or disclosures relating to First Helium which are based on the expectations of its management as well as assumptions made by and information currently available to First Helium which may constitute forward-looking statements or information (“forward-looking statements” ) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which deal with activities, events, results, results or developments that First Helium anticipates or expects to occur or will occur at the future (in whole or in part) should be seen as moving forward. forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “expect”, “will” and similar expressions. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding the listing of the Common Shares on the Stock Exchange, the use of funds and the strategy of the Company. The forward-looking statements contained in this press release reflect several important factors, expectations and assumptions of First Helium, including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; the general maintenance of current or, where applicable, assumed conditions in the industry; the availability of sources of debt and / or equity to fund First Helium’s capital and operating needs as required; and some cost assumptions.
Forward-looking statements are based on estimates and opinions of management at the date the statements are made and are subject to risks, uncertainties and assumptions, including those set forth in the final prospectus dated June 28, 2021 and filed under the Company’s profile on SEDAR at www.sedar.com. First Helium does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
SOURCE First Helium Inc.
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