Helium Evolution Provides Update on First Farmout Well Drilled by North American Helium

Helium Evolution Provides Update on First Farmout Well Drilled by North American Helium

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration and production company focused on finding, developing and commercializing assets in southern Saskatchewan, today provides an update on the first of two wells that will be drilled by year end 2022 (the " First Test Well "), NAH Grasslands 13-30-2-8W3, on farmout lands within Block 1 at Mankota in Saskatchewan.

The First Test Well was drilled and fully funded by HEVI's farmout partner, North American Helium (" NAH "), pursuant to a previously announced farmout arrangement (see press releases dated October 21, 2022 , and June 28, 2022 ). After reaching total depth over the weekend, NAH has informed HEVI that the open hole portion of the First Test Well will be abandoned, but that NAH is electing to suspend the cased hole portion of the well to afford optionality and the ability to re-enter it at a later date, potentially to drill a sidetrack to another target. NAH is expected to spud its second licenced location on HEVI lands at NAH 1-1-6-10W3 (the " Second Test Well ") in mid-December.

With approximately $10 million in cash and liquid assets, HEVI is well positioned to maintain financial flexibility given the Company benefits from five, to up to eight, wells that NAH will drill and fully fund, leaving HEVI with significant optionality to pursue other targets across the Company's 5.5 million acres of helium rights. The Company can also leverage NAH's extensive expertise, current data as well as future seismic data to help expand understanding of the play and further build out its existing technical work to support the selection of HEVI's future 100% operated drilling targets.

"The data provided from this First Test Well affords both NAH and HEVI with valuable insights and additional understanding of what is effectively still a ‘wild-cat' play," said Greg Robb, President & CEO of HEVI. "NAH's Second Test Well will be drilled before year end 2022, providing HEVI with potential near-term upside, while maintaining the ability to conserve HEVI's capital. We look forward to continued collaboration with the NAH team to prove up the prospectivity of our large land base, particularly in light of recent indications that helium prices have further expanded, rendering our forecast economics incredibly attractive."

The Company has provided updated forecast economics within its November corporate presentation, available on the HEVI website .

About Helium Evolution Incorporated

HEVI is a Canadian-based helium exploration and production company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI's management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market, offering a compelling opportunity for investors.

For further information, please contact:

Greg Robb, President & CEO
Kristi Kunec, CFO
Phone: 1-587-330-2459
Email: info@heliumevolution.ca
Web: https://www.heliumevolution.ca/
Cindy Gray, Investor Relations info@5qir.com | 403-705-5076

Statement Regarding Forward-Looking Information

This news release contains statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements in this document include statements regarding the Company's expectations regarding the Company's exploration plans, arrangements with NAH pursuant to the farmout agreement, expectations regarding helium pricing and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may choose to defer, accelerate or abandon its exploration plans, including the proposed seismic purchase; the Company and NAH may determine to amend the farmout agreement; new laws or regulations and/or unforeseen events could adversely affect the Company's business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; the current COVID-19 pandemic; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

HEVI:CA
Helium Evolution

Helium Evolution Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Helium Evolution (TSXV:HEVI)

Helium Evolution


Keep reading...Show less
Helium Evolution Provides Operations Update Featuring Preliminary Production Test Data from Two Helium Discovery Wells

Helium Evolution Provides Operations Update Featuring Preliminary Production Test Data from Two Helium Discovery Wells

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to provide an operational update on three Mankota-area wells in which the Company maintains a 20% working interest alongside HEVI's partner and the operator, North American Helium Inc. (" NAH "), including preliminary test results from two wells and confirmed stimulation of a third well.

Operations Overview

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Most Recent Farmout Well Encounters Helium - Completion and Testing Proceeding

Helium Evolution Announces Most Recent Farmout Well Encounters Helium - Completion and Testing Proceeding

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium Inc. (" NAH "), has successfully completed drilling and casing of the farm-out well located at 9-35-3-9W3 (" Test Well Area #1 "). NAH was responsible for 100% of the drilling costs for Test Well Area #1. Going forward, any joint operations involving Test Well Area #1 will be shared by NAH and HEVI at an 80% and 20% ratio, respectively. NAH and HEVI plan to complete, test and evaluate Test Well Area #1 in the coming weeks to verify the presence of helium and assess commerciality of this potential helium discovery, and will keep investors updated on progress.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Second Joint Well Encountered Helium; Completion and Testing to Proceed

Helium Evolution Announces Second Joint Well Encountered Helium; Completion and Testing to Proceed

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce that its farm-in partner, North American Helium Inc. (" NAH "), has successfully completed drilling and is proceeding with casing of the second joint well at 9-18-3-8W3 (" Joint Well #2 "), on lands near Mankota in Saskatchewan. NAH will complete, test and evaluate the well in the coming weeks to confirm the presence of helium and assess commerciality of the potential helium discovery.

HEVI also confirms that the NAH farm-out well at 9-35-3-9W3 (" Test Well Area #1 ") is scheduled to spud in early January, subject to surface conditions and rig availability. Test Well Area #1 is located on native prairie lands where regulatory requirements only allow drilling access when the ground is frozen, which had previously delayed the spud timing as announced November 21, 2023 .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Spudding of Joint Well

Helium Evolution Announces Spudding of Joint Well

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce that its partner, North American Helium Inc. (" NAH "), has spud the previously announced joint well located at 9-18-3-8W3 (" Joint Well #2 ") on joint lands held at Mankota in Saskatchewan. Joint Well #2 is approximately six kilometers north of HEVI's helium discovery at 2-31-2-8W3 (" Joint Well #1 "), as announced on November 21, 2023 .

HEVI will participate in the drilling of Joint Well #2 at its 20% working interest, which is estimated to cost the Company approximately $0.4 million net. Funding of the Company's share of Joint Well #2 is supported by HEVI's strong working capital position which totaled $7.8 million at September 30, 2023.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Helium Evolution Announces Filing of Third Quarter 2023 Financial Results and Provides Operations Update

Helium Evolution Announces Filing of Third Quarter 2023 Financial Results and Provides Operations Update

Helium Evolution Incorporated (TSXV:HEVI) (" HEVI " or the " Company "), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company's interim condensed financial statements and associated management's discussion and analysis for the three and nine month periods ended September 30, 2023 (the " Quarterly Report ").

Complete details of the Quarterly Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI's website .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
West High Yield  Resources Ltd. Announces Stock Option Grant

West High Yield Resources Ltd. Announces Stock Option Grant

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") is pleased to announce that its board of directors approved and authorized the grant and issuance of a total of 1,578,000 stock options (each an "Option" and collectively, the "Options") effective March 25, 2024.

1,160,000 of the Options were issued to the members of the board of directors of the Company; 60,000 of the Options were issued to one (1) officer of the Company; and 403,000 of the Options were issued to four (4) different consultants of the Company. One (1) Option entitles the holder thereof to purchase one (1) common share of the Company (each a "Share" and collectively, the "Shares"). All of the Options vest on their date of grant and have a term of 10 years from their date of grant. The exercise price of the Options was set at CAD$0.23 per Share, which was above the closing trading price of the Shares on the TSX Venture Exchange (the "TSXV") on their date of grant.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
canada flag, parliament

Mining Leaders Call on Canada to Support Critical Minerals Industry

Canada holds a significant presence in the global resource sector, but a recent KPMG survey shows mining leaders agree more work needs to be done if the country wants to be an industry leader in critical minerals.

While 91 percent of those polled are optimistic about the nation’s potential to become a key critical minerals player, a similarly overwhelming majority — or 98 percent of respondents — believe that much effort is needed to put Canada at the forefront. They'd like to see more investment and government commitment, as well as favorable tax policies.

Keep reading...Show less
Billion Dollar Uranium Market Growing at a Solid Rate Along With Rising Adoption Strategies

Billion Dollar Uranium Market Growing at a Solid Rate Along With Rising Adoption Strategies

FN Media Group News Commentary - The Global Uranium Mining Market has consistently been growing over the past several years and is expected to continue for years to come. Uranium is a silver-white metal chemical element belonging to the lanthanide series of the periodic table. Its chemical symbol is U and its atomic order is 92. Each uranium atom has 92 protons and 92 electrons, 6 of which are valence electrons. Uranium is micro-radioactive, its isotopes are unstable, and uranium-238 and uranium-235 are the most common. A report from Market Reports World said that the global Uranium market size is expected to expand at a CAGR of 3.6% of 3.6% during the forecast period, reaching USD $3.27 Billion by 2027. The report said that the primary factors propelling the growth in the industry is primarily fueled by technological advancements, evolving consumer preferences, and the impact of government policies and regulations, which serve as drivers for expansion. Another report from 360Research Reports said: "The Global Uranium Mining, market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon." Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD), CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV), Denison Mines Corp (NYSE American: DNN), IsoEnergy Ltd. (OTCQX: ISENF) (TSX-V: ISO), Energy Fuels Inc . (NYSE American: UUUU).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Appia Exhibiting at PDAC 2024 and Invites Shareholders and Delegates to Visit Us at Booth 2715 in the Investors Exchange, South Building

Appia Exhibiting at PDAC 2024 and Invites Shareholders and Delegates to Visit Us at Booth 2715 in the Investors Exchange, South Building

Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce that it will be exhibiting at the annual 2024 Prospectors & Development Association of Canada Convention (PDAC), the world's premier mineral exploration & mining event. We invite all our shareholders and conference delegates to visit us at booth #2715 in the Investors Exchange, South Building. The in-person event will be held at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3rd to Wednesday, March 6th, 2024 (Click here for floor map).

Stephen Burega will also be presenting the Appia Corporate Update on March 6th at 10:50 am during the Electric Materials 2 session located in room 801B.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Appia Announces Maiden Rare Earth Mineral Resource Estimate of 6.6 Million Tonnes Indicated Grading 2,513 ppm TREO and 46.2 Million Tonnes Inferred grading 2,888 ppm TREO at the PCH Ionic Adsorption Clay Project in Goias, Brazil

Appia Announces Maiden Rare Earth Mineral Resource Estimate of 6.6 Million Tonnes Indicated Grading 2,513 ppm TREO and 46.2 Million Tonnes Inferred grading 2,888 ppm TREO at the PCH Ionic Adsorption Clay Project in Goias, Brazil

Appia Rare Earths & Uranium Corp.(CSE: API) (OTCQX: APAAF) (FWB: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce that it has received an independent maiden Mineral Resource Estimate (MRE) for its ionic adsorption clay (IAC) project located in the State of Goiás, Brazil, known as the PCH Project. The MRE was prepared by Yann Camus, P.Eng., of SGS Canada Inc. - Geological Services ("SGS").

Highlights:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Helium Evolution

Helium Evolution Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×