Royal Helium Ltd (TSX-V:RHC, OTCQB:RHCCF) announced that it has begun licensing and permitting for the Forty Mine #1 exploratory helium well at the Forty Mile project located in southeastern Alberta.
The 7,000-acre project, which hosts one historical well that was drilled and tested in various horizons, was acquired by the company under a seismic review option with an independent private vendor.
Results from the historic well “rival the best Cambrian helium discovery wells to date in Alberta, Saskatchewan, and Montana,” the company said.
The target horizons for the Forty Mile #1 exploratory well will be Devonian and Cambrian and will be drilled into the Precambrian crystalline basemen.
Spud data from the well will be released once licensing is complete and a drill rig contract has been secured.
Royal Helium chief operating officer Shayne Neigum commented that the Forty Mile #1 high-impact exploration well was an exciting step for the company.
"With its proximity to the successful wells at Steveville and Royal's first purification plant currently ramping up, the Forty Mile project boasts a historic show well that flowed with similar pressure and near 2.5 times the helium concentration,” Neigum said in a statement.
“Forty Mile #1 will be targeting multiple zones and predicated on success, we look to fully develop Forty Mile with multiple drill targets already defined.”
Royal Helium is focused on the exploration and production of helium and associated gases. It controls more than 1 million acres of prospective helium permits and leases across southern Saskatchewan and southeastern Alberta.