Pulsar Helium Inc (AIM:PLSR, TSX-V:PLSR, OTCQB:PSRHF) shares were up 23% in Wednesday's trade, after it reported the discovery of helium-3 (a rarer form of the gas) at its Topaz project in Minnesota, USA.
The London-listed small-cap said 'the discovery' was made in the lab, with analysis examining samples from the Jetstream #1 well.
"We are thrilled to announce this remarkable helium-3 discovery, a result that firmly places Pulsar Helium on the map as a pioneer in the field," said chief executive Thomas Abraham-James.
"To encounter helium-3 concentrations of this magnitude at our Topaz Project in Minnesota is nothing short of extraordinary."
Work in the lab revealed that Jetstream #1 well had helium-3 concentrations of up to 14.5 parts per billion, which, according to Pulsar, places the find among the highest naturally occurring levels recorded in 'terrestrial gas reservoirs'.
Attempting to give context, Thomas Abraham-James makes an out-of-this-world comparison.
"The next-richest naturally occurring source of helium-3 is arguably the surface of the Moon," he said, in the stock market statement.
To which he added: "we believe that Minnesota will be a more reliable and economically viable option."
The Jetstream analysis also confirmed a sustained helium-4 concentration of 7-to-8%, indicating a high-grade helium system.
"This discovery positions Pulsar at the forefront of the helium industry not just as a supplier of conventional helium (helium-4), but potentially as a supplier of helium-3.
"It's a development of significance not only for our Company and shareholders, but also for the broader scientific and energy communities. We look forward to advancing this project and unlocking its full value in a responsible and impactful way."
The analytical work was carried out by Smart Gas Sciences in Ohio, and independently verified by Woods Hole Oceanographic Institution, which found a stable helium isotopic ratio across all test samples.
In London, shares were up around 23% to 28.9p in Wednesday's trade.