Royal Helium (TSX-V:RHC, OTCQB:RHCCF) - which is acquiring Imperial Helium Corp (TSX-V:IHC, OTCQB:IMPHF) - said it has received the final results on its seismic program at Val Marie, with the initial well at the project scheduled to spud on July 10, 2022.
The Val Marie project is located in southwest Saskatchewan and consists of claims totalling 13,000 hectares. The project lies in the heart of the Bowdoin Dome feature which has hosted both historic and current helium production.
Royal said the program, which consisted of 35 kilometres of both newly acquired and purchased trade data has identified a series of large structural features, from which it has selected its initial drill target as well as five additional high-priority targets.
READ: Imperial Helium strikes an agreement to be acquired by Royal Helium
“The initial seismic program at Val Marie went exactly as planned,” Royal's vice president for exploration Stephen Halabura said in a statement. “The data recovered from the new seismic shoot was of exceptionally high quality and the interpretation of this data by our partners at RPS Energy Services, along with the integration of the existing trade data that we acquired, clearly demonstrates the highly prospective nature of the Val Marie project area.”
Royal also announced the addition of Martin Wood to its board of directors. The company noted that Wood is a resource industry professional, serving as the chairman of Altona Rare Earths Limited and the former CEO Officer of Kogi Iron Limited, He is also the founder and managing director of Vicarage Capital Limited, which is a Financial Conduct Authority registered, full-service brokerage house in the United Kingdom.
Prior to this, it said Wood worked in resource finance for NM Rothschild & Sons Limited, Standard Bank (London) Limited, London and Benfield Advisory, providing services to resource companies.
To make room for the addition of Wood to the board, Royal said Tom MacNeill will step down as a director.
"The addition of Martin Wood to the board of directors strengthens our growing global presence,” Royal’s president and CEO Andrew Davidson said. “With deep professional experience in the resource industry and the capital markets in the United Kingdom, Martin's representation on the board of directors is welcome as our exposure outside of Canada and the United States grows and our projects continue to move forward."
Contact the author at stephen.gunnion@proactiveinvestors.com