NEWS RELEASE | SEPTEMBER 25, 2023 | VANCOUVER BC
PULSAR SIGNS DRILL RIG CONTRACT FOR APPRAISAL WELL AT THE TOPAZ HELIUM PROJECT
Pulsar Helium Inc. (TSXV:PLSR & FRA:3YK) ("Pulsar" or the "Company") is pleased to announce that it has signed a contract with Capstar Drilling, Inc ("Capstar") for the provision of drilling services at the Topaz helium project in Minnesota, USA.
Capstar will provide rig #314, a 6000 Elenburg Manufacturing trailer-mounted drilling rig to drill the appraisal well at Topaz. The program is for one well, with the option to drill a second at the Company's discretion. The appraisal well is to be named Jetstream #1 and is scheduled to commence on, or about December 10, 2023.
Jetstream #1 will be drilled to a vertical depth of 2,200 feet (671 meters) and the collar location is anticipated to be within 65 feet (20 meters) of the original discovery well, LOD-6, that flowed 10.5% helium. The hole will be rigged up with a 3000 PSI blowout preventor and the well will be drilled with an 8.5" polycrystalline diamond compact (PDC) bit to intermediate casing depth. Following the intermediate casing run, the reservoir interval will be drilled with a 6.25" PDC bit to total depth (TD). During drilling, a gas chromatograph and mass spectrometer will be on location to provide real-time gas composition measurements including helium concentration. On reaching TD, an open-hole logging suite will be acquired to evaluate the reservoir zone for the next phase of evaluation.
Permits from Federal, State, and Local Government entities required for drilling activities are in place with final approval having been granted in early September. Preliminary civil works were conducted in March and final access and drill-site civil works are expected be completed by mid-November. The drill location is on private mineral rights for which Pulsar has an exclusive lease for non-hydrocarbon gases, in addition, the Company has agreed upon terms to acquire the surface rights.
Pulsar's President & CEO, Thomas Abraham-James commented:
"The signing of the drilling contract for the appraisal well at our flagship Topaz helium project is a significant milestone. Now the countdown to realizing Topaz's potential begins. I am proud of our team's efforts to adhere to the aggressive work program we set ourselves, including the seismic survey which is currently underway. As a company that listed on the TSXV only last month, we will continue to provide consistent news flow for our investors."
About Pulsar Helium Inc.
Pulsar Helium Inc. is listed on the TSX Venture Exchange with the ticker PLSR. It is dedicated to defining and developing primary helium assets. Its portfolio consists of the Topaz helium project in Minnesota, USA and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences identified at each. Topaz is the Company's flagship, having been drilled and flowing a remarkably high helium concentration of 10.5%. For further information visit https://pulsarhelium.com and follow us on X (formerly known as Twitter) https://twitter.com/pulsarhelium?lang=en and LinkedIn https://ca.linkedin.com/company/pulsar-helium-inc.
On behalf Pulsar Helium Inc.
"Thomas Abraham-James"
President, CEO and Director
Further Information:
Thomas Abraham-James President,
CEO and Director Pulsar Helium Inc.
+ 1 (604) 599-0310
Neither 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.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking statements pertaining to the anticipated drill date of Jetstream #1, the cost to drill Jetstream #1 may be higher than expected, the prospective nature of the Topaz area, achievement of the Company's business objectives going forward and other statements that are not historical facts. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to Pulsar may be unsuccessful in drilling commercially productive wells; drill costs may be higher than estimates; delays in the commencement of drilling, and other factors set forth under "Cautionary Note Regarding Forward Looking Statements and Market and Industry Data" and "Risk Factors" in the Final Prospectus. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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