CALGARY, Alberta, April 08, 2024 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") (CSE: HECO, OTC: HECOF) is pleased to announce that it has entered into a seismic review option agreement with North American Helium Inc. (NAH) (the Agreement), a private helium company engaged in the exploration, development, production, refining and marketing of helium in North America. The Agreement offers HECO the potential to advance its Saskatchewan land base while mitigating up-front capital costs and exploration risk.
Pursuant to the Agreement, NAH has the right to review HECO's proprietary seismic data covering the majority of the Company's exploration permits in Saskatchewan (the Option), and has until October 1, 2024 to elect to:
- drill a test well incurring 100% of the drilling cost, with HECO having the option to participate in the completion and testing of the well at a 20% working interest in any potential discovery, while NAH will retain an 80% working interest in the operations and lands;
- terminate the Option; or
- survey a minimum of 20 kilometers of new seismic data over the Company's applicable land permits, with NAH providing a copy of the seismic data to HECO, and then having the option to elect to drill a test well prior to June 1, 2025. If NAH elects to drill a test well on HECO's exploration permits, NAH will earn an 80% interest in 36 sections of HECO's land. Furthermore, under the Agreement, NAH reserves the right to double the land earned (72 sections) if a test well is drilled prior to December 30, 2024.
"We are very excited by this partnership with North American Helium, an experienced and widely respected leader in the helium industry," said Jesse Griffith, CEO of the Company. "This Agreement allows us to leverage the technical expertise and financial resources brought by NAH to accelerate the development of our Saskatchewan helium assets, while concurrently moving our Alberta Manyberries project forward."
About Global Helium Corp.
Global Helium is one of Canada's largest helium exploration and development companies, focused on the exploration, acquisition, development, and production of helium, done right. The Company has carved out a differentiated position through a unique Farm-In Agreement with industry veteran, Perpetual Energy Inc., through which HECO can access approximately 369,000 acres in Alberta's Manyberries helium trend via joint venture. The Company has also captured 100%-owned permits encompassing over 820,000 acres prospective for helium in Saskatchewan's well-established helium fairway and has recently acquired three significant assets with proven helium tests in the State of Montana. HECO brings a seasoned team of industry professionals and technical experts who have established connections with North American and international helium buyers. Learn more at https://globalhelium.com/ and follow us on LinkedIn and Twitter (now X).
For further information please contact:
| Jesse Griffith, President & CEOCindy Gray, Investor Relations | Telephone: +1 705-5076 ext. 1Email: HECOinfo@5qir.com |
READER ADVISORIES
Forward Looking Statements
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This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as will, may, should, anticipate, expects and similar expressions. All statements other than statements of historical fact, included in this internal announcement are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
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 internal announcement are expressly qualified by this cautionary statement. The forward-looking statements contained in this internal announcement are made as of the date of this internal announcement and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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Source: Global Helium Corporation