Pulsar Helium increases footprint of Topaz project in Minnesota to around 16 km²

Pulsar Helium Inc. (TSXV:PLSR; OTCQB:PSRHF; FRA: Y3K) is significantly expanding its land position around its Topaz Helium Project in the state of Minnesota, USA. By exercising an option with a private landowner, the project footprint doubles from 2,089 to 4,181 net acres, which is equivalent to an area of around 16 km².

The additional areas were acquired for $313,800 or $150 per acre. The lease terms provide that after the initial five-year lease extension, each developed area may continue to be extended as long as Topaz continues to produce gas. The license fee is 20%. As recently as May 2024, a new law was passed in Minnesota that for the first time allows the state to lease helium. Pulsar is seeking to lease state lands under this new legislation and has already submitted applications. Representatives from the Minnesota Department for Natural Resources and the Department of Iron Range Resources & Rehabilitation recently visited the Topaz project and signaled their support.

Thomas Abraham-James, President & CEO of Pulsar, commented: “Based on the existing data demonstrating continuity of the system and the Sproule Resource Report highlighting the helium resource of an occurrence in the area, we believe that the Topaz project demonstrates district-scale scalability. Accordingly, we are actively securing key land positions as part of our growth strategy. With this option exercise, we are pleased to have nearly doubled our net acreage and are now looking to further land acquisitions that are aligned with strong geological insight.”

Pulsar plans to deepen the existing Jetstream #1 well in the near term and expects this to have a positive impact on the resource. In addition, the evaluation of step-out drill holes and the completion of additional seismic studies are pending.

Sproule International Limited recently completed the first independent resource estimate for the Topaz project and “confirmed the presence of commercial concentrations of helium and CO”. Sproule’s report also confirmed that there are no significant environmental or logistical barriers to commercialization. The prospective resource (see the Company’s announcement dated August 21, 2024) was estimated by Sproule to be 2.8 billion cubic feet of helium (P10) and 21.3 billion cubic feet of CO₂ (P10) of gross recoverable gas before the planned deepening of the Jetstream #1 well by an additional 1,650 feet (approx.) to intersect the entire anticipated height of the reservoir.

After evaluating data from several geophysical, geological and seismic studies, the Company is more confident than ever in the potential of the district-scale Topaz project.