LONDON - Helium One Global Ltd (LON:HE1H) (AIM: HE1), a helium exploration company with significant interests in Tanzania, has started development drilling at its Galactica-Pegasus project in Las Animas County, Colorado, USA. The project, operated in partnership with Blue Star Helium Ltd (ASX: BNL), marks a strategic move to address the helium market's supply constraints.
The company has initiated on-site preparation, including access and well pad construction at the Jackson #31 location. Following the completion of these preliminary works, similar preparations will begin at the Jackson #04 site. Drilling is scheduled to commence in mid-January 2025 at Jackson #31, with Jackson #04 to follow. The campaign includes a total of five approved wells, with further details on the sequence to be provided post-drilling at Jackson #04.
Helium One's involvement in the Galactica Project represents an expansion of its operations beyond its Tanzanian assets. The company's flagship project in the Rukwa Rift Basin in Tanzania has entered an appraisal stage following a successful exploration drilling campaign in 2023/24. This campaign included a discovery at Itumbula West-1, which, after an extended well test, produced a continuous flow of 5.5% helium. Based on this success, Helium One has submitted a Mining Licence application to the Tanzanian Government.
The Galactica-Pegasus project, where Helium One holds a 50% working interest, is part of the company's strategy to become a key player in the global helium industry. Helium is a critical resource used in various applications, including medical technologies, space exploration, and high-tech manufacturing.
This development drilling update is based on a press release statement issued by Helium One Global Ltd. The company is listed on the AIM market of the London Stock Exchange (LON:LSEG) and the OTCQB in the United States.
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