Pulsar Helium Prepares for Imminent Drilling at Topaz Following Contract Approval

Rhea-AI Summary

Pulsar Helium Inc. (TSXV:PLSR)(OTCQB:PSRHF) has signed a new drill contract with Capstar Drilling for its Topaz Helium Project in Minnesota, USA. The contract includes deepening the Jetstream #1 well by approximately 500m to intersect the full anticipated reservoir height, with an option for two additional step-out wells. All necessary permits have been obtained, and site preparations are underway. Drilling is scheduled to commence this quarter.

The company aims to further validate the project's economics and confirm the reservoir's district-scale potential. Capstar Drilling, chosen for their previous experience with the project, will provide a 6000 Elenburg Manufacturing trailer-mounted drilling rig and crew. During drilling, real-time gas composition measurements, including helium concentration, will be conducted using on-site equipment.

Positive

• New drill contract signed for deepening Jetstream #1 well by 500m
• Option to drill two additional step-out wells
• All necessary permits obtained for drilling activities
• Drilling scheduled to commence in the current quarter
• Real-time gas composition measurements to be conducted on-site

Negative

• None.

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CASCAIS, PORTUGAL / ACCESSWIRE / October 1, 2024 / Pulsar Helium Inc. (TSXV:PLSR)(OTCQB:PSRHF) ("Pulsar" or the "Company"), the helium project development company, is pleased to announce that it has signed a new drill contract with Capstar Drilling for its Topaz Helium Project (‘Topaz') in the State of Minnesota, USA. The drill contract follows the successful drilling of the Jetstream #1 well and additional drilling activities are scheduled to occur this quarter. Drilling activities will consist of deepening the Jetstream #1 well by a further c.500m to intersect the full anticipated height of the reservoir, with the option to drill an additional two step out wells. All necessary permits to deepen Jetstream #1 have been obtained, and site improvements and preparation are now underway.

HIGHLIGHTS

• A new drill contract has been signed with Capstar Drilling for deepening the Jetstream #1 well by a further c.500m to intersect the full anticipated height of the reservoir, with the option to drill two additional step out wells.

• Site improvements are underway, all relevant permits for deepening Jetstream #1 have been obtained, and drilling is scheduled to commence this quarter.

Thomas Abraham-James, President & CEO of Pulsar, commented: "The signing of the Capstar Drilling contract is a further step forward as we look to commercialise the high-grade Topaz helium project in Minnesota. We anticipate that deepening the Jetstream #1 well will further validate the economics of the Project and confirm the reservoir's district-scale potential, thus underpinning Topaz as North America's leading helium and CO₂ resource."

"These are exciting times for Pulsar particularly as mineral security and 'safe jurisdiction resource development' increasingly shape investor decision making. We are receiving strong support across the political spectrum in Minnesota who recognise the statewide benefits of bringing Topaz on stream. As the project continues to develop at pace, we look forward to keeping the market regularly informed and delivering our strategy for the benefit of all stakeholders."

DRILL CONTRACT DETAILS

Following the successful drilling and testing of the Jetstream #1 well, the Company intends to maintain momentum and has accordingly signed a new drill contract with Capstar Drilling to undertake further drilling at the Topaz Project in Minnesota. The rig is scheduled to commence drilling services this quarter, consisting of deepening the Jetstream #1 well by c.500m, with the option to drill an additional two step out wells.

Capstar Drilling is the rig contractor of choice, having been previously contracted to drill the Jetstream #1 well in February of this year. The rig and experience of the crew with local conditions are highly regarded and the continuity with Capstar Drilling is anticipated to be a benefit to the drill program. Capstar Drilling will provide a 6000 Elenburg Manufacturing trailer-mounted drilling rig and the crew.

All necessary permits required from local, State and Federal authorities have been obtained for deepening Jetstream #1 and site preparations are currently underway. Drilling activities will be overseen by Company personnel and TRES Management Inc. During drilling, a gas chromatograph and mass spectrometer will be on location to provide real-time gas composition measurements including helium concentration. On reaching total depth, an open-hole logging suite will be acquired to evaluate the reservoir zone for the next phase of evaluation.

About Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded company listed on the TSX Venture Exchange with the ticker PLSR and on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship 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 not associated with the production of hydrocarbons identified at each. For further information visit https://pulsarhelium.com, follow us on X 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:
Pulsar Helium Inc.
connect@pulsarhelium.com
+ 1 (604) 599-0310

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+44 203 973 3678

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Forward-Looking Statements

This news release and the interview contains 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. Forward-looking statements herein include, but are not limited to, statements relating to the Company's intention to apply for admission to trading of the Company's common shares on the AIM Market of the London Stock Exchange and the timing of its targeted admission; the independent resource estimate for helium and CO₂ at Topaz; the potential of CO₂ as a valuable by-product of the Company's future helium production; the estimated Geological Chance of Success for the Prospective Resources and the Chance of Commerciality of Topaz; the potential for deepening Jetstream #1 and the potential impact of such deepening on the next iteration of the resource estimate; the Company's expectation that its application on an additional 32,949 acres for the extraction of non-hydrocarbon gases will be granted in the near term; and the intended use of proceeds from the AIM IPO. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements and the ability to obtain all requisite regulatory approvals.

No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.

Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic date for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.

Forward-looking statements 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, that Pulsar may be unsuccessful in drilling commercially productive wells; the uncertainty of resource estimation; operational risks in conducting exploration, including that drill costs may be higher than estimates and the potential for delays in the commencement of drilling; commodity prices; health, safety and environmental factors; and other factors set forth above as well as under "Cautionary Note Regarding Forward Looking Statements and Market and Industry Data" and "Risk Factors" in the Final Prospectus dated July 31, 2023 filed on the Company's profile on www.sedarplus.ca. Forward-looking statements contained in this news release are as of the date of this news release, and 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. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release and interview are expressly qualified in their entirety by this cautionary statement.

SOURCE: Pulsar Helium Inc.

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FAQ

What is the latest development for Pulsar Helium's Topaz project?

Pulsar Helium has signed a new drill contract with Capstar Drilling to deepen the Jetstream #1 well by approximately 500m at its Topaz Helium Project in Minnesota, USA.

When is drilling scheduled to begin at Pulsar Helium's Topaz project?

Drilling at Pulsar Helium's Topaz project is scheduled to commence in the current quarter, following site preparations and permit acquisitions.

What is the stock symbol for Pulsar Helium?

Pulsar Helium trades under the stock symbol PSRHF on the OTCQB market.

What additional options does the new drill contract include for Pulsar Helium?

The new drill contract includes an option for Pulsar Helium to drill two additional step-out wells at the Topaz Helium Project.