CALGARY,
AB, Oct. 31, 2022 /CNW/ - Avanti Helium Corp.
(TSXV: AVN) (OTC: ARGYF) (the "Company") is pleased to announce the
Company has spud its third helium well, WNG 10-21, an appraisal
well on its Greater Knappen property, located in Montana.
The WNG 10-21 will be drilled to a depth of approximately ~5,500
feet and will target both the Flathead Cambrian Sandstone and
Souris River zones for helium production. The WNG 10-21 appraisal
well is approximately 1 kilometre west and 50 metres down dip of
the Company's WNG 11-22 helium well and 50
m down dip. Geological and seismic modelling show similar
characteristics to the WNG 11-22 well and by delineating down
structure from WNG 11-22 the Company hopes to further define and
expand the WNG helium pool.
"The WNG 11-22 discovery well confirmed a base case for the size
of the pool," commented Genga
Nadaraju, VP Subsurface. "WNG 10-21 is targeted to define
the medium case for the pool size and be an additional production
well for the WNG helium pool. The team is excited and awaiting the
drilling results from WNG 10-21."
The Company has also continued to progress facilities
engineering work and is currently in the bidding process for
critical items. Current expectations are that first tier long
lead orders will be placed this quarter. In addition, site
power and utility requirements are being assessed to determine
additional infrastructure requirements which should be completed by
Q4. Site scouting of surface land location for the facility
is also being actively pursued. Potential site locations have
been screened to minimize transportation logistics and to align
with minimizing costs for utility power distribution upgrades.
About Avanti Helium Corp
Avanti Helium is focused on the exploration, development and
production of helium across western Canada and the
United States. Avanti's professional oil and gas exploration
and production team is actively targeting untapped potential helium
reserves to help meet the increasing global demand for an
irreplaceable and scarce element critical to advanced technology,
medical and space exploration industries. For more information,
please go to the Company's website at https://avantihelium.com
Forward-Looking
Statements
The information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. The Company cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company's control. Such factors include,
among other things: risks and uncertainties relating to the
Company's limited operating history and the need to comply with
environmental and governmental regulations. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, the Company undertakes no
obligation to publicly update or revise forward-looking
information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Avanti Helium Corp.