SASKATOON, SK, Aug. 22,
2022 /CNW/ - Royal Helium Ltd. ("Royal" or the
"Company") (TSXV: RHC) (TSXV: RHC.WT) (OTCQB: RHCCF) is
pleased to report that it has sampled up to 84.9Mg/L lithium in
brine underlying the Climax helium project. Accordingly, the
Company has provided notice to the Province of Saskatchewan that it intends to acquire the
lithium mineral rights, with the intent to advance a lithium brine
project alongside the ongoing helium development operations.
Andrew Davidson, President and
CEO of Royal comments: "In the Climax-1 well, drilled in
January 2021, one of the zones that
we tested showed significant inflows of brine water and gas.
Samples of both were taken and sent to lab for assay, returning
elevated levels of helium and significant concentrations of lithium
in brine. With recorded lithium grades of 84.9 mg/litre,
combined with flow rates in the range of 1.85 MMCF per day
equivalent, Climax is set to not only become a cash generative
helium play, but also now presents potential additional value to
stakeholders with a lithium exploration and development
project."
Royal will provide a further update as and when the mineral
rights are granted by the Government of Saskatchewan. Under
the provisions of mineral tenure ownership, Royal is the only party
who can be granted rights over the zone of interest in the Climax
area, as competing rights over the same zones cannot be
granted.
The Climax project is approximately 60,000 hectares in size,
which would make for one of the largest lithium exploration
projects in Western Canada. The Company will explore all
options for developing the lithium project, such that the focus of
the Company will remain on exploiting the helium already discovered
at Climax and elsewhere.
Royal Helium Ltd.
Royal controls over 1,000,000 acres of prospective helium land
in southern Saskatchewan and
southern Alberta. All of Royals'
lands are in close vicinity to highways, roads, cities and
importantly, close to existing oil and gas infrastructure, with a
significant portion of its land in close proximity to existing
helium producing locations. With stable, rising prices and limited,
non-renewable sources for helium worldwide, Royal intends to become
a leading North American producer of this high value commodity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This release includes certain statements that may be deemed
to be "forward-looking statements". All statements in this
release, other than statements of historical facts, that address
events or developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking
statements, include market prices, exploration and development
successes, continued availability of capital and financing, and
general economic, market or business conditions. Please see
the public filings of the Company at www.sedar.com for further
information.
SOURCE Royal Helium Ltd.