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- Jim's Oil & Mining Letter
Jim's Oil & Mining Letter
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Helix Exploration (HEX.L) announced commencement of construction work on the access road and drill pad at the Linda #1 well, Rudyard Project, Montana. Construction commenced at the Linda #1 well site ahead of mobilisation of rig and crew which is expected to occur within the next few weeks. Linda #1 will be the third of three production wells to be completed ahead of first helium production at the Rudyard Project. Progress on the plant is proceeding as planned with the fabrication of a six-million cubic feet per day helium membrane package currently underway. The membrane package rejects nitrogen and increases helium grade before feeding gas into the PSA plant. It is said to be an essential part of the company’s processing pathway. The Linda #1 well will be drilled by Treasure State Drilling utilising the same rig and crew which successfully drilled the Darwin #1 well in only 12 days in November 2024. The well, located approximately one mile south of Darwin #1, is expected to encounter similar reservoir characteristics as the Darwin #1 well and is on structure.
NevGold (NAU.V NAUFF 5E50.F) announced new drill results from its Limousine Butte Project in Nevada, highlighting promising gold and antimony mineralization. The company is advancing re-assay efforts on historical holes to further evaluate the dual commodity potential amid supportive U.S. policy measures. Historic drillholes revealed key intervals with values such as 2.46 grams per tonne gold equivalent over 86.9 metres and 6.77 grams per tonne gold equivalent over 6.7 metres. Multiple zones across the project are said to demonstrate a broad, near-surface mineralized footprint with dual gold and antimony potential. The project is fully permitted and drill-ready, with ongoing re-assay programs to capture higher antimony values beyond previous detection limits. U.S. government actions through an Executive Order to boost domestic mineral production are stated to add strategic context to these findings.
Pulsar Helium (PLSR.V PSRHF PLSR.L Y3K.F) announced that University Bancorp has signed a term sheet to extend a $4 million project finance facility to Pulsar's wholly owned Minnesota operating subsidiary, Keewaydin Resources, in the form of a line of credit. The facility will be guaranteed by Pulsar and secured by a pledge of all of the shares of Keewaydin and a first lien on its assets. The facility will mature on March 31, 2026, and bear interest on any amount drawn at 12% per annum. A utilization fee of 2% will be charged on the balance of any draws on the facility, however, these fees will be reimbursable at maturity. Keewaydin will draw funds from the facility as needed to fund operational activities on Pulsar's Topaz helium project in the near term. Contractors have now confirmed their availability to mobilize to Topaz and commence flow testing of the Jetstream #1 and #2 wells on or around March 29, 2025, with each well to be flowed for a period of approximately two weeks. At the same time, uncontaminated gas samples will be collected from each well and sent for laboratory analysis. In addition, on March 21, 2025, the company closed the second and final tranche of the brokered private placement through the issuance of 1,124,994 new common shares at a purchase price of $0.38 per offered share (equivalent to approximately C$0.55 / GBP0.30) for gross proceeds of $427,498. Together with the first tranch, Pulsar raised a total of $2,427,498 gross and issued a total of 6,388,154 new common shares.
Aurum Resources (AUE.ASX) reported exceptional shallow, high-grade gold intercepts at its 1.59 million ounce Boundiali Gold Project in Côte d'Ivoire, highlighted by an 83 metre intercept at 4.87 grams per tonne gold in drillhole DSDD0148. The results underscore strong exploration potential along strike and at depth, with ongoing drilling and further resource updates planned for 2025. Additional notable intercepts in holes DSDD0141, DSDD0143, and DSDD0142 confirmed variable high-grade gold zones; results indicate that mineralization remains open along strike and at depth, suggesting significant resource potential. All eight of the company’s self-owned diamond rigs are targeting 100,000 metres in 2025, with assay results pending. Two MRE updates and a pre-feasibility study for the Boundiali Project are planned in 2025, supported by strong exploration funding across the Boundiali and Napié projects.
Blue Star Helium (BNL.ASX BSNLF) and Helium One Global (HE1.L HLOGF HE1.F) announced an update. The Jackson-4 well has been successfully drilled to total depth of 1,260 feet measured depth with free gas confirmed by wireline logs. The well flowed naturally during drilling and at total depth, demonstrating good reservoir communication and encountered 62 feet gross pay of high-quality, gas-saturated sands in the Upper Lyons Sandstone Formation. Samples have been sent to the laboratory for analyses of helium and CO2 concentrations and the well head is being installed ahead of surface pressure readings and flow testing. Blue Star is advancing the Galactica project in joint venture with Helium One Global; under the farm-in agreement, Helium One will fund the first $450,000 of this well.
Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) reported significant new high-grade gold results from 2,194.70 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the Ura lode system which is currently being mined and all drilling was conducted from near surface underground workings. The company intersected high-grade mineralized structures in 18 holes. Most of the drill holes did not exceed 130 metres in length and most of the high-grade drill intercepts are located within 50 metres of current underground workings. Drill results include multiple bonanza grade gold assays such as 142.66 grams per tonne over 2.2 metres, 489.52 grams per tonne over 0.4 metres, 168.95 grams per tonne over 0.5 metres, 189.15 grams per tonne over 0.3 metres, and 179.95 grams per tonne over 0.3 metres. The Ura system remains open at depth and is largely untested below the currently modeled lodes. The system is a prime target for resource expansion and upgrade given the high-grade drill results, the underground access already in place, and the lack of drilling down-dip. The company expects to be mining the areas targeted by this drill program in the next three to six months.
Helium Evolution (HEVI.V HEEVF) announced an update on two of the company’s helium discovery wells: the 5-30-3-8W3 well and the 10-36-3-9W3 well, both located along the Mankota helium fairway. HEVI holds a 20% working interest in both the 5-30 and the 10-36, in partnership with the operator, North American Helium. A post-flow pressure transient analysis of the 5-30 well, conducted by Petro Management Group, has provided promising data, indicating a calculated absolute open flow potential of 20.7 million standard cubic feet per day. Pressure data analysis indicated the 5-30 is a new pool discovery and further drilling will be necessary to determine the size of the helium reservoir. Post-flow pressure transient analysis of the 10-36 well calculated an absolute open flow potential of 38.0 million standard cubic feet per day, HEVI’s largest AOFP to date.
Thor Explorations (THX.V THX.L THXPF T2X.F) announced it has drilled two discovery holes in its Douta-West licence, which lies contiguous to the west of the original Douta licence and, together, constitute the Douta Gold Project, Senegal. The project encompasses the Makosa gold deposit, which currently comprises a total resource of approximately 1.78 million ounces of gold that consists of an indicated resource of 20.2 million tonnes grading 1.3 grammes per tonne gold for 874,900 ounces of gold, together with an inferred resource of 24.1 million tonnes grading 1.2 grammes per tonne gold for 909,400 ounces of gold. The drilling program is at the Baraka 3 Prospect, a 1 kilometre long drill target delineated by the company in 2024 through geological mapping, together with geochemical surveys and rock chip sampling. The two discovery drill holes were drilled one hundred metres apart in two adjacent drill sections. The remaining strike length will be drilled as part of an ongoing drilling program. Geochemical anomalies along this geological trend extend for approximately 3 kilometres. The assay results from the two discovery drill holes include: from drillhole DTWRC129, 19 metres at 2.46 grammes per tonne gold from 29 metres; and from drillhole DTWRC134, 26 metres at 1.31 grammes per tonne gold from 21 metres. In addition, results have been received from a series of diamond drillholes that have been completed along the strike length from Makosa North to Makosa Tail deposits to test for depth extensions and to upgrade the classification towards the lower parts of the resource. Highlights include 9 metres at 1.35 grammes per tonne gold from 110 metres and 9 metres at 2.06 grammes per tonne gold from 127 metres, 3 metres at 5.3 grammes per tonne gold from 131 metres, 8 metres at 1.31 grammes per tonne gold from 197 metres, 4 metres at 2.44 grammes per tonne gold from 203 metres and 6 metres at 1.71 grammes per tonne gold from 220 metres.
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