$HELI First Helium updateprobably worth putting on a tax loss selling watch list.
My position is 18k shares.
https://www.newswire.ca/news-releases/first-helium-provides-update-on-its-880-000-acres-of-option-lands-in-southern-alberta-805811635.html
CALGARY, AB, Oct. 28, 2021 /CNW/ - First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), a helium exploration company with access to significant development opportunities across western Canada, is pleased to announce that the Company's technical team has made significant progress in evaluating approximately 880,000 acres of prospective helium lands (the "Block") currently held under a seismic review and option agreement (the "Option Agreement") with a large landholder in southern Alberta. In the fourth quarter of 2021, a minimum 125,000 acres (the "Select Lands"), all with significant 2D and 3D seismic data coverage, will be continued under the terms of the Option Agreement for a further, more detailed seismic evaluation in anticipation of drilling.
Ed Bereznicki, President & CEO of First Helium stated, "Ready access to an extensive library of seismic data has significantly reduced the costs and time normally associated with evaluating such a large block of prospective land, cutting the cycle from years to months." Mr. Bereznicki added, "With proven helium production in close proximity to the Select Lands, and access to the existing seismic coverage, First Helium sees this project as an excellent opportunity to establish a second core area for its ongoing helium exploration and development program at an attractive cost to the Company. "
Under the terms of the Option Agreement, the Company can elect to extend its exclusive access to Select Lands and associated seismic data for a period of up to 2 years at a nominal average cost per acre (less than $3). Costs associated with extending the Select Lands will be funded by the Company's existing working capital. Management expects that any drilling locations identified within the Select Lands will be ready to drill beginning in the first half of 2022.
To date, over 125,000 acres of land have been prioritized over the option Block as being highly prospective for helium exploration based on the evaluation of existing 3D seismic programs. Multiple potential drilling targets with four-way closure and substantial structural relief throughout the Devonian and Cambrian sections have been identified. These structural features are similar to those with helium production at both Knappen in southern Alberta as well as Cypress and Battle Creek in southeastern Saskatchewan. As with Knappen, prospective formations for helium include the Basal Cambrian Sandstone and the Beaverhill Lake Formation.