Helium One released a general company update on Tuesday, providing insight into the submission of a mining licence to Tanzanian authorities and the acquisition of a stake in a US-based helium project.
After positive early results from activities at the southern Rukwa Helium Project, Helium One is pushing forward with further development plans.
Helium One has submitted a mining license for the Itumbula-Tai area in southern Rukwa. The license contains a detailed feasibility study covering the evaluation work Helium One has completed to date. The company now awaits a response from the Tanzanian Ministry of Minerals and Mining Commission.
The company also plans to allow a number of their prospecting licenses to expire, saving around $170k per year.
“This is yet another major milestone in the Company’s history,” said Lorna Blaisse, Chief Executive Officer of Helium One.
“The last 12 months have been a very significant chapter for Helium One in which we have made a successful helium discovery, completed a detailed feasibility study, established a commercial development plan and successfully applied for a ML. An extraordinary achievement within that timeframe and I am very grateful to the efforts of everybody involved.
“We very much look forward to progressing the project in Tanzania through to production, as well as remaining opportunistic on further opportunities in-country and elsewhere.
“We are also entering a very busy period with our joint venture with Blue Star Helium in Colorado where we look forward to completing the acquisition and starting the drilling phase of the upcoming development wells on the Galactica-Pegasus project. We look forward to providing updates on the progress of the drilling programme in due course.
“The Company would like to thank the Ministry of Minerals and the Mining Commission for their continued support and their engagement with the recent success in southern Rukwa and looks forward to their positive response and to developing a partnership with the Government of Tanzania upon the granting of the ML, in order to develop a flagship helium sector in Tanzania.”
Touching on the acquisition of a 50% stake in the Galactica-Pegasus project in Colorado, Helium One said the partnership with Blue Star Helium is ‘progressing’.