The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
Company Receives Offer of Mining Licence for Southern Rukwa Helium Project, Tanzania
LONDON / ACCESS Newswire / March 3, 2025 / Helium One Global (AIM:HE1), the primary helium explorer in Tanzania with a 50% working interest in the Galactica-Pegasus helium development project in Colorado, USA, is pleased to provide the following update on its southern Rukwa Helium Project in Tanzania.
Highlights
The Company has received an offer letter from the Mining Commission ("MC") in Tanzania for the grant of a Mining Licence ("ML") for the southern Rukwa Helium Project
The potential ML will be for an area of approximately 480km2 and will cover all of the southern Rukwa Helium Project in the Momba, Sumbawanga Districts in the southern Rukwa Basin and is consistent with the area that was applied for under the application
The offer of the ML follows approval by the Ministry of Minerals ("MoM") who have given the MC permission to grant a larger than standard ML that will enable the southern Rukwa Helium Project to be developed to its full potential
Offer letter and terms are currently being reviewed by the Company
Lorna Blaisse, Chief Executive Officer, commented:
"As we continue to drive forward, this achievement for the Company marks a milestone in our progress as the primary helium company in Tanzania.
This historical moment, for both the Company and for Tanzania, is the first ML to be offered for helium in Tanzania and also the first of such a significant size. I would like to express my appreciation to the Ministry of Minerals and the Mining Commission for their support of this application and project, and for entrusting the Company in paving the way for this flagship commodity sector in-country. I would like to thank the Helium One team who have worked so hard on this and to all our shareholders for their continued support."
Details
The offer letter of the ML is an achievement for the Company, following the discovery at Itumbula West-1 last year. The ML application, which was submitted in September 2024, was accompanied by a feasibility study which outlines the potential of the helium resource in southern Rukwa.
Following approval from the MoM, the MC were able to allow the full 480km2 which was applied for, and which is significantly larger than a standard ML area for conventional mining practices. The MoM and MC recognise that the helium potential in southern Rukwa is geologically unique given the gas in solution play, and that the Company has identified extensive faulting mechanisms and fracture networks and by including these in the ML area, it provides the Company with the best opportunity to fully leverage the helium potential.
The offer letter and terms are now under detailed review by the Company and further announcements will be made in due course.
For further information please visit the Company's website:www.helium-one.com
Contact
Helium One Global Ltd | +44 20 7920 3150 |
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Panmure LiberumLimited (Nominated Adviser and Joint Broker) | +44 20 3100 2000 |
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Zeus Capital Limited (Joint Broker) | +44 20 3829 5000 |
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Tavistock(Financial PR) | +44 20 7920 3150 |
Notes to Editors
Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences across two distinct project areas, with the potential to become a strategic player in resolving a supply-constrained helium market.
The southern Rukwa and Eyasi projects are located within rift basins on the margin of the Tanzanian Craton in the north and southwest of the country. These assets lie near surface seeps with helium concentrations ranging up to 10.4% helium by volume. All Helium One's licences are held on a 100% equity basis.
The Company's flagship southern Rukwa Helium Project is located within the southern Rukwa Rift Basin covering 1,664km2 in south-west Tanzania. This project is considered to be entering an appraisal stage following the success of the 2023/24 exploration drilling campaign, which proved a helium discovery at Itumbula West-1 and, following an extended well test, successfully flowed 5.5% helium continually to surface in Q3 2024.
Following the success of the extended well test, the Company has now flowed significant quantities of helium to surface and has filed a Mining Licence application with the Mining Commission of the Tanzanian Government.
The Company also owns a 50% working interest in the Galactica-Pegasus helium development project in Las Animas County, Colorado, USA. This project is operated by Blue Star Helium Ltd (ASX: BNL).
Helium One is listed on the AIM market of the London Stock Exchange with the ticker of HE1 and on the OTCQB in the United States with the ticker HLOGF.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Helium One Global Ltd
View the original press release on ACCESS Newswire
