Big Star cashed up to expand helium footprint
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Special Report: Big Star Energy has topped up its coffers to expand its existing helium acreage position and further its exploration program in North America.
Big Star (ASX:BNL) raised nearly $587,000 through a placement of shares priced at 0.5 cents each.
The exploration play recently secured two additional leases at its Enterprise helium prospect in the USA that cover five helium anomalies, detected by a soil gas survey.
“Our helium leasing program is now funded through to our targets of 25,000 gross acres and 15,000 net acres,” managing director Joanne Kendrick said.
“I expect that once this land position is put together, we will start the permitting for a drilling campaign of 5 wells testing 5 helium prospects.”
Helium is a critical component in modern technology applications, from telecommunications to nuclear power stations.
There is no way to manufacture helium artificially and demand has already outstripped supply, which is typically a by-product of natural gas processing,
In late August, Big Star announced it had acquired a lease on the high-grade Enterprise prospect, covering 1800 acres.
The recent lease acquisitions have taken this area up to 5120 acres.
There’s potential for multiple helium reservoirs at Enterprise, which is about 15 miles along and on trend from previous shallow, high grade production.