00:59:29 EDT Sat 10 Jun 2023
Enter Symbol
or Name

Avanti Helium Corp
Symbol AVN
Shares Issued 58,203,382
Close 2022-08-31 C$ 1.07
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Avanti Helium hires T&S Drilling to drill WNG 10-21

2022-08-31 12:20 ET - News Release

Mr. Cam Buss reports


Avanti Helium Corp. has contracted T&S Drilling to drill its WNG 10-21 helium appraisal well into the WNG helium pool in the Greater Knappen region of Montana.

WNG 10-21 lease construction has been completed and T&S is preparing to mobilize the rig with a target to spud WNG 10-21 by the end of September. WNG 10-21 is located approximately one kilometre west of Avanti's WNG 11-22 helium well and 50 metres down structure in the WNG helium pool. WNG 10-21 is planned to be drilled to a total depth of approximately 5,500 feet and will target both the Flathead Cambrian Sandstone and Souris River zones for potential helium production.

Avanti's discovery well, WNG 11-22, led to a total unrisked contingent resource estimate of 187 million cubic feet of net recoverable helium gas (based on a raw gas estimate of 17 billion cubic feet recoverable and net helium concentration of 1.1 per cent) prepared by McDaniel & Associates Consultants Ltd. (please see press release dated June 24, 2022).

WNG 10-21 has similar geological and seismic characteristics to the company's discovery well. By delineation drilling down structure from WNG 11-22 to further define the WNG helium pool, Avanti believes that there is significant potential to expand its aerial extent and increase the existing helium resource.

"We are excited to continue our success from the discovery well at WNG 11-22 that we drilled with T&S Drilling," commented Cam Buss, vice-president, operations. "The WNG 10-21 appraisal well will help to confirm the aerial extents of the reservoir and will provide operational efficiencies in both facility planning and production operations in the area."

Greater Knappen

One hundred per cent of the contingent resources disclosed in this news release are located in the Greater Knappen property and are classified as development pending with a chance of development of 90 per cent. There are no technical contingencies preventing the classification of economic contingent resources as reserves as all economic contingent resource are considered discovered and are based on established technology. The non-technical contingencies that must be resolved before these resources may be classified as reserves are the establishment of processing and sale agreements, and corporate commitment to develop these assets in a timely fashion.

About Avanti Helium Corp.

Avanti Helium is focused on the exploration, development and production of helium across Western Canada and the United States. Avanti's professional oil and gas exploration and production team is actively targeting untapped potential helium reserves to help meet the increasing global demand for an irreplaceable and scarce element critical to advanced technology, medical and space exploration industries.

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