Market Herald logo

Subscribe

Be the first with the news that moves the market
  • VVC Exploration (VVC) is adding a new gas property in its wholly-owned subsidiary, Plateau Helium Corporation
  • Platinum Helium Corporation owns a 100 per cent operated working interest in the Syracuse Extension 1 lease subject to the royalties
  • The property is known as the Syracuse Extension 1
  • The property was purchased with the seller retaining a 2 per cent royalty in the property
  • VVC Exploration is down 8.33 per cent, with shares trading at C$0.11 at 3:20 am ET.

VVC Exploration (VVC) is adding a new gas property in its wholly-owned subsidiary, Plateau Helium Corporation.

The property is known as the Syracuse Extension 1. The property was purchased at a nominal cost and a commitment to commence production, with the seller retaining a 2 per cent royalty in the property.

The company says the acquisition bolsters its helium portfolio and its ability to capitalize on the growing demand for helium, driven by increased global usage.

Platinum Helium Corporation owns a 100 per cent operated working interest in the Syracuse Extension 1 lease subject to the royalties. Extension 1 is a 320-acre property located in Cheyenne County, Colorado and includes 2 gas wells drilled in 1989-1990 which were never put into production. The property is adjacent to the Tumbleweed Midstream pipeline which is linked to a helium processing plant. Both wells contain methane and helium.

“This lease acquisition adds to the more than 15,000 acres of Syracuse and Monarch leases in the PHC portfolio. It represents the company’s opportunistic strategy of acquiring selective potential helium properties which we believe can be brought into production quickly and inexpensively and can be managed by the local team managing the Syracuse field. This property will be included in our Syracuse field development plans, with the current expectation of gas production to begin from Syracuse Extension 1 in Q4 of 2021,” said VVC Exploration CEO Jim Culver.

VVC Exploration is down 8.33 per cent, with shares trading at C$0.11 at 3:20 am ET.

More From The Market Herald
Superior Gold - Director, Michael Pesner.

" Superior Gold (TSXV:SGI) nominates new director

Superior Gold (SGI) has filed a management information circular for its annual general meeting.

" Sulliden Mining Capital (TSX:SMC) acquires securities of Xander Resources

Sulliden Mining Capital (SMC) acquired 7,142,857 units of Xander Resources in a private placement.

" Eastern Platinum (TSX:ELR) updates technical report on Crocodile River Mine

Eastern Platinum Limited (ELR) has filed a Technical Report on the Crocodile River Mine (CRM), North West Province in South Africa.