21st Oct 2024 18:00
(Alliance News) - 80 Mile PLC on Monday said it has identified "significant" concentrations of natural hydrogen and helium in two historical drill holes at its Hammaslahti Project in Finland.
The mineral exploration company focused on Greenland and Finland said surface sampling resulted in natural hydrogen concentrations reaching 1000 parts per million. This was the upper detection limit of the equipment used, indicating a strong potential for higher concentrations.
Helium was detected flowing at the surface at one historical drill hole, reaching up to 8.9% and stabilising at 7.1%.
This marks the first documented occurrence of hydrogen and helium detected flowing to the surface in the Hammaslahti area, which the company said was a "notable advancement". The findings provide a "solid foundation" for the continued evaluation of Hammaslahti's potential as an industrial gas resource.
Managing Director Eric Sondergaard said: "The detection of hydrogen and helium at Hammaslahti is a major development for 80 Mile, reinforcing the exceptional potential of this region for industrial gas resources. Hydrogen is a key component in the global shift towards cleaner energy, and the presence of helium - an increasingly critical resource for advanced technologies - further enhances the strategic value of this project. These results underscore the significant opportunities that lie ahead for Hammaslahti, and we remain fully committed to expanding our exploration efforts and delivering meaningful, long-term value for our shareholders."
Shares in 80 Mile closed 4.7% lower at 0.30 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.