9 September 2024
80 Mile
PLC / Ticker: 80M / Market: AIM / Sector: Mining
High Concentrations of Helium Detected at
Surface at Outokumpu
80
Mile Plc ("80 Mile" or the "Company") is pleased to announce is
pleased to announce a significant breakthrough in its ongoing
exploration program in the Outokumpu Belt, Finland. Following the
previously disclosed work program aimed at evaluating the potential
for geological hydrogen and helium, the Company has successfully
identified high concentrations of helium at surface in select
historical drill holes.
Significant Findings:
·
Helium Concentrations: Recent tests on historical
drill holes have revealed helium concentrations at the surface,
with notable stabilized values of
up to 10.7% Helium in the Perttilahti Area, located in the
centre of the Companies tenement package on the belt. These
findings exceed initial expectations and underscore the substantial
potential of the Outokumpu Belt for industrial gas
resources.
·
Surface Sampling Success: The surface sampling
program utilized a portable helium detector, allowing the Company
to measure gas concentrations, at surface, directly from the
historical drill holes. These high surface helium readings are a
promising indicator of the deeper subsurface potential within the
region.
·
This marks the first published occurrence of helium
detected flowing to the
surface in Finland. Previously, helium was identified in
solution within groundwater at depth, but this surface detection is
a major advancement. The presence of helium at surface, as opposed
to being dissolved in groundwater, is a significant result,
highlighting the potential for accessible and commercially viable
helium resources in the region.
·
The results not only validate the historical data
previously collected but also position the Company to fast-track
further exploration efforts. The measurement of high helium
concentrations at surface provide a robust foundation for the
continued evaluation of the Outokumpu Belt's potential as a major
source of industrial gases.
·
Gas samples from a 2480-meter-deep drill hole,
analysed by the GTK, has additionally revealed up to 46% geological hydrogen,
highlighting the belt's potential for industrial gas reserves.
·
Extensive Historical Data: >2000 historical
drill holes provide robust foundation for fast-tracking gas
assessment across the 40-kilometer licence holding
Upcoming Exploration Program:
In light of these promising results,
80 Mile plans to intensify its exploration activities in the
Outokumpu Belt. The Company will undertake further detailed
sampling and analysis, focusing on areas with the highest helium
concentrations. This will include additional surface sampling,
re-entering select drill holes for deeper testing, and integrating
the findings with historical seismic data to pinpoint the most
prospective zones.
The Company has additionally begun
planning a proof of concept study aimed at assessing the commercial
recovery of helium and hydrogen from existing deep drill holes.
This study will focus on evaluating the technical and economic
feasibility of extracting these gases using modern recovery
techniques. The success of this study could represent a significant
step towards generating cash flow from the project, though the
Company remains cautious in its approach and will proceed
methodically to ensure all factors are thoroughly
considered.
Eric Sondergaard, Managing Director of 80 Mile
Plc, commented:
"We are thrilled with the initial
surface helium concentrations identified in the Outokumpu Belt.
These results exceed our expectations and provide strong evidence
of the region's potential as a significant source of helium and
other industrial gases. Our exploration strategy, supported by
extensive historical data and modern sampling techniques, is
yielding tangible results that could unlock substantial value for
our shareholders."
"The detection of helium or hydrogen
flowing at the surface is highly significant due to the small
molecular size of these gases. Helium and Hydrogen are the smallest
and lightest elements, with a very low molecular weights. These
characteristics make both gases extremely mobile and capable of
escaping from subsurface reservoirs into the atmosphere over time.
For helium or hydrogen to be detected at surface levels, there must
be a sustained and significant source of these gases continuously
feeding upward, suggesting the existence of large, potentially
commercially viable subsurface accumulations."
"Such discoveries are rare and could
potentially be tapped for commercial use, especially in the case of
helium, which is a critical resource with various industrial
applications, including in medical technology, space exploration,
and cryogenics."
"We have only begun to scratch the
surface at Outokumpu. We are committed to accelerating our work
program and leveraging these findings to further delineate the
helium and hydrogen potential of the Outokumpu Belt. Our goal is to
advance towards commercial viability in the most efficient and
cost-effective manner possible"
Market Abuse Regulation (MAR) Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.
For further information, please
contact:
|
Eric Sondergaard
|
80 Mile Plc
|
enquiry@80mile.com
|
|
Ewan Leggat / Adam Cowl
|
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker)
|
+44 (0) 20 3470 0470
|
|
Tim Blythe / Megan Ray / Said
Izagaren
|
BlytheRay (Media Contact)
|
+44 (0) 20 7138 3205
|
Map of Outokumpu Tenement
Belt
Figure 1.
Outokumpu Belt current tenement status with historic drillhole
collar and mine locations
Helium Sampling Results from
Perttilahti
Short Standard Operating Procedure (SOP) for He Field Gas
Analysis:
1. Navigate to the Drill
Collar:
o Arrive at the specified drill collar location using GPS
coordinates.
2. Initialize Equipment:
o Power on the FD-311 He analyzer.
o Allow the units to complete their pre-startup
checks.
o Ensure all units display a 0.00 reading upon startup
completion.
3. Document Location and Hole
ID:
o Record the Hole ID from the cap on the casing.
o Cross-reference the Hole ID with GPS data.
o Take
a photograph of the Hole ID, GPS coordinates, and collar
location.
4. Insert Collection Tube:
o Insert the gas collection tube into the collar, avoiding any
contact with water.
o Insert the tube to a depth of up to 20 cm or a safe depth as
deemed necessary.
Figure 4: Helium Detector being
prepared for casing vent test
5. Conduct Initial Gas
Measurement:
o Take
an initial 3-minute reading using the analyzer.
6. Clear and Reset Analyzer (If Gas is
Detected):
o If
gas readings are detected, complete the initial 3-minute
measurement.
o Remove the analyzer from the collar.
o Clear the analyzer of any residual gases by pumping fresh air
through the device for 30 seconds.
o Ensure the unit returns to a 0.00 reading.
7. Repeat Measurement:
o Reinsert the collection tube and conduct a second 3-minute
reading.
o Record any changes in the readings, noting whether they
increase, peak, remain consistent, or decrease over
time.
8. Finalize and Move to Next
Location:
o After completing the measurements, securely replace the cap on
the drill collar.
o Proceed to the next designated location.
This format provides a clear and
structured SOP for field gas analysis, ensuring all steps are
performed consistently and accurately.
References
Riikka Kietäväinen, L. A.
2013. Characterisation and isotopic
evolution of saline waters of the Outokumpu Deep Drill Hole,
Finland - Implications for water origin and deep terrestrial
biosphere. Applied Geochemistry, Volume 32, 37-51.
Kukkonen, I. T., Rath, V., Kivekäs,
L., Šafanda, J. & Čermák, V. 2011. Geothermal studies of the
Outokumpu Deep Drill Hole. Geological Survey of Finland, Special
Paper 51, 181-198.
Kukkonen, I. T. 2011. Outokumpu Deep
Drilling Project 2003-2010. Geological
Survey of Finland, Special Paper 51, 252 pages.
About 80 Mile Plc:
80 Mile Plc, listed on the London
AIM market, Frankfurt Stock Exchange, and the U.S. Pink Market, is
an exploration and development company focused on high-grade
critical metals in Tier 1 jurisdictions. With a diversified
portfolio in Greenland and Finland, 80 Mile's strategy is centred
on advancing key projects while creating value through partnerships
and strategic acquisitions.
The Disko-Nuussuaq
nickel-copper-cobalt-PGE project in Greenland is a primary focus
for 80 Mile, developed in partnership with KoBold Metals. 80 Mile,
through its wholly owned subsidiary Disko Exploration Ltd., has a
definitive Joint Venture Agreement with KoBold Metals to guide and
fund exploration efforts. The JV has completed intensive analysis
and interpretation of the extensive geochemical, geophysical, and
geological data collected during the previous exploration
campaigns. Leveraging KoBold's proprietary artificial intelligence
and machine learning platforms, this comprehensive analysis has
resulted in the identification of seven initial priority targets
within the project area. These seven priority targets exhibit
spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's
Bay, and Jinchuan. The JV is now planning a focused ground-loop
electromagnetic survey to refine and prioritize each locality
appropriately.
In Finland, 80 Mile currently holds
three large scale multi-metal projects through its wholly owned
subsidiary FinnAust Mining Finland Oy. 80 Mile's Finland portfolio
includes the Outokumpu project, where the discovery of industrial
gases like helium and hydrogen adds significant economic potential
to the already prospective copper-nickel-cobalt-zinc-gold-silver
targets. 80 Mile is conducting further exploration to fully assess
these resources.
80 Mile's recent acquisition of
White Flame Energy expands its portfolio into the energy sector,
adding large-scale licenses for industrial gas, natural gas, and
liquid hydrocarbons in East Greenland. Approved by shareholders in
July 2024, this acquisition diversifies the Company's assets and
aligns with its strategy to contribute to sustainable energy
solutions, while also exploring conventional energy
resources.
The Dundas Ilmenite Project, 80
Mile's most advanced asset in northwest Greenland, is fully
permitted and progressing towards near-term production. With a
JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an
offshore Exploration Target of up to 530 Mt, Dundas is poised to
become a major supplier of high-quality ilmenite. Recent
discoveries of hard rock titanium mineralization, with bedrock
samples showing nearly double the ilmenite content of previous
estimates, further enhance the project's world-class potential. 80
Mile owns 100% of the Dundas Ilmenite Project under its subsidiary
Dundas Titanium A/S in Greenland.
The Thule Copper Project is a
significant component of 80 Mile's portfolio in northwest
Greenland, focused on exploring and developing high-grade copper
deposits within the Thule Basin in northwest Greenland. Leveraging
existing infrastructure and exploration credits, the project is
strategically positioned in an underexplored region with
substantial mineral potential. 80 Mile's established basecamp at
Moriusaq will support cost-effective exploration, aligning with the
Company's broader strategy to secure high-quality copper and
industrial gas projects.