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Gold Hydrogen (ASX:GHY) has reported “world leading helium purities” of 36.9% at its Ramsay Project in South Australia.
The company is targeting ‘Gold Hydrogen’ – thus its name – which opposed to ‘Green Hydrogen,’ produced through electrolysis using renewable sources, is that found underground.
(Gold hydrogen, referring to the method of producing hydrogen, was formerly and is still sometimes called ‘natural hydrogen.’)
Naturally occurring underground hydrogen deposits are relatively rare, and that’s not considering the second filter separating those deposits by size and thereby declaring economically feasible or not.
But there’s another kind of rare naturally occurring gas that can sometimes be found alongside native hydrogen deposits – helium. While the gas can be synthesised, it’s actually cheaper to mine. The US and Russia remain heavyweights in the international helium market.
In that way, Gold Hydrogen has reported its helium drilling results on Thursday. The company says independent data reviews show the veracity of the data and that the company now has further helium drill targets on deck for future exploration.
GHY’s claim it’s found world leading purities comes on the back of CSIRO data which states Australia’s highest ever helium purities sampled in groundwater came in at a ceiling of 25%.
Samples have been sent to laboratories in “Australia, London and Paris,” with results due in the near future. Drillers hit dolomite underground in a zone potentially up to 180m thick.
“We have identified a potentially prolific 180m thick Helium-bearing section of the Kulpara Dolomite formation,” GHY MD Neil McDonald said.
“[We’ve also] recorded Helium at surface in the separator at world-leading purities of 36.9%, in addition to the CSIRO dissolved gas in water results of 20% to 25%.”
The company is gearing up for its next stage of drilling.
GHY last traded at 91.5cps.
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