Maximum energy mining (CSE: MAXX; OTC: MAXXF) on Tuesday announced a series of new milestones that it said significantly expand the scope and commercial potential of its natural hydrogen portfolio in Saskatchewan.
The news was highlighted by the successful drilling of the Bracken well, the completion of a high-resolution 3D seismic survey covering the Lawson discovery and a broad area surrounding discovery well 15-19, and the identification of the new “similar” Lawson target just 12 km southwest of the original discovery based on additional review of legacy 2D seismic data, the company said.
In January, Max Power said so I set a strong goal To test drilling for a second natural hydrogen discovery in Saskatchewan. The company reported helium values as high as 8.7% and averaged 4.4% in core adsorption tests from 9 samples from an area within the Cambrian basal sand directly above the natural hydrogen discovery in the basement complex.
These developments set the stage for a rapid acceleration this month and current quarter of Max Power’s drive to establish Saskatchewan as the world’s birthplace for commercializing natural hydrogen, coupled with MAXX LEMI’s AI-powered platform with global application capabilities, at a time when the world’s need for reliable, clean and affordable baseload power is greater than ever.
In Saskatchewan, Bell Canada has proposed developing Canada’s largest data center within the industrial corridor adjacent to the 475-kilometre Genesis Trend line, adding a potential new dynamic to demand for natural hydrogen and helium in the region.
Max Power said its Saskatchewan project benefits from historically high helium prices, as helium is often found in combination with natural hydrogen as seen now at Bracken and earlier at Lawson.
The company’s recently completed increment of C$20.5 million will allow it to target several new short-term milestones including a follow-on well at Lawson to validate potential commercial activity, complete and test the well at Bracken, acquire new seismic data at Genesis, Grasslands and elsewhere, further evaluate dozens of prospects, and pursue corporate development strategies with key stakeholders.
By the close of the market in Toronto, Max Power Mining stock was down 6.8%. The company has a market capitalization of C$155.67 million ($112.4 million).
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