12:20 PM EST, 12/16/2024 (MT Newswires) -- Helium Evolution ( HEEVF ) on Monday released preliminary test results from its 10-1 Well in southern Saskatchewan, showing a helium content of 0.75% and a production rate of 9.5-million cubic feet per day.

The well also produced negligible water, indicating "strong potential" for efficient helium recovery and processing. The company is planning the next phase of development, including the drilling of a joint well and the potential installation of processing facilities.

The installation of a processing facility will be contingent upon positive evaluation of results in the first quarter of next year an essential step in HEVI's broader strategy to move toward commercial helium production.

Helium Evolution ( HEEVF ) holds a 20% working interest in the 10-1 Well and is working closely with the operator, North American Helium.

The company's shares were last seen down $0.005 to $0.11 on the TSX Venture Exchange.

Price: 0.11, Change: -0.01, Percent Change: -4.35