First Helium Inc. announced that it has exercised an option to acquire 640 acres of highly prospective helium exploration lands at Dixonville which are located nearby existing well penetrations with indicated grades, or helium concentrations, ranging from 1.7% to 5.7%. The option was exercised for nominal cost and is expected to close this month. In addition, the Company has successfully completed the field work phase of its proprietary 21 km2 (or approximately 5,200 acres) 3D seismic data acquisition program over recently acquired lands at its Worsley property.

In 2020, First Helium identified a section of highly prospective land at Dixonville located contiguous to the Company's East Worsley lands, secured an option to acquire the mineral rights to the land, and recently exercised its option to acquire those rights (the section). The land is adjacent to a well bore with 1.7% helium content, and nearby a second well that previously indicated 5.7% helium content. Based on prior evaluation work in the area, First Helium's exploration team has identified a priority drill location at Dixonville.

The Worsley area has been drilled successfully for natural gas and oil by numerous operators since the 1960s. The greater Worsley area includes over 2,500 wells which provide an excellent database of historic well control data with associated helium concentration indications. In the Leduc Formation along the Worsley Trend, nitrogen and helium concentrations increase from west to east.

East of First Helium's 15-25 discovery well, exploration for natural gas had been effectively deterred by the high nitrogen content of the gas as nitrogen decreases heating value and marketability of natural gas. The ability to install modular facilities to remove nitrogen and separate the helium content for sale supports the project economics of drilling these wells the under-explored East Worsley land base represents a tremendous opportunity for the Company's helium exploration program.