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Project Humboldt
Permits
Around 10,000 acres already leased across six counties with further leasing ongoing. The leases typically provide a 4-5 year initial period with attractive royalty and lease bonus terms.
Exploration work has begun with mapping of the pre-Cambrian structure and fault systems, and resource evaluation ahead of preparing for drilling.
The leases are situated within closure, and in areas where the pre-Cambrian basement is likely to offer the greatest level of fracturing, and connection to the gas source beneath.
The Play
The Nemaha ridge comprises a basement cored hangingwall uplift which has seen polyphase uplift during the Paleozoic and Mesozoic. The ridge consists of a series of faulted three way and four way closures along the Humboldt Fault, which is expected to extend at depth into the pre-Cambrian basement. Hydrogen shows recorded in wells along the ridge supports a working hydrogen system, which is believed to be from Ultramafic components within the underlying Mazatzai accretionary belt.
Hydrogen and helium gas shows are typically strongest within the basement, and the main reservoir could be the fractured pre-Cambrian, weathered basement and/or onlapping pre-Pennsylvanian sediments.
The Market
Our independent analysis has identified a potential market of over 400ktons per annum of H2 within a radius of 200km from the Nemaha Ridge and over 4Mtons per annum within 500km.
As with project Fayette, there are existing power, rail, road and pipeline networks in the region that could deliver clean power, hydrogen or ammonia domestically and help to decarbonise one of the largest emitting regions of the USA.
Project Fayette
Permits
Over 2,700 acres already leased across two counties with further leasing ongoing. The leases typically provide a 4-5 year initial period with attractive royalty and lease bonus terms.
Exploration work has begun with proprietary geochemical and mineralogical analysis conducted on existing borehole data combined with interpretation of potential field data (grav& mag) and nearby drilling results.
Future work will comprise seismic and exploration drilling to test for hydrogen and helium reservoirs.
The Play
The North East Iowa Igneous Complex (NEIIC) is an ultramafic basement intrusion adjacent to the Mid-Continental rift, dated at 1.1Ga. Historical drilling confirmed the presence of olivine cumulates (dunites) and troctolites within portions of the NEIIC. These are expected to be excellent protoliths for serpentinization and hydrogen gas formation.
Deep crustal fault systems associated with the Fayette structural zone may provide access for ground water and egress for hydrogen gas into the overlying sediments.
The Market
1/3 of current global H2 production is used for ammonia production. The state of Iowa relies heavily on agriculture for its economy, andcould offer over 400 kt of annual H2 demand for use in Ammonia manufacturing, at sites already using hydrogen but needing to decarbonise.
Additional heavy industry such as cement & steel offer local offtake opportunities as well as transport and power (e.g. data centres) longer term.
The road and rail infrastructure in Iowa offers excellent opportunities for further distribution across the USA and hydrogen retail prices of over $34/kg have been seen.