USA Operations
Opening new Hydrogen plays in Kansas and Iowa.
Joint Strategic Alliance with 45-8 Energy.
Project Fayette
2,700 acres
2 counties
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 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.
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.