Max Power Mining (MAXX.CN) Friday announced that ongoing interpretation of 3D seismic data across the 28 square kilometres Lawson Complex has defined the first series of "high-priority follow-up drill targets for an expanded and continuous near-term multi-well program" at the Lawson Natural Hydrogen system in Saskatchewan.
The company said that the Lawson Complex is also showing "strong potential" for Helium deposits. Max Power is in a program of 2D seismic trade data acquisition across the 475-km-long Genesis Trend to further assess dozens of preliminary and more advanced Natural Hydrogen prospects while also identifying potential new target areas, it said.
"MAX Power is entering the most important execution phase in its history, and Eric Sprott's fresh investment of $25 million expands and accelerates this execution phase," said MAX Power Chief Executive Ran Narayanasamy. "Lawson confirmed Canada's first subsurface Natural Hydrogen system, the 3D seismic survey materially expanded our understanding of scale, and we have now outlined the first high-priority follow-up drill targets designed to advance commercial validation at the Lawson Complex."
Shares of the company closed up 17% to $2.5 on Thursday on the Canadian Securities Exchange.