Record Resources Inc. is strongly impressed and highly encouraged by the drilling results of its Lake Temiskaming neighbour, Quebec Innovate Materials Corporation (QIMC) (see QIMC news release, January 21, 2025).
"From what we've seen, these are some of the best grades of any early-stage hydrogen exploration project," said Michael Judson, Record Resources CEO. "Other explorers have reported 500 and 700 ppm measurements. QIMC hit 7000 ppm. This is another level."
"QIMC also made history. They are the first exploration company to drill shallow wells targeting natural hydrogen," said Judson. "Everyone else has been doing soil samples. This drilling provides us with much more compelling data and more confidence regarding the geological occurrence."
One shallow well drilled by QIMC reached a measurement 7,119 parts per million, plateauing at 2,886 ppm. Five other measurements included one of over 2,400 ppm, one of over 1,000 ppm and one of over 900 ppm." The results were recorded with wells drilled to shallow depths of up to 50 metres. The drilling locations in new fault zones inferred from electrical tomography imagery performed by the Institut National de la Recherche Scientifique during fall 2024.
"This achievement, despite the challenging very cold winter conditions, underscores the robustness of our geological and geophysical models, validating our geophysical identification of potentially advective fault zones as key areas for abundant natural hydrogen," stated John Karagiannidis, chief executive officer of Quebec Innovative," said John Karagiannidis, QIMC CEO, in a January 21, 2025 news release.
Record's newly acquired Lorrain-Bucke hydrogen property (see company's January 14, 2025 news release) is contiguous with the QIMC on its western boundary in Lake Temiskaming in Ontario.
Record's Lorrain-Bucke claim blocks are strategically located between major rift faults in the Lake Temiskaming Graben structure and directly adjacent to QIMC's St-Bruno-de-Guigues hydrogen project. (See figure 1).
Record also corrects the date of expiration reported for the finder's warrants referenced in the company's December 30, 2024 news release regarding the closing of the company's 436,999.95 Private Placement. The correct exercise period is 24 months following the closing of the Offering, as follows: the company paid finders' fees and issued finders' shares and finders' warrants to EMD Financial Inc. consisting of: (i) cash finders' fees of 8 per cent of the gross proceeds of the offering; (ii) finders' shares in an amount equal of 4 per cent of the number of units issued pursuant to the offering; and (iii) finders' warrants in an amount equal of 4 per cent of the number of units issued pursuant to the offering, exercisable at a price of five cents per common share for a period of 24 months following the closing of the offering.