An anonymous reader cites a CBS News report. Scientists and researchers are celebrating a so-called “dream” discovery after an exploration exercise confirmed that high concentrations of helium are buried deep in Minnesota's Iron Mountains. Pulsar Helium CEO Thomas Abraham James said the confirmed presence of helium could be one of the world's most important discoveries. CBS News Minnesota toured the drilling site shortly after the rig first broke ground in early February. The discovery occurred more than three weeks later, around 2 a.m. Thursday, when the drill reached a depth of 2,200 feet below the surface. The helium concentration was measured at 12.4%, which is higher than expected and approximately 30 times the industry standard for commercial helium, Abraham-James said. “12.4% is a dream. It's perfect,” he said.
With the presence of helium underground at Babbitt confirmed, Abraham James said the next stage of the project will be an independent third-party feasibility study, which will determine the size of the well and a full-service helium plant. He said he would consider whether it could be supported. “It's not just drilling one hole, we're now able to prove the geological model and get really good data that we couldn't capture in the original discovery,” he explained. “It has the potential to truly serve the community.” The company said the feasibility study could take until the end of the year to complete.