Primary Hydrogen Acquires Majority Stake in Wicheeda North Project in British Columbia
Key Ideas
- Primary Hydrogen has acquired a 75% stake in the Wicheeda North project in British Columbia from Power One Resources.
- The project is an early-stage exploration initiative with potential for natural hydrogen and rare earth mineral deposits.
- Ben Asuncion, CEO of Primary Hydrogen, highlighted the strategic location of the project in a mining-friendly jurisdiction with significant logistical advantages.
- To secure the stake, Primary Hydrogen will invest C$50,000 in cash, issue one million shares and warrants, and spend C$1.5m on exploration over 18 months.
Primary Hydrogen, a natural hydrogen exploration company, has finalized a deal to acquire a 75% stake in the Wicheeda North project located in British Columbia. The project, previously owned by Power One Resources, is known for its potential in natural hydrogen and rare earth minerals. CEO Ben Asuncion expressed optimism about the project's growth and its advantages in terms of infrastructure and location within a prime mining area. Despite some exploration efforts in the past, much of the acreage remains unexplored systematically. The agreement with Power One Resources involves a financial commitment from Primary Hydrogen to deepen its involvement, with plans to invest in exploration activities over the coming months. This move aligns with Primary Hydrogen's existing portfolio of exploration land in the US and Canada, showcasing the company's focus on expanding its footprint in promising regions.