Pulsar Helium shares jump on 'landmark discovery' in Minnesota

(Sharecast News) - Shares in London and Toronto-listed helium company Pulsar surged by more than a quarter on Wednesday after the company reported a rare helium-3 discovery at its Topaz Project in Minnesota. Lab results from jetstream #1 well revealed sustained helium-3 concentrations up to 14.5 parts per billion in produced gas, which Pulsar said was "exceptionally high".

"This level of helium-3 places Topaz amongst the highest accumulation of naturally occurring helium-3 ever publicly reported in a terrestrial gas reservoir worldwide," the company said.

An update from Pulsar last month revealed that jetstream #1 already had a sustained flow containing 7-8% helium-4 (the more common isotope of helium).

Pulsar said was a "landmark discovery", given helium-3 is one of the rarest and most valuable isotopes on Earth, with reported prices of up to US$18.7m per kg, more than 100,000 times the price of helium-4.

Shares were 26.4% higher at 29.7p by 1456 BST, with the stock briefly hitting a record high of 36p early on.