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Success for Gold Hydrogen

Success gold hydrogen

Throughout the second quarter of the 2023 fiscal year, Gold Hydrogen progressed its Ramsay discovery in South Australia.

In October 2023, the company commenced drilling of Australia’s first dedicated hydrogen exploration well, Ramsay 1.

It was successfully drilled to a depth of 1005m through the fractured Parara and Kulpara limestones into the granite basement and found both hydrogen and helium.

Meanwhile, drilling at Ramsay 2 commenced in November 2023 and was successfully drilled to 1068m, with Gold Hydrogen encountering both hydrogen and helium.

Across both wells, samples along side wall cores and detailed logs were obtained. Independent laboratory testing of the samples from the initial drilling campaign yielded results of up to 86 per cent hydrogen and up to 6.8 per cent helium.

The company also signed two memorandum of understandings with Wasco and H2Site to facilitate the fast tracking of a proof of concept pilot plant in the Ramsay Project area.

Development concepts could include the onsite purification and compression of hydrogen and helium for sale into the SA market. This represents an important step in the process of enabling the full potential of Ramsay area to be evaluated from a commercial perspective.

Later in the quarter, Gold Hydrogen also completed a successful capital raising of $14.8 million from a range of institutional investors.

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