
“A helium reservoir in northern Minnesota is likely to be ‘expansive both laterally and at depth,’ a new survey shows. Seismic data from a 0.7-mile-long (1.1 kilometers) sweep just outside of Babbitt suggest the recently discovered reservoir is larger than initial estimates indicated, which has resource exploration company Pulsar Helium and its potential clients jumping for joy,” reports Live Science:
Recent tests also revealed helium concentrations underground are even higher than the ‘mind-boggling’ results obtained in March, firmly establishing the project in Minnesota as a major player in the global helium market. The results confirm…a previously discovered pocket of helium between 1,750 and 2,200 feet….below the surface…
Laboratory tests in June placed helium concentrations in the reservoir between 8.7% and 14.5%…The concentrations are the highest the industry has ever seen: To put those figures into context, any helium deposit with a concentration above 0.3% is considered economically significant, Abraham James previously told Live Science.
Despite being the second most abundant gas in the universe, helium is a scarce resource on Earth….The gas is in high demand, because it forms an essential cooling component in rockets, nuclear reactors and diagnostic medical equipment, such as magnetic resonance imaging (MRI) machines. As a result, the global supply of helium is dwindling, and some industries are already facing shortages.
The U.S. used to have a huge helium reserve near Amarillo, Texas, but it was largely sold off, after it ended up $1.4 billion in debt. Under the Federal Helium In-Kind Program that used to exist, Federal agencies were required to purchase all of their refined helium from private suppliers who, in turn, were required to purchase an equivalent amount of crude helium from the Federal Helium System operated by the Bureau of Land Management.