Natural hydrogen exploration company Primary Hydrogen has signed a deal to acquire a 75% stake in the Wicheeda North project, which is an early-stage exploration initiative in British Columbia.
Primary Hydrogen will buy the holding from Power One Resources, a rare earth element mining company that acquired the acreage in early 2024. With majority ownership of the project, Primary Hydrogen will now look to evaluate the site’s natural hydrogen potential.
Wicheeda North is also thought to have potential rare earth mineral deposits.
Ben Asuncion, CEO of Primary Hydrogen, said the project grows the company’s footprint and holds significant potential for natural hydrogen and rare earth minerals.
“The project lies within a tier-one mining jurisdiction with significant logistical and infrastructure advantages, as well as being on strike with a number of rare earth element discoveries and projects,” he added.
Wicheeda North has already been subject to several exploration programmes including a total of 693 line-kilometres of airborne electromagnetic, magnetic and radiometric geophysical surveys
Despite this, only a small fraction of the acreage has been systematically explored.
The signed agreement allows Primary Hydrogen to take a 75% interest in the project by providing C$50,000 in cash, issuing one million shares and one million warrants, and spending C$1.5m on exploration over an 18-month period.
Primary Hydrogen currently holds more than 740 acres of exploration land in the US and 230 square kilometres in Canada.
