Granite Creek Copper Ltd. [GCX-TSXV, GCXXF-OTCQB] said it has expanded its portfolio with Alaskan Ultramafic Acquisitions and is partnering with Cornell University to study geologic hydrogen potential under a U.S. Department of Energy grant.
Geologic hydrogen, sometimes referred to as white, gold or natural hydrogen, refers to hydrogen gas that is found in its natural form beneath the earth’s surface. It is thought to be produced by high-temperature reactions between water and iron-rich minerals, by the breaking water in radiologic settings, and through some biologic processes.
The company said it has acquired the Union Bay PGM-NI project via staking, consisting of 20 unpatented claims located on the Cleveland Peninsula of southeastern Alaska, 50 kilometres northeast of Ketchikan.
It has also entered into a letter of intent signed October 23, 2024 with fellow Metallic Group of companies member Stillwater Critical Minerals Corp., [PGE-TSXV, PGEZF-OTC, 5D32-FSE]. to acquire the Duke Island cu-Ni-PGE project, subject to entering into a definitive agreement. Duke Island consists of 31 unpatented claims that control the core area of copper-nickel-platinum-palladium sulfide mineralization in the Duke Island ultramafic complex.
Under the LOI, Granite Creek will acquire a 90% stake in the Duke Island project, subject to a 1.0% net smelter royalty under terms that are set out in the company’s press release.
The company also said it has engaged geologist Greg Lynch to assist in reviewing and prioritizing further acquisitions with geologic hydrogen potential. Lynch has a PhD (Geology) from the University of Alberta. “With over 35 years of experience in both oil and gas and hard rock geology, Lynch has the ideal skill set to explore for geologic hydrogen straddling both resource industries.
“We are very excited to have acquired these projects in Alaska and are proud to collaborate with Dr. Gadikota and her team at Cornell as we add geologic hydrogen to our critical minerals exploration efforts,’’ said Granite Creek President and CEO Tim Johnson. “This move follows the recent announcement regarding the company’s collaboration with New England Research Inc., to study the potential for geologic hydrogen production at our Star Ni-Cu-PGM project in British Columbia.”
Dr. Gadikota stated: “Our team looks forward to this collaboration with Granite Creek on strategies to stimulate geologic hydrogen production, with an emphasis on exploring the ultramafic resources in Alaska.’’ “Stimulated geologic H2 can decarbonize the supply chain of fuels and can play a major role in the energy transition,’’ she said. “We can see the potential for multi-use approach to these types of projects, including critical metal recovery, durable carbon storage, and geologic hydrogen production.’’
Granite Creek shares were unchanged at $0.025. The shares trade in a 52-week range of $0.055 and $0.02.
