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Constellation Resources Limited (ASX:CR1)

ALERT: Price-sensitive ASX Announcement for CR1
Current share price for CR1 : $0.130 -0.02 (-13.33%)+
Announcement
Release
21 May 2026 9:03AM
Price at Release
$0.150
Full Release
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Summary
Constellation Resources Limited has confirmed the presence of methane and helium in the newly awarded Special Prospecting Authority (SPA) area within the Edmund-Collier Basin, part of the Gascoyne Province in Western Australia. The SPA-AO application STP-SPA-0143 has been accepted, marking significant potential for frontier exploration. Drillhole WHRD021 has revealed high purity methane and notable helium concentrations, indicating a potentially large-scale gas system. The origins of these gases are under investigation, with the possibility of both biogenic and thermogenic processes. Further exploration work is planned to gain a comprehensive understanding of the gas system and its potential.
Key Points
  • Methane (CH4) and helium (He) have been confirmed in the newly awarded SPA in the Edmund-Collier Basin.
  • The area is part of the Gascoyne Province in Western Australia and is underexplored for petroleum systems.
  • Constellation Resources Limited is the preferred applicant for the SPA-AO application STP-SPA-0143.
  • Gas samples collected from drillhole WHRD021 show high purity of methane and substantial helium content.
  • The presence of these gases suggests a potentially recharging, basin-scale gas system in the region.
  • The origin of methane is under investigation, potentially biogenic or thermogenic.
  • Helium may originate from decaying radiometric rocks or deep primordial sources.
  • Further exploration work is planned to understand the extent and composition of the gas system.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.