The second MT survey covering the southern half of Augustine Island is expected to be completed by June or July 2024.
Earlier this year, the geothermal prospecting permit ADL 394374 was granted to GeoAlaska for a 7299-acre site on Augustine Island. This added significantly to the company’s 3031-acre prospecting area under license ADL394080.
Magnetotelluric and gravity data had already been collected by GeoAlaska, along with partner Ignis Energy, at the first prospect area in 2023. This data was analyzed by JRG Energy and was determined to be insufficient to properly delineate the potential geothermal resource. Thus, a decision was made to expand the prospecting area and subsequently collect more resistivity data.
“From a de-risking perspective, collecting the MT data across all of the acreage will result in GeoAlaska having more than a 10-fold increase in useful geophysical data regarding geothermal potential underlying Augustine Island,” said Paul Craig, CEO of GeoAlaska.
“The incremental cost of collecting MT data at Augustine during 2024 is money well spent. Once we have collected the MT data, we will perform further modeling and volumetric analyses, to identify the optimal drilling location for our first exploratory well,” Craig further added.
The first geothermal well at Augustine Island is planned to be drilled in 2025. Planning and permitting of follow-up drilling will then commence after the first well.
