VANCOUVER, BC, Canada -- December 20, 2024 -- InvestorsHub
NewsWire -- Hertz Energy Inc. ("Hertz" or the
"Company") (CSE: HZ;
OTCQB: HZLIF; FSE: QE2) is pleased to provide an update on
the Company's critical minerals projects, including antimony,
lithium, and uranium and announces proposed financing.
ANTIMONY
The Company is focused on exploring its two antimony projects
aggressively with use of Quebec Critical Minerals Flow thru funds
at the Harriman Antimony Project in Quebec and Canadian Flow thru
funds at its Lake George Antimony Project in New Brunswick.
LAKE GEORGE
ANTIMONY PROJECT: NEW BRUNSWICK,
CANADA
The Property is located in the southwestern part of the
Province, approximately 30 km southwest of the city of
Fredericton.
The Property is comprised of 93 mineral claims within two claim
blocks recently staked by the Company for a total area of
approximately 2,104.5 hectares. The Property surrounds the
past-producing Lake George Antimony Mine ("Lake George
Mine") and is considered an exploration-stage
Antimony-Gold (Sb-Au) prospect located immediately along strike to
the southwest and northeast, as well as downdip to the north of the
historical Lake George Mine. The Property benefits from excellent
road access, hydroelectric power, and nearby available personnel
for field and exploration activities.
The Lake George
Mine was formerly the largest antimony producer in North
America with a long history of production spanning from 1876 to
1996. The mine closed in 1996 due to falling antimony prices. From
1972 to 1981, 34,417 tonnes of concentrate grading 65% to 66% Sb
was produced from the first deposit. Then from 1985 to 1990,
approximately 1 Mt grading 4% Sb was extracted from a second
deposit (Caron, 1996). The mine also contained molybdenum (Mo),
tungsten (W), and Au mineralization. Infrastructure on the Lake
George Mine includes 3 shafts, underground development on 10
levels, some remaining surface buildings, and a tailings pond. The
deepest level of the mine is approximately 400 m below the surface.
The Lake George Sb-Au Mine currently represents one of the Top 3
antimony occurrences in the Province of New Brunswick. More info
can be found at: https://hertz-energy.com/lake-george-project/
HARRIMAN
ANTIMONY PROJECT: QUEBEC, CANADA
The Harriman Property is an exploration stage antimony project
located approximately 17 km northeast of the town of New Richmond
in the Gaspé Region of Québec (Figures 1, 2). The Gaspé Region is
known for a variety of significant mineral deposits, most notably
the Mine Gaspé Copper Mine, currently being developed by Osisko
Metals. The Harriman Property benefits from good road access,
hydroelectric power, port access, and nearby available
manpower.
The Harriman Property is strategically located at the
intersection of the major ENE trending Restigouche Fault and Grand
Pabos Fault with a second order northeast-trending fault hosting
numerous antimony and gold showings (Figure 3).
The Property was developed by compiling and reviewing historical
antimony (Sb) and gold (Au) showings from the Québec government
geoscientific database known as SIGÉOM. The Property area was
defined by a series of four antimony showings, all hosted along a
northeast-trending fault structure (Figure 4). Historical results
from the nearby showings along the northeast-trending fault include
2.32% Sb, 3.36 g/t Au (Harriman-2), 43.75 Sb, 3.4 g/t Au (New
Richmond), 4.8% Sb, 7.89 g/t Au and 15.35% Sb (Harriman-4 Sud)
(source: SIGÉOM).
The Harriman Property of Hertz includes the Harriman-4 Sud
showing returning 15.35% Sb and 0.07 g/t Au from a historical grab
sample of a massive stibnite vein in altered sediments. The nearby
Harriman Gold occurrence, located 300 m to the northwest, returned
an assay of 22.4 g/t Au from a grab sample. These showings and
much of the property have had limited previous exploration and has
not had any historical drilling.
Hertz Energy has completed a program of geological mapping and
prospecting. The crew's focus was in the area of favourable
geology, particularly surrounding the historical showings as well
as stream sediment and prospecting for new antimony and gold
showings. Results are expected in the coming weeks. More info
can be found at: https://hertz-energy.com/harriman-antimony-project/
LITHIUM PROJECTS
AGASTYA
LITHIUM PROJECT: QUEBEC, CANADA
The Agastya Lithium Property is comprised of 209 mineral claims
covering approximately 10,650 hectares located in the Province of
Québec and consists of three non-contiguous claim blocks along the
greenstone belt that hosts the Adina, Trieste, and Galinée
properties. These adjacent properties are known for their
significant LCT (Lithium-Cesium-Tantalum) pegmatite potential
hosted within greenstone/ metasediment packages:
-
Winsome Resources – Adina Lithium Project: One of the Top 3
largest lithium resources in North America with an Indicated
Mineral Resource of 60.5 Mt at 1.14% LiO and Inferred Resource of
15.9 Mt at 1.17% LiO using a 0.5% LiO cut-off (source: NI
43-101 Technical Report on PEA and MRE for Adina Lithium Project
authored by Synectiq Inc. with a report date of September 30, 2024
and filed under Winsome's SEDAR+ profile). Winsome also has an
exclusive option to acquire the nearby Renard Operation, a fully
permitted, former diamond mine located 60 km south of Adina with a
convertible processing facility for future lithium
production.
-
Loyal Lithium – Trieste Lithium Project: Discovery of six
spodumene-bearing pegmatites including a significant drilling
result of 31.8 m at 2.2% LiO.
-
50% Azimut Exploration / 50% SOQUEM JV – Galinée Lithium
Property:Drilling results include 1.62% LiO over 158.0 m including
3.33% LiO over 29.6 m, and Galinée features a 20 km long
lithium-cesium anomaly.
-
Rio Tinto/Midland Galinée Project: Spodumene-bearing
pegmatite dykes discovered over several hundred metres along a 7 km
favourable contact zone. Significant drilling results include 1.38%
LiO over 37.86 m including 1.88% LiO over 21.35 m.
The Agastya Property covers the western extent of the greenstone
belt that trends through Trieste, Adina, and Galinée. Greenstone
belts are known to host LCT pegmatite mineralization and are
commonly targeted by exploration companies as they are favourable
hosts for lithium and other valuable metals including
gold. Recent discoveries surrounding the Agastya Project
have been announced by Azimut Exploration and Soquem at their
Galine Project: I am running a few minutes late; my previous
meeting is running over.
https://azimutexploration.com/site/assets/files/7258/azm_soquem_galinee_new_targets_en_wfig.pdf
https://azimut-exploration.cl1.adnetcms.com/site/assets/files/7258/azm_pr20241010_fig1-5_photos1-4-p.pdf
AC/DC LITHIUM
PROJECT: QUEBEC, CANADA
The AC/DC property encompasses amphibolized mafic volcanics
(greenstone) of the Rouget and Corvette Formations and plutons of
the Vieux Comptoir Intrusive suite, similar to the geological
setting that hosts both the Cancet and Corvette lithium projects.
Both Cancet and Corvette are hosted by amphibolite rocks of Guyer
Group, which is similar in age to the Rouget formation
(Mesoarchean).
The northwest-trending mafic volcanics of Rouget and Corvette
Formations and associated Vieux Comptoir suites continue northwest
to the adjacent Rio Tino/Exploration Azimut Inc. and Rio
Tinto/Exploration Midland Inc. project areas.
These are advanced rocks, typically characterized by a
pegmatitic texture, a granitic composition and contain several
minerals such as biotite, muscovite, tourmaline, garnet, beryl and
spodumene. These rocks are also known to host K-feldspar
granite phases in pegmatite form which may host an abundance
of spodumene.
Based on the results of the remote sensing data analysis and
processing twelve (12) anomalous target areas have been identified
across the two properties.
Strike lengths of the individual target trends range in
length from 1 to 15km in length and are between 100m to 1,000m in
width and are generally oriented in a northeasterly trending
direction.
Each of the anomalous trends contain numerous dyke-like
structures identified from high resolution orthophotography.
Individual dyke-like structures range in length between 20 –500m or
greater, often occur in clusters and are generally noted to occur
in conformant orientation to the target trends.
Hertz is aggressively advancing exploration at the AC/DC Project
and will provide updates upon receipt of exploration results.
MAP OF AC/DC LITHIUM PROJECT AND RIO TINTO ADJOING
KAANAAYAA PROJECT
SNAKE LITHIUM PROJECT:
Hertz Energy reports that the Company will not be proceeding
further with the Snake Lithium Project and has terminated its
Option Agreement on the Snake Lithium Property.
NAMIBIA URANIUM PROJECT
Hertz Energy has submitted applications for two uranium
Exclusive Prospecting Licenses (EPLs) in Namibia.
Namibia is a country of diverse geology and has one of the
richest uranium mineral reserves in the world. There are currently
two large operating mines, the Husab and Rossing mines, in the
Erongo Region and five major exploration projects planned to
advance to production in the next few years as the country embraces
the green energy transition. Uranium
mining in Namibia is of considerable importance to
the national
economy1. In 2023, Namibia produced the 3rd largest
quantity of uranium worldwide at 6,382 tonnes, ranked only behind
Kazakhstan and Australia2.
Hertz Energy Namibia Uranium Project
The application areas cover an area of 9,627.84 hectares located
in Central Namibia in the Erongo Region which hosts numerous
primary and secondary uranium deposits. Primary economic uranium is
hosted mainly in sheeted D-type alaskites which occur both as
cross-cutting dykes and as bedding and/or foliation-parallel sills.
The sheets can amalgamate to form larger granite plutons or granite
stockworks made up of closely spaced dykes and sills. The
mineralized alaskites tend to occur at marked stratigraphic levels,
often associated with the Khan-Rössing Formation boundary, or,
where the Rössing Formation is missing, the Khan-Chuos/Arandis
Formation boundary. Secondary uranium deposits occur in calcretes
in the coastal plain of the Namib Desert. The deposits are
associated with ancient river systems that flowed westward from the
Great Escarpment during the upper Cretaceous and lower Cenozoic
periods. Uranium mineralization is typically located in calcretised
fluvial channels which tend to be buried with little or no obvious
surface expression to identify them.
Licence Application EPL-10186
EPL-10186 is located 40 km northeast of the coastal town of
Swakopmund. Most of the licence is covered by recent sand, gravel,
scree and calcrete, with a few outcrops of mica schist,
calc-silicate rock, marble and red granite. There are two prominent
sub-surface water conduits/streams which in general, are believed
to be geographically similar to where paleo-channels carrying
uranium-rich waters would have flowed. Preliminary interpretation
of regional airborne radiometric data from the Namibian Ministry of
Mines and Energy indicates a strong and consistent radiometric
anomaly trending northeast-southwest and coincident with the
subsurface streams. The Company is targeting secondary uranium
mineralization with potential for primary mineralization to the
east of the application area. This is the similar style of
mineralization found at ORANO's Trekkopje Mine 6 kilometres north
of EPL-10186 and Elevate Uranium's Marenica deposit 40km to the
north with a resource of 46Mlb U308 at a 93ppm U3O8 cutoff
grade.
Licence Application EPL-10185
EPL-10185 is located 22 km east of the coastal town of
Swakopmund. Its geology is comprised of units from the Kuiseb,
Karibib, Arandis, Chuos and Khan Formations intruded by
granodiorites and uranium prospective granites. Most of the western
and central parts of the licence is under recent surficial cover
made up of sand, gravel, scree, and calcrete. Preliminary
interpretation of regional airborne radiometric data from the
Namibian Ministry of Mines and Energy indicates radiometric
anomalies coinciding with favourable geology for primary
alaskite-hosted uranium mineralization. This is the similar style
of mineralization found at Bannerman Energy's Etango deposit
located 15 km southeast of EPL-10185 as well as that at the Rossing
Mine located 30km to the northeast. The Rossing Mine is one of the
largest and longest operating uranium open cast mines in the world
producing now for 46 years. In 2022, Rossing produced 2,659t U3O8
and currently has a feasibility study underway to extend the mine
life beyond 20265.
Namibia has recently completed its political elections
and On 3 December 2024, Netumbo
Nandi-Ndaitwah of the ruling SWAPO party was declared the winner of the
election. She is set to become Namibia's first female president.
The National Assembly elections saw SWAPO reduced to 51 seats, a
bare majority of three. It was SWAPO's weakest showing since
Namibia's independence in 1990. Incumbent
president Nangolo
Mbumba had not contested this election. Hertz Energy
congratulates President Netumbi Nandi-Ndaithwah.
Hertz Energy EPL-10185 and EPL-10186 have been assessed by the
Ministry of Mines and Energy are expected to be issued in Q1 of
2025.
Cautionary Statement: This news release
contains scientific and technical information with respect to
adjacent properties to the Company's properties, which the Company
has no interest in or rights to explore. Readers are cautioned that
information regarding the geology, mineralization, and mineral
resources on adjacent properties is not necessarily indicative of
the mineralization potential on the Company's properties.
Qualified Person Statement
All scientific and technical information contained in this news
release was reviewed and approved by Paul Teniere, P.Geo.,
Technical Advisor of Hertz Energy, who is a "Qualified Person" as
defined in NI 43-101.
HERTZ ENERGY FINANCING
Hertz Energy is pleased to announce a non-brokered
private placement offering of up to 5,000,000 units (the
"Units") at a price of C$0.25 per Unit for gross proceeds of
up to $1,250,000 (the "Offering"). Each Unit will
consist of one common share in the capital of the Company (a
"Common Share") and one Common Share purchase
warrant (a "Warrant"). Each Warrant will
entitle the holder thereof to acquire one Common Share at an
exercise price of C$0.45 per Common Share for a period of two years
from the closing date of the Offering. The Warrants will be subject
to an accelerated expiry, whereas anytime after four (4) months
following the issue date of the Units that the closing price of the
common shares of the Company on the Canadian Securities Exchange
(the "CSE") is equal to or above a price of C$0.55
for fourteen (14) consecutive trading days, the Company may file a
notice to accelerate the expiry date of the Warrants to the date
that is thirty (30) business days following the date of such
notice. This placement is expected to close end of January
2025.
Hertz Energy also announces non-brokered private placement of up
to 4,000,000 Quebec and Canadian National flow-through units of the
Company (the "FT Units") at a price of C$0.30 per FT Unit for gross
proceeds of up to C$1.200,000 (the "Offering"). Red Cloud
Securities Inc. ("Red Cloud") will be acting as a finder for
LaFleur Minerals on a "best efforts" basis under the Offering.
Each FT Unit will consist of one common share of the Company to
be issued as a "flow-through share" (each, a "FT Share") within the
meaning of the Income Tax Act (Canada) (the "Income Tax
Act") and the Taxation Act (Québec) (the "Québec Tax
Act") and one common share purchase warrant (each, a "Warrant").
Each Warrant will entitle the holder thereof to purchase one common
share of the Company (each, a "Warrant Share") at a price of C$0.45
at any time on or before that date which is 24 months after the
issue date of the FT Unit. The Warrants will be subject to an
accelerated expiry, whereas anytime after four (4) months following
the issue date of the FT Unit that the closing price of the common
shares of the Company on the Canadian Securities Exchange (the
"CSE") is equal to or above a price of C$0.55 for fourteen (14)
consecutive trading days, the Company may file a notice to
accelerate the expiry date of the Warrants to the date that is
thirty (30) business days following the date of such notice.
About the Company
Hertz Energy (CSE:HZ; OTCQB:HZLIF; FSE:QE2) is a British
Columbia-based junior exploration company primarily engaged in the
acquisition and exploration of energy and critical minerals
properties. The Company's lithium exploration projects include the
AC/DC Lithium Project, and newly acquired Agastya Lithium Property
in James Bay, Quebec. Hertz Energy also holds the Harriman Antimony
Project in Québec and the Lake George Antimony Project in New
Brunswick, Canada. Hertz Energy also has permit applications
pending in Namibia for uranium exploration projects.
For further information, please contact Mr. Kal Malhi or view
the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking"
Information
This news release includes certain statements that may be
deemed "forward-looking statements". All statements in this new
release, other than statements of historical facts, that address
events or developments that the Company expects to occur, are
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
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