Hertz Energy Begins Lithium Exploration and Considers Hertz Uranium Spin-Out
Hertz Energy (CSE: HZ, OTCQB: HZLIF, FSE: QX1) announces its first lithium exploration campaign on the Snake Lithium Property in Quebec, set to start on June 20, 2024. This program includes geological prospecting, rock sampling, mapping, and a property-wide LiDAR survey. The property is well-located near hydroelectric power and an all-season road, enhancing logistical efficiency. Additionally, Hertz plans to spin out its uranium projects into a new entity, Hertz Uranium, aiming to unlock shareholder value. This reorganization will distribute shares of the new entity to existing shareholders based on the uranium assets' fair market value, with potential listings on Canadian or Australian exchanges.
- Inaugural lithium exploration campaign at Snake Lithium Property starts June 20, 2024.
- Campaign includes geological prospecting, rock sampling, and mapping.
- Property located near existing hydroelectric power and an all-season road, enhancing logistical efficiency.
- Strong balance sheet fully funds 2024 exploration and drill programs.
- Reorganization of uranium assets into a new entity, Hertz Uranium, aims to unlock shareholder value.
- Existing shareholders to receive shares of Hertz Uranium based on fair market value of uranium projects.
- No assurance that the reorganization into Hertz Uranium will be completed as described.
- Details of the reorganization subject to changes based on tax, financing, regulatory, or exchange considerations.
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QX1) (the "Company") is pleased to announce plans for its inaugural exploration campaign on the Snake Lithium Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay, Quebec. The Project is located proximal to existing hydroelectric power that flanks the Property to the east, an all-season road that crosses the western side of the Property and is situated in greenstone terrain that is highly prospective for lithium-bearing pegmatites.
Kal Malhi, CEO of the Company, comments: "We are extremely excited for the commencement of the inaugural field exploration at Snake, which will see the first focused lithium exploration program on the Property to date. Having one of the best geological teams in Quebec and a strong balance sheet, which fully funds both the surface exploration and drill programs in 2024, puts Hertz in a strong position."
The 2024 surface exploration program at Snake is planned to commence on June 20th. The program is planned to include three to four weeks of geological prospecting, rock sampling, and mapping, as well as a property-wide LiDAR and orthophoto survey and interpretation.
HERTZ URANIUM INC
The Company also announces, following a strategic review, its intention to reorganize its uranium exploration projects in a newly formed entity which will be uranium focussed, called Hertz Uranium Inc.
The Company anticipates that it will complete the reorganization, being a plan of arrangement, whereby the existing shareholders of the Company will receive shares of the newly formed Hertz Uranium Inc on a ratio to be determined based on the fair market value of the uranium projects and investment by the Company. It is also anticipated that the newly formed entity will seek listing on a Canadian or Australian exchange.
Management of the Company believes that the reorganization of the Company's uranium assets will unlock value for shareholders with a Company focussed on a single resource. The details of the reorganization are subject to structural changes to optimize the tax efficiency for the Company and its shareholders. Management reserves the right to alter or amend the reorganization having regard to tax, financing, regulatory or exchange considerations. Although the reorganization is the current intention of management, there can be no assurance that the Company will complete the reorganization in the manner described or on the terms contemplated above.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the Lucky Mica Lithium Project, the AC/DC Lithium Project, and the Patriota Lithium Project. The Lucky Mica Project is 939 hectares located within the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Quebec, Canada, just 26kms southeast of the Covette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Patriota Lithium Project is 2,963 hectares located within the Eastern Brazilian Pegmatite Province in Minas Gerais, Brazil and hosts similar geology as Sigma's "Green Lithium Mine". The Company's uranium projects include the Cominco Uranium Project located in Bathurst Inlet, Nunavut, Canada and its recent applications for Exclusive Prospecting Licenses in Namibia.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211620
FAQ
When will Hertz Energy begin its lithium exploration campaign?
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What activities are included in Hertz Energy's 2024 exploration program?
What infrastructure is near the Snake Lithium Property?
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Will shareholders receive shares of the new Hertz Uranium entity?
Is there a guarantee that the reorganization into Hertz Uranium will happen?
