Hertz Energy Enters Option to Acquire Harriman Antimony Property in Quebec
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) has acquired the Harriman Antimony Property in Quebec through an option agreement. The property, comprising 49 mineral claims over 2,500 hectares, is located in the Gaspé Region, known for significant mineral deposits. Historical showings include high-grade antimony and gold samples. Hertz will pay $20,000 and issue 4 million shares to acquire 100% interest. The company plans to launch a ground surface exploration program in September, potentially leading to a winter drill program. Upon commercial production, a 2.5% NSR royalty will be paid, reducible to 1% for C$1.5 million.
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) ha acquisito il Harriman Antimony Property in Quebec tramite un accordo di opzione. La proprietà, composta da 49 diritti minerari su oltre 2.500 ettari, si trova nella Regione della Gaspé, nota per i suoi significativi depositi minerari. I campionamenti storici includono antimonio e oro di alta qualità. Hertz pagherà 20.000 dollari e emetterà 4 milioni di azioni per acquisire il 100% di interesse. L'azienda prevede di lanciare un programma di esplorazione della superficie terrestre a settembre, potenzialmente portando a un programma di perforazione invernale. Una volta avviata la produzione commerciale, sarà pagata una royalty NSR del 2,5%, riducibile all'1% per 1,5 milioni di C$.
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) ha adquirido la Harriman Antimony Property en Quebec a través de un acuerdo de opción. La propiedad, que comprende 49 reclamos minerales sobre 2,500 hectáreas, se encuentra en la Región de Gaspé, conocida por sus significativos depósitos minerales. Las muestras históricas incluyen antimonio y oro de alta ley. Hertz pagará 20,000 dólares y emitirá 4 millones de acciones para adquirir el 100% de interés. La compañía planea lanzar un programa de exploración de superficie terrestre en septiembre, que podría conducir a un programa de perforación invernal. Una vez en producción comercial, se pagará un royalty NSR del 2.5%, reducible al 1% por 1.5 millones de C$.
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF)는 옵션 계약을 통해 퀘벡의 Harriman Antimony Property를 인수했습니다. 이 자산은 2,500헥타르에 걸쳐 49개의 광물 청구권으로 구성되어 있으며, 상당한 광물 매장량으로 유명한 가스페 지역에 위치하고 있습니다. 역사적인 샘플에는 고품질의 안티몬과 금 샘플이 포함됩니다. Hertz는 20,000달러를 지불하고 400만 주의 주식을 발행하여 100%의 지분을 인수할 계획입니다. 회사는 9월에 지표 탐사 프로그램을 시작할 예정이며, 이는 겨울 굴착 프로그램으로 이어질 수 있습니다. 상업 생산이 시작되면 2.5%의 NSR 로열티가 지급되며, 150만 캐나다 달러에 1%로 줄일 수 있습니다.
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) a acquis le Harriman Antimony Property au Québec par le biais d'un accord d'option. La propriété, qui comprend 49 revendications minérales sur plus de 2 500 hectares, est située dans la région de Gaspé, connue pour ses importants dépôts minéraux. Les échantillons historiques incluent de l'antimoine et de l'or de haute qualité. Hertz paiera 20 000 dollars et émettra 4 millions d'actions pour acquérir 100 % d'intérêt. La société prévoit de lancer un programme d'exploration de surface en septembre, ce qui pourrait mener à un programme de forage hivernal. Lors de la production commerciale, une redevance NSR de 2,5 % sera payée, réduisible à 1 % pour 1,5 million de dollars canadiens.
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) hat das Harriman Antimony Property in Quebec durch einen Optionsvertrag erworben. Das Vermögen umfasst 49 mineralische Ansprüche auf über 2.500 Hektar und befindet sich in der Gaspé-Region, die für ihre bedeutenden Mineralvorkommen bekannt ist. Historische Proben umfassen hochgradiges Antimon und Goldproben. Hertz wird 20.000 Dollar zahlen und 4 Millionen Aktien ausgeben, um 100 % Interesse zu erwerben. Das Unternehmen plant, im September ein Oberflächenerkundungsprogramm zu starten, das möglicherweise zu einem Winter-Bohrprogramm führen wird. Bei kommerzieller Produktion wird eine NSR-Royalty von 2,5 % gezahlt, die auf 1 % für 1,5 Millionen CAD reduzierbar ist.
- Acquisition of a property with historical high-grade antimony and gold showings
- Strategic location in mineral-rich Gaspé Region with good infrastructure
- Immediate launch of exploration program with potential for winter drilling
- Company holds $750,000 in critical minerals Flow Thru capital for exploration
- Option to reduce future NSR royalty from 2.5% to 1% for C$1.5 million
- No defined mineral resources or reserves on the property
- Issuance of 4 million shares may lead to dilution for existing shareholders
- Exploration-stage project with no guarantee of commercial viability
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2024) - Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) ("Hertz" or the "Company") is pleased to announce the acquisition of the Harriman Antimony Property ("Harriman Property" or the "Property") comprised of 49 mineral claims (approximately 2,500 hectares) located in the Province of Québec through an arms length option agreement (the "Agreement") between prospector Glenn Griesbach ("Griesbach") and Canuck Lithium Corp. ("Canuck Lithium"), a wholly-owned subsidiary of Hertz.
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. 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 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. Historical results from the nearby showings on the northeast-trending fault include
The Harriman Property includes the Harriman-Sud showing returning
No mineral resources or reserves have been defined on the Property. References herein to potential grades herein are historical and conceptual in nature. There has been insufficient exploration to define a mineral resource or deposit and there can be no assurance that further geological work will result in mineral resources, or a deposit being defined on the Property.
The Property is being acquired from Glenn Griesbach, P.Geo a prolific prospector who has compiled the Harriman property. Mr. Griesbach is currently number four (4) on the list of claims ownership in the Province of Québec with over 7,500 active claims and has completed over sixty (60) mineral property transactions.
Hertz Energy currently holds approx.
OPTION AGREEMENT TERMS
The Company can exercise the Option and earn a
The issuance of 4,000,000 common shares of Hertz Energy (parent company of Canuck Lithium) to Griesbach is as follows:
- 1,000,000 common shares in the capital of Hertz Energy (the "Common Shares") upon signature of the Agreement and upon receipt of the approval of the TSXV;
- 1,500,000 common shares in the capital of Hertz Energy on or before the 1st anniversary of the effective date of the Agreement; and
- 1,500,000 common shares in the capital of Hertz Energy on or before the 2nd anniversary of the effective date of the Agreement.
Upon the commencement of commercial production from the Property, the Company will pay a royalty (the "NSR Royalty") to Griesbach being equal to
Figure 1 Harriman Antimony Project Map
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Figure 2: Harriman Antimony Project Geology Map
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Figure 3: Harriman Antimony Airborne Magnetics Map
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About Antimony-In short Supply
In August, China announced antimony export restrictions which take effect on September 15, 2024 (source: Reuters, August 28, 2024) and are expected to have significant implications for the global antimony supply chain. China's announcement of antimony export restrictions has added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals. Antimony is a little-known metal with multiple applications. Antimony's largest end-use is as a flame retardant, but it is also found in solar panels and batteries. The U.S. Department of the Interior has designated it a critical mineral because it is also essential for armour-piercing ammunition, infrared sensors, and precision optics.
Antimony prices have nearly doubled since the start of the year to a record
Analysts estimate the market was already looking at a 10,000-ton shortfall before China's export restrictions. These new controls are not targeted at any specific country but Chinese authorities can refuse licences to export to individual end-user companies or countries as they see fit.
Other Information on Antimony:
https://www.csis.org/analysis/chinas-antimony-export-restrictions-impact-us-national-security
https://www.antimony.com/wpfd_file/i2a-china-export-restriction-press-release-20-august-2024/
Kal Malhi, CEO of Hertz Energy, commented, "With the Chinese export restrictions on Antimony soon taking effect and several active conflicts around the world, the need for antimony has sky rocketed along with the price of antimony. Antimony is used heavily in a variety of military applications, including night vision goggles, explosive formulations, flares, nuclear weapons production, and infrared sensors plus as a fire retardant, in solar panels and electric batteries. Hertz Energy's acquisition will allow the Company to focus on utilizing our current flow-thru cash position of approximately
HERTZ ENGAGES INVESTOR RELATIONS CONSULTANTS
Hertz Energy also reports that it has engaged the following Investor Relations Consultants.
Investing News Network
Hertz Energy announces that it has entered into an advertising and investor awareness campaign agreement with Investing News Network ("INN"). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007.
INN will introduce the Company to INN's audience of educated, active investors. Using a variety of methods, including an enhanced advertiser profile, news marketing, website and newsletter advertising and dedicated emails, INN will encourage its audience to engage directly with the Company to consider investing in the Company. INN does not provide Investor Relations or Marketing services. The Agreement is for three (3) months, commencing on September 4, 2024. INN will be granted 500,000 Options to purchase Hertz Energy common shares at a price of
Outside the Box
The Company announces that it has entered into a marketing and consulting agreement (the "OTBC Agreement") with an arm's length marketing firm, Outside The Box Capital Inc. ("OTBC") of Oakville Ontario, to provide marketing consulting and investor relations services, including marketing services through social media channels and online media distribution.
In connection with the OTBC Agreement, for a term of 1 month starting on September 4, 2024, the Company will issue OTB 500,000 options to purchase Hertz Energy shares at a price of
CanaCom
Pursuant to the terms of the CanaCom Agreement, the services are to be provided over a 6-month period, commencing on September 5, 2024, for a fee of
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.
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 AC/DC Lithium Project, and Snake Lithium Project in Jame Bay Québec. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Québec, Canada, just 26kms southeast of the Corvette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Company's Snake Lithium Project is also district scale and located amongst highly prospective projects held by other exploration companies. Hertz Energy's Harriman Antimony Project is its first Antimony property acquisition.
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/222359
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