On August 30, 2024, Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) provided corporate updates on its Snake and AC/DC Lithium Projects in the James Bay region of Quebec. Field activities at the Snake Lithium Project yielded no significant findings of lithium or gold-associated minerals. Similarly, field activities at the AC/DC Lithium Project are still undergoing data interpretation with assay results pending.
The company has also applied for Exclusive Prospecting Licenses (EPLs) in Namibia, covering an area known for primary and secondary uranium deposits. The applications were filed by Odikwa Geoservices, a reputable local geology company.
However, the Cominco Uranium Project faced permitting issues, leading the company to relinquish the claims and cease further work on the project. Additionally, after reviewing the Penn State Lithium Extraction Technology, Hertz decided not to pursue it further.
The company has decided to relinquish the Patriota Lithium Project in Brazil and the Lucky Mica Lithium Project in Arizona due to lack of significant findings warranting further exploration. Hertz is currently exploring other critical mineral project acquisition opportunities in Quebec.
Hertz Energy also granted 4,000,000 stock options to consultants, officers, and directors of the company. The Options are exercisable immediately at an exercise price of $0.085 per Share for a period of twelve months from the grant date.
Kal Malhi, CEO of Hertz Energy, expressed disappointment about the Cominco and Penn State projects but remains committed to conserving capital and seeking shareholder returns through strategic mineral project investments.
The company is engaged in the acquisition and exploration of critical minerals properties, including lithium and uranium projects. For more information, please contact Mr. Kal Malhi or visit the company’s filings at www.sedarplus.ca.
The company’s forward-looking statements are subject to market conditions and economic factors, and investors are advised to exercise caution. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
