Hertz Energy Acquires Final Claim In Nunavut To Complete Cominco Uranium Project

FULL DISCLOSURE: This is sponsored content for Hertz Energy.

Hertz Energy (CSE: HZ) has expanded its landholdings in the territory of Nunavut. The company this morning indicated it has entered into an arrangement to acquire mineral claim 102722, which is found at the core of the Cominco uranium property.

The mineral claim, acquired from Mike Magrum, P.Eng., consists of nine blocks, amounting to a total of 146.33 acres. Notably, the claim includes the Pomie uranium showing, with historic work on the property dating back to 1976. Seven drill holes were previously conducted on the property, which intersected uranium mineralization.

Highlights from that historical drilling include:

• PM-3: 2.59 lbs U3O8 per tonne over 38 feet (0.116% U3O8 over 11.6 metres)
• PM-7: 4.79 lbs U3O8 per tonne over 43 feet (0.214% U3O8 over 13.1 metres)

The addition of this claim is said to complete the Pomie property block, creating a contiguous and whole land package at the Cominco uranium property. The project as a whole now stands at 5,192 hectares in size, and consists of two main uranium showings of interest. Mineralization is believed to occur along fractures in the lower basalt flow, as well as along the lower faulted contact with the underlying arkoses.

READ: Hertz Energy Applies For Two Uranium Projects In Namibia

“The addition of this claim block is an important step for the Cominco Uranium property in Nunavut. We are excited to add the historical Cominco work area and historical drill results to this project and build on the encouraging results from almost 50 years ago. We will be launching an aggressive exploration program at the Cominco project this work season using the best modern exploration technologies and hope to outline a ‘uranium district’ at our Cominco Uranium Project,” commented Kal Malhi, CEO of Hertz Energy.

The final mineral claim was acquired in exchange for $2,500 in cash and the issuance of up to 400,000 common shares of the company. Of those shares, 150,000 are to be issued in the next seven days, 100,000 are to be issued on the twelve month anniversary of the transaction closing, and 150,000 shares are to be issued upon drill results confirming assays of at least 0.15% U3O8 on the mineral claim.

Hertz Energy last traded at $0.13 on the CSE.

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FULL DISCLOSURE: Hertz Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hertz Energy. The author has been compensated to cover Hertz Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.