Hertz Energy Signs Option Agreement For Harriman Antimony Project
FULL DISCLOSURE: This is sponsored content for Hertz Energy.
Hertz Energy (CSE: HZ) has acquired new land claims in the Gaspe Region of Quebec that are said to be prospective for antimony.
Referred to as the Harriman Antimony Property, the project consists of 49 mineral claims covering approximately 2,500 hectares northeast of the town of New Richmond. The property is defined by four antimony showings along a northeast-trending fault structure.
The property was assembled following the review of historical antimony and gold showings in the region, with historical results from nearby showings on the fault structure including 2.32% antimony and 3.36 g/t gold at Harriman-2, 43.75% antimony and 3.4 g/t gold at New Richmond, and 4.8% antimony and 7.89 g/t gold at Harriman-4 Sud. The Harriman property is said to include the Harriman-Sud showing, which saw a historical grab sample return a value of 15.35% antimony.
Hertz has indicated it intends to hit the ground running at the new property, with a ground surface exploration program to be launched immediately at the property. The company intends to quickly advance the property towards a winter drill program.
“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 $7500,000 to aggressively explore the Harriman Antimony Project in the coming months,” commented Hertz CEO Kal Malhi.
Under the terms of the option agreement, Hertz will pay $20,000 in cash and issue 4.0 million shares in aggregate for a 100% interest in the project. A 2.5% NSR is also in play on the property, with 1% eligible to be repurchased for a cash payment of $1.5 million.
Hertz Energy last traded at $0.095 on the CSE.
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
