FULL DISCLOSURE: This is sponsored content for Hertz Lithium.
Hertz Lithium (CSE: HZ) this morning revealed it will be entering the James Bay region of Quebec following an agreement to acquire Canuck Lithium Corp, a currently private lithium explorer.
Canuck Lithium currently holds a 100% interest in the AC/DC project, which consists of 516 contiguous mineral claims that cover a total of 265 square kilometres. The project is contiguous to Rio Tinto’s Kaanaayaa lithium project, and 26 kilometres southeast of Patriot Battery Metals’ Corvette Lithium project.
“With this acquisition of a 100% interest in the district scale ACDC project in the center of a world class hard rock lithium district known as James Bay in Quebec, Canada, Hertz now holds three prospective lithium projects in North and South America. These projects include: the Lucky Mica Project in Arizona, the Patriota Lithium Project in Brazil, and the ACDC Lithium Project. With the addition of our very exciting patent-pending lithium extraction technology being developed in partnership with Penn State University, we believe this truly makes Hertz a diversified investment opportunity within the lithium supply chain,” commented CEO Kal Malhi.
READ: Hertz Lithium Acquires Option For Brazil Pegmatite Project
The southern portion of the property is said to be on the Corvette formation, while the northern and central portion of the AC/DC project is located on the Rouget Formation. Currently there is said to be 135 historical references to pegmatite outcrops on the property that have yet to be evaluated or sampled for lithium potential.
Recent exploratory work on the property is said to have consisted of remote sensing satellite studies using synthetic aperture radar and hyperspectral data, which generated 12 high priority lithium targets on the project which are subject to ground truth verification.
Several major targets are said to range up to 15 kilometres in length and 1,000 metres in width, with pegmatites said to generally be oriented in a northeasterly direction.
Post-transaction, Hertz intends to engage Dahrouge Geological Consulting to further refine priority targets via ground truth investigations, with a LiDAR survey and high-res ortho imagery also planned for the project. Phase 2 exploration meanwhile will also include fieldwork on the southwest, central, and northern portions of the property.
Under the terms of the transaction, Hertz will issue 23.2 million shares pro rata to Canuck shareholders. The transaction remains subject to certain closing conditions, including customary due diligence.
Hertz Lithium last traded at $0.27 on the CSE.
FULL DISCLOSURE: Hertz Lithium is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hertz Lithium. The author has been compensated to cover Hertz Lithium 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.
