Hertz Lithium Inc (CSE:HZ, OTCQB:HZLIF) announced that multiple pegmatite occurrences were discovered during the maiden field program at the AC/DC lithium project in James Bay, Quebec.
The company officially acquired the Canuck lithium and the AC/DC lithium project on October 25, 2023, and was able to get a team to the property during the final workdays of the exploration season.
The 265-square kilometre project encompasses 516 contiguous minerals claims and is located next to Rio Tinto’s Kaanaayaa lithium project and 26 kilometres southeast of Patriot Battery Metals’ Corvette lithium project.
Hertz Lithium said fieldwork, which followed up on 12 targets generated in a recent hyperspectral survey, resulted in the discovery of an approximately 100-metre-long, 5 to 10-metre-wide, and 5-metre-thick pegmatite.
A total of 10 outcrop and rock samples were collected during the maiden site visit for which assay results are expected in four to six weeks.
“With only three and a half workdays on the ground before the weather in James Bay turned adverse, we were able to target some very high-priority targets on the property and complete initial prospecting,” Hertz Lithium CEO Kal Mahli said.
“The identification of multiple advanced pegmatites with lithium-associated minerals on the property is encouraging and provides our exploration teams strong confidence on the merits of the AC/DC project as well the adjoining Rio Tinto Kaanaayaa lithium project which hosts similar geology as the AC/DC lithium project.”
Additionally, the company announced that it intends to raise up to $2 million through a non-brokered private placement.
“This strategic financing will garner the required funds to ensure a robust exploration program in James Bay, Quebec through the charity flow-through as well as additional funds for our projects in the Americas,” CEO Malhi said.
The private placement will consist of 5,263,158 flow-through units priced at $0.38, made up of one flow-through share to be issued as part of a charity arrangement and one share purchase warrant entitling the holder to purchase an additional non-flow-through share at $0.40 for 24 months from the closing date, subject to certain conditions.
Hertz Lithium is a British Columbia-based junior exploration company primarily engaged in the acquisition and exploration of mineral properties.
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