Hertz Energy (CSE:HZ, OTCQB:HZLIF) announced it has entered into a definitive agreement to acquire 100% interest in a mineral claim at the core of the Cominco uranium property in Nunavut, Canada.
The claim consists of nine blocks totalling 146.33 acres and has been held by the vendor, uranium mineral exploration specialist Mike Magrum, “in good standing” for several years.
The addition of the mineral claim completes the Pomie property block and gives Hertz Energy (CSE:HZ, OTCQB:HZLIF) 100% ownership of the whole land package at the Cominco project, the British Columbia-based junior explorer said.
The Cominco property is focused on two main uranium showings of interest – the Pomie and the Yon showings – which were both explored in the mid-1970s by Cominco and Noranda. No exploration using modern technologies has taken place.
Hertz Energy CEO Mahli said the addition of this claim block is “an important step” for the property.
"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,” Malhi said.
“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."
The company said it would pay the vendor for the mineral claim $2,500 in cash within 7 days of executing the definitive agreement and issue up to 400,000 shares.
It will issue up to 150,000 shares within 7 days of confirming the mineral claim is in good standing with the Nunavut Mining Recorder, issue 100,000 shares on the 12-month anniversary from the date of confirmation, and issue 150,000 shares upon drill results on the mineral claim confirming assays of minimum 0.15% uranium (U3O8).