Hertz Energy (CSE:HZ, OTCQB:HZLIF) is embarking on its first exploration campaign at the Snake lithium property in Quebec's Eeyou Istchee James Bay region.
The property's strategic location near hydroelectric power sources and accessible infrastructure positions it as a promising site for lithium exploration.
Kal Malhi, CEO of Hertz Energy (CSE:HZ, OTCQB:HZLIF), noted that the program is the first focused lithium exploration program on the property to date.
“Having one of the best geological teams in Quebec and a strong balance sheet, which fully funds both the surface exploration and drill programs in 2024, puts Hertz in a strong position,” Malhi said in a statement.
Scheduled to commence on June 20th, the 2024 surface exploration program at Snake will encompass geological prospecting, rock sampling, mapping, as well as a comprehensive LiDAR survey and interpretation.
In addition to its lithium endeavors, Hertz Energy (CSE:HZ, OTCQB:HZLIF) announced plans to reorganize its uranium exploration projects into a separate entity named Hertz Uranium Inc.
The reorganization, structured as a plan of arrangement, will involve existing shareholders receiving shares in Hertz Uranium Inc based on the fair market value of the uranium projects and the company's investment.
Hertz management told shareholders that the team believes that the reorganization of the company's uranium assets will unlock value for shareholders in order to focus on a single resource.
The new entity is likely to seek a listing on a Canadian or Australian stock exchange.