Hertz Energy (CSE:HZ, OTCQB:HZLIF) CEO Kal Malhi joined Steve Darling from Proactive to share news about the company's latest acquisition. Hertz Energy has entered into a sale agreement with Engineer Mike Magrum to acquire a 100% interest in mineral claim 102722, located in Nunavut, Canada. This mineral claim is situated within the Cominco Uranium Property and consists of nine blocks totaling 146.33 acres. Malhi explained that the mineral claim encompasses the Pomie uranium showing, which has a rich history dating back to exploration work conducted by Cominco in the mid-1970s. Cominco's exploration efforts successfully outlined the major structural and petrological aspects of the Pomie showing.
The most significant discovery was a large carbonate breccia body, trending parallel to a probable fault structure. Encouraging drill results from two holes, PM-3 and PM-7, revealed fracture-controlled and disseminated mineralization in basalt flows, with grades of 2.59 lbs U3O8/ton over 38 ft and 4.79 lbs U3O8/ton over 43 ft, respectively. With the addition of this mineral claim, Hertz Energy now owns 100% of the contiguous and whole land package at the Cominco Uranium Property.
The combined Yon and Pomie claim blocks cover approximately 5,192 hectares, enhancing the company's holdings in the region. The company aims to conduct initial work on the uranium assets with plans to possibly spin them off into a separate entity, allowing Hertz Energy shareholders to retain their lithium investments and potentially gain shares in the new uranium-focused entity. However, Malhi clarified that this spin-off is in the concept stage and not yet finalized.