Hertz Energy (CSE:HZ, OTCQB:HZLIF) has provided investors with an update on its portfolio of critical minerals projects.
At the Snake Lithium Project in Quebec, fieldwork was conducted in June 2024, with 95 samples collected, though no lithium or gold-associated minerals were found.
Similarly, the AC/DC Lithium Project fieldwork in July 2024 resulted in 81 samples, with assay results still pending.
In Namibia, Hertz Energy (CSE:HZ, OTCQB:HZLIF) applied for Exclusive Prospecting Licenses for uranium exploration in the Erongo Region, known for its primary and secondary uranium deposits.
The applications were filed by Odikwa Geoservices, which also conducted a geological review to identify prospective areas.
Meanwhile, due to issues obtaining exploration permits at its Cominco uranium project, the company has elected to relinquish its claims block.
After renewing the results of a review of the Penn State Lithium Extraction Technology, Hertz Energy (CSE:HZ, OTCQB:HZLIF) has decided it is not in the company’s best interests to pursue the technology any further and has chosen to relinquish its right to license the technology back to Penn State.
Additionally, the company said it has chosen to relinquish its Patriota lithium project in Brazil and Lucky Mica project in Arizona as work at both projects does not warrant further exploration at this time.
It has approximately $800,000 in flow-through capital on hand to deploy on critical mineral projects and it is in talks to acquire other projects, including antimony, copper or nickel prospects in Quebec.
"We are disappointed by the turn of events at our Cominco Uranium Project and Penn State Lithium Extraction technology,” Hertz Energy CEO Kal Malhi commented.
“We are conserving capital during this downturn in lithium prices and in investor appetite for lithium-related investments and have approximately $800,000 in flow-through capital which we look to deploy on another critical minerals project and hope to provide shareholder returns with the deployment of this capital.”