Hertz Energy (CSE:HZ, OTCQB:HZLIF) said it has acquired its first antimony property to complement its portfolio of North American energy metals projects.
The Harriman property consists of 49 mineral claims across approximately 2,500 hectares in Québec’s Gaspé region.
Harriman, located 17 km northeast of New Richmond, is an early-stage antimony (Sb) exploration project with historical findings that Hertz believes indicates significant mineral potential.
Past exploration on the property has yielded antimony results of up to 15.35% Sb and gold (Au) grades of up to 7.89 g/t Au, according to Québec government geoscientific data, though no mineral resources or reserves have been defined.
Antimony is used in batteries and flame retardants as well as solar panels and batteries.
"With the Chinese export restrictions on antimony soon taking effect and several active conflicts around the world, the need for antimony has skyrocketed along with the price of antimony,” Hertz CEO Kal Mahli said in a statement.
“Hertz Energy (CSE:HZ, OTCQB:HZLIF)'s acquisition will allow the company to focus on utilizing our current flow-thru cash position of approximately $750,000 to aggressively explore the Harriman antimony project in the coming months.”
Hertz plans to launch ground exploration at the site in mid-September, with a winter drill program to follow.
The company will pay $20,000 and issue up to 4 million shares to prospector Glenn Griesbach under the terms of the option agreement, securing a 100% interest in the property. Griesbach will retain a 2.5% net smelter returns royalty, which can be reduced to 1% through a C$1.5 million buyout.