Hertz Energy (CSE:HZ, OTCQB:HZLIF) announced that it has acquired the Lake George antimony project in New Brunswick, Canada.
This marks the second antimony property acquired by Hertz Energy (CSE:HZ, OTCQB:HZLIF) in the last month after it secured an option to acquire the Harriman antimony property in the Gaspé Region of Québec.
The Lake George project covers 93 mineral claims across 2,104.5 hectares near the historic Lake George Antimony Mine.
This past-producing mine, once North America's largest antimony producer, operated from 1876 to 1996 and yielded significant quantities of antimony, gold, molybdenum, and tungsten.
Hertz Energy (CSE:HZ, OTCQB:HZLIF)'s property surrounds the old mine and offers excellent infrastructure, including road access and hydroelectric power, the company said.
The company aims to begin geological assessments, prospecting, and mapping.
It has also started discussions with the New Brunswick government about a possible tender of the Lake George Mine lease, which is held by the province. The company is awaiting feedback on the next steps in this process.
Hertz Energy CEO Kal Malhi highlighted that the need for antimony, along with its price, has skyrocketed with Chinese export restrictions on antimony effective as of September 15, 2024.
“Antimony is used heavily in a variety of military applications, including night vision goggles, explosive formulations, flares, nuclear weapons production, and infrared sensors plus as a fire retardant, in solar panels and electric batteries,” Malhi said in a statement.
“Hertz Energy's Lake George property acquisition in New Brunswick will allow the company to focus on utilizing our current flow-thru cash position of approximately $800,000 to aggressively explore our antimony projects portfolio in the coming months.”