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Hertz Lithium Announces Agreement to Acquire Canuck Lithium
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2023) - Hertz Lithium Inc. (CSE: HZ) (FSE: QE2) (the "Company" or "Hertz") is pleased to announce that
About this update from Hertz Energy Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 3, 2023) - Hertz Lithium Inc. (CSE: HZ) (FSE: QE2) (the \"Company\" or \"Hertz\") is pleased to announce that it has entered into a share exchange agreement (the \"Definitive Agreement\") among the Company, Canuck Lithium Corp. (\"Canuck\"), and the shareholders of Canuck (the \"Canuck Shareholders\"), pursuant to which the Company will acquire 100% of the issued and outstanding common shares in the capital of Canuck (the \"Proposed Transaction\"). About Canuck Canuck owns 100% of the ACDC Project, located in the emerging world class hard rock lithium district in James Bay, Quebec, Canada. There are approximately 135 historical references to pegmatite outcrops that have never been evaluated or sampled for their lithium potential on the Property according to the Quebec Government's SIGEOM Database (Figure 4). Canuck is a Quebec-based mineral exploration company primarily engaged in the acquisition an exploration of mineral properties. Canuck's flagship lithium exploration project is known as the AC/DC Project encompassing 516 contiguous mineral claims spanning 265 square kilometers, located contiguous to Rio Tinto's optioned Kaanaayaa Lithium Project (Figure 1) as well as 26 km southeast of the Corvette Lithium Project owned by Patriot Battery Metals with an inferred mineral resource of 109.2 Mt at 1.4% Li2O¹ and 60 km west of Winsome Resources' Adina Lithium property (Figure 2). The rapidly growing James Bay lithium district also hosts Nemaska's Whabouchi Project, with a Mineral Resource of 36.6 Mt at 1.3% Li2O², and a proposed mine life of 33 years. Additionally, Alkem's James Bay Lithium Project has a Mineral Resource of 40.3 Mt at 1.4% Li2O and is proposed to produce an average of 321 Kt of spodumene concentrate per year over a 19-year mine life³. The Northern and Central part of the AC/DC Project is located within the Rouget Formation, a volcanic belt that comprises amphibolites derived from mafic to intermediate lava, metamorphosed felsic volcanics, and iron formation rocks. The Southern part of the AC/DC Project is on the Corvette Formation, containing a sequence of volcano-sedimentary rocks, that is separated from the Laguiche Complex of the Opinaca sub-province and the Marbot Formation of the La Grande sub-province occurring in the Quentin Shear Zone. The amphibolit...