Hertz Lithium: Discovery of Multiple Outcropping Pegmatite Dykes Identified at AC/DC Lithium Project

Vancouver, British Columbia (Newsfile Corp. – November 3, 2023) – Hertz Lithium Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) (the “Company” or “Hertz”) is pleased to announce that initial field work has been completed by consulting geologist from Mercator Geological Services Limited (Mercator). This initial work has resulted in the discovery of several pegmatite outcrops on the property with strike lengths up to 100 meters (Figure 1).

The AC/DC Project encompasses 516 contiguous mineral claims spanning 265 square kilometers, located contiguous to Rio Tinto’s 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).

Work Completed on AC/DC Project in 2023

The Mercator Geological team was following up on targets generated from desktop research and hyperspectral surveys on the property that generated twelve (12) highly prospective pegmatite targets by Dahrouge Geological (Figure 1). Of significance was Target 7, where a 100-meter long by 10-meter wide pegmatite was discovered within the host amphibolite (Figure 3 to 5). Pegmatite compositions include white to pink feldspar, grey quartz, trace biotite +/- red garnet.

In addition, the field work positively identified tourmaline within pegmatite veins (up to 50 cm wide) hosted in strongly deformed biotite-schist within Target 9 (Figure 6). Composition of these veins included white feldspar, grey/purple quartz, common black tourmaline, trace red garnets, and rare biotite. The presence of tourmaline in a pegmatite body could be indicative of an evolved melt source that may be related to the emplacement of LCT-type pegmatites in the area. Further detailed mapping and sampling is required to confirm the presence of an LCT-type pegmatite system within the property.

A total of 10 outcrop and rock samples were collected (Table 1, Figure 1) by Mercator geologist across the property during the initial 3-day field visit. All samples have now been sent to ALS in Val d’Or Quebec for sodium peroxide borate fusion analysis. Results are expected in 4-6 weeks.

Property Geology

The property encompasses amphibolized mafic volcanics of the Rouget and Corvette Formations and plutons of the Vieux Comptoir Intrusive suite, similar to the geological setting that hosts both the Cancet and Corvette lithium projects. Both Cancet and Corvette are hosted by amphibolite rocks of Guyer Group, which is similar in age to the Rouget formation (Mesoarchean). The northwest trending mafic volcanics of Rouget and Corvette Formations and associated Vieux Comptoir suite continue northwest to the adjacent Rio Tino/Exploration Azimut Inc. and Rio Tinto/Exploration Midland Inc. project areas.

Hertz Lithium CEO & Director, Kal Malhi continues, “In James Bay, the Patriot Battery Metals 109.2Mt discovery launched a frenzy of activity in the region this past summer with the first ever focus on lithium exploration. However, a severe summer fire season in June delayed exploration until mid to late October.  The theory that James Bay is a world class lithium district is proving to be true with many new discoveries being announced around the Patriot Battery Deposit. We are very pleased with exploration results from our AC/DC Lithium project that Hertz acquired and congratulate the other companies and their discoveries shown in Figure 2 below.

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Hertz Lithium Exploration Plans: Engaged Dahrouge Geological Consulting Ltd.

The Company is working with  Dahrouge Geological Consulting Ltd and Mercator Geolgoical Services to further advance the project. With the confidence generated from the current surface exploration, Hertz is undertaking a flow through financing to fund an agreesive exploration program at the project.

Immediate plans are to  complete an aerial Light Detection and Ranging (LiDAR) Survey (the “Survey”) and high-resolution ortho imagery for an enhanced understanding of the AC/DC Project’s lithology and further confirmation of the priority targets prior to undertaking ground exploration programs. The Survey is designed to produce a sub-metric scale topographic model of the ground surface and high-resolution imagery with less than 20 cm pixel resolution. Pegmatite structures occur as elongated bodies, often relatively more resistant to erosion than their surrounding wall-rock and can form subtle elongated ridge like features. These discrete topographic highs and other geological features of interest can be identified through analysis of the high-resolution remote sensing datasets even in areas of thick vegetation.

In the Media

Please visit Resource World Magazine here to read the latest article on Hertz Lithium. The article highlights the Company’s multi-pronged lithium assets including exploration properties and its novel patent-pending extraction technology currently in development.

Non-brokered Private Placement of Units

Additionally, the Company is pleased to announce a non-brokered private placement for gross proceeds of up to $2,000,000 (the “Private Placement”).

The Private Placement will consist of the issuance of up to 5,263,158 flow through units (the “Charity FT Units”) at a price of $0.38 per Charity FT Unit for gross proceeds of up to $2,000,000. Each  Charity FT Unit will be comprised of one common share in the capital of the Company (each, a “Share”), to be issued as a “flow-through share” in the capital of the Company within the meaning of the Income Tax Act (Canada) (the “Tax Act”) that will be issued as part of a charity arrangement, and one share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional non flow-through Share (each, a “Warrant Share”) for a period of 24 months from the closing date at an exercise price of $0.40 per Warrant Share. The Warrants will contain an accelerated option clause that states that if the Shares close at or above $0.60 for a period of 14 consecutive trading days on the Canadian Securities Exchange, then the Company may accelerate the expiry date of the Warrants by issuing a news release announced the reduced Warrant term, pursuant to which the Warrants will expire on the 30th calendar day after the date of such news release.

The gross proceeds from the issuance of the Charity FT Units will be used for “Canadian Exploration Expenses” within the meaning of the Tax Act, which will be incurred on or before December 31, 2024, and renounced with an effective date no later than December 31, 2023, to the initial purchasers of the Charity FT Units in an aggregate amount not less than the gross proceeds raised from the issue of Charity FT Units.

The Private Placement may close on one or more dates as the Company may determine.

All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws.

The securities issued pursuant to the Private Placement have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

“This strategic financing will garner the required funds to ensure a robust exploration program in James Bay, Quebec through the charity flow-through as well as additional funds for our projects in the Americas. We’d like to thank Mercator’s team for their efforts in the challenging conditions they faced. Once again, these results confirm the merits of the ACDC project and we look forward to spending much more time on the property next field season,“ said Hertz CEO and Director, Kal Malhi.

Research Hertz Lithium Inc (CSE : HZ | OTC: HZLIF | FSE: QE2)!


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On July fourteenth twenty twenty three Wallace Hill Partners LTD, an affiliate of Gold Standard Media, LLC participated in a private placement of Hertz Energy Corporation for a total of five million shares for one hundred and twenty five thousand canadian dollars.