- Hertz Lithium (CSE:HZ) has entered into an agreement to acquire Canuck Lithium
- Canuck Lithium owns 100 per cent interest of the AC/DC project in James Bay, Quebec
- The project includes 516 contiguous mineral claims spanning 265 square kilometres
- Shares of Hertz Lithium are up 7.84 per cent to C$0.28 as of 10:15 am ET
Hertz Lithium (CSE:HZ) is gearing up to acquire Canuck Lithium as part of a share exchange agreement.
The company, which is headquartered out of Vancouver, stated in a news release that it will acquire 100 per cent of Canuck Lithium’s issued and outstanding shares.
Canuck Lithium owns 100 per cent of the AC/DC project in James Bay, Quebec, which includes 516 contiguous mineral claims over 265 square kilometres.
“With this acquisition of a 100 per cent interest in the district scale AC/DC project in the centre of a world-class hard rock lithium district known as James Bay in Quebec, Canada, Hertz now holds three prospective lithium projects in North and South America,” Kal Malhi, CEO of Hertz Lithium, said in a statement.
The company’s additional projects include the Lucky Mica Project in Arizona and the Patriota Lithium Project in Brazil.
So far this year, Canuck Lithium has completed remote sensing satellite studies at the AC/DC project. Roughly 12 new high-priority targets have been identified at the project thanks to the use of hyperspectral signatures and machine learning and deep sensor algorithms.
Once the transaction closes, Hertz Lithium stated it will follow up on refining priority targets through ground truth investigation along with an aerial light detection and ranging survey.
Phase 2 will focus on fieldwork in the southwest, central and northern portions of the AC/DC project underlain by the greenstone belts of the Rouget and Corvette formations.
Hertz Lithium is a mineral exploration company, with a range of lithium projects. The company is also working with Penn State University’s College of Earth and Mineral Science department to develop a novel patent-pending hard rock lithium extraction technology.
Shares of Hertz Lithium are up 7.84 per cent to C$0.28 as of 10:15 am ET.
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