The uranium and battery metal junior Hertz Energy Inc. (CSE: HZ) will be acquiring a 150-acre Nunavut mining claim from the seasoned industry figure Mike Magrum.
The company will provide him with C$2,500 cash and up to 400,000 shares, currently valued at about C$56,000. No drilling has been completed at the site since the 1970s.
The best result from that time consisted of 4.8 pounds per tonne U3O8/yellowcake over 43 feet, Hertz says.
“We are excited to add the historical Cominco work area and historical drill results to this project and build on the encouraging results from almost 50 years ago,” Hertz chief executive Kal Malhi said. Cominco is now Teck Resources Limited (TSX: TECK.B).
The Geological Survey of Canada also identified significant potential for uranium mineralization at the property in 1984.
Magrum is known for having served as a Director for the Prospectors and Developers Association of Canada. He is also a former president of the Northwest Territories Chamber of Mines.
Malhi discussed his company’s activities, uranium, lithium and other topics in a recent interview with The Deep Dive.
In this interview, Kal Malhi, CEO of Hertz Energy Inc. (CSE: HZ), discusses various topics. The conversation covers the recent decline in lithium prices, efforts by mining industry leaders to encourage Canadian government funding, and Hertz Energy's acquisition of uranium assets… pic.twitter.com/OT7UjPzraJ
— The Dive Feed (@TheDeepDiveFeed) March 2, 2024
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High uranium price drives Nunavut exploration
A series of extensive exploratory drill programs are starting soon in Canada’s northernmost territory.
Notably, ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) will complete a 10,000 metre program at its Angilak project starting in June. The site’s Lac 50 deposit is one of the richest uranium resources on the planet.
Furthermore, the prospector Forum Energy Metals Corp. (TSX-V: FMC) mobilized its gear for a 10,000-metre campaign at the end of March, with drilling set to commence next month too. The miner’s Abderdeen operation sits in the territory’s highly prospective Thelon Basin.
Nunavut’s Hornby Bay Basin is known for its uranium mineralization as well. The Mountain Lake project owned by IsoEnergy Ltd. (TSX-V: ISO) is one of the active operations in the area.
Nunavut just hosted its 25th annual Mining Symposium in the capital city of Iqaluit.
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rowan@mugglehead.com
