{"id":9631,"date":"2024-09-16T21:49:41","date_gmt":"2024-09-16T21:49:41","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/09\/16\/hertz-energy-acquires-lake-george-antimony-property-in-new-brunswick\/"},"modified":"2024-09-16T21:49:41","modified_gmt":"2024-09-16T21:49:41","slug":"hertz-energy-acquires-lake-george-antimony-property-in-new-brunswick","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/09\/16\/hertz-energy-acquires-lake-george-antimony-property-in-new-brunswick\/","title":{"rendered":"Hertz Energy Acquires Lake George Antimony Property in New Brunswick"},"content":{"rendered":"
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Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QX1) (\u2018Hertz\u2019 or the \u2018Company\u2019) is pleased to announce the acquisition of the Lake George Antimony Property (\u2018Lake George\u2019 or the \u2018Property\u2019) located in the Province of New Brunswick. The Property is located in the southwestern part of the province, approximately 30 km southwest of the city of Fredericton.<\/p>\n

The Property is comprised of 93 mineral claims within two claim blocks recently staked by the Company for a total area of approximately 2,104.5 hectares. The Property surrounds the past-producing Lake George Antimony Mine (\u2018Lake George Mine\u2019) and is considered an exploration-stage Antimony-Gold (Sb-Au) prospect located immediately along strike to the southwest and northeast, as well as downdip to the north of the historical Lake George Mine. The Property benefits from excellent road access, hydroelectric power, and nearby available personnel for field and exploration activities.<\/p>\n

The Lake George Mine was formerly the largest antimony producer in North America with a long history of production spanning from 1876 to 1996. The mine closed in 1996 due to falling antimony prices. From 1972 to 1981, 34,417 tonnes of concentrate grading 65% to 66% Sb was produced from the first deposit. Then from 1985 to 1990, approximately 1 Mt grading 4% Sb was extracted from a second deposit (Caron, 1996). The mine also contained molybdenum (Mo), tungsten (W), and Au mineralization. Infrastructure on the Lake George Mine includes 3 shafts, underground development on 10 levels, some remaining surface buildings, and a tailings pond. The deepest level of the mine is approximately 400 m below the surface. The Lake George Sb-Au Mine currently represents one of the Top 3 antimony occurrences in the Province of New Brunswick (Figure 1).<\/p>\n

The Lake George Mine includes en-echelon gold-bearing polymetallic and antimony veins with massive stibnite hosted in Ordovician sedimentary and volcanic rocks adjacent to the Lake George granodiorite. Four (4) main antimony veins were developed at the mine, that generally have a shallow dip to the north and vary from 1 to 2 metres in width. The east-trending quartz vein system that has been traced over 1 km in depth and over 2 km along strike length (Procyshyn and Morrissy, 1990). A similar geological context of sedimentary rocks in contact with the intrusion, along with NE trending faults zones possibly responsible for developing the vein structures, is present on Hertz\u2019s newly-staked claims (Figure 2).<\/p>\n

The Lake George Mine is currently under care and maintenance within an active mining lease and is owned by the Province of New Brunswick. Hertz Energy has started discussions with New Brunswick government officials about a possible tender of the mine lease by the Province in the coming months and awaits further feedback on next steps.<\/p>\n

The Property claims cover approximately 10 km of strike length along the favourable sediments near the intrusive contact. The Company acquired a 100% interest in the mining claims though staking and there are no underlying agreements or royalties attached to these claims (Figure 3). <\/p>\n

The Lake George Antimony Property will undergo detailed geological database compilation along with initial prospecting and geological mapping and soil geochemistry surveys.<\/p>\n

The Lake George Antimony Property represents the second Antimony property acquired by Hertz Energy in the past 30 days including the Harriman Antimony Property in the Gasp\u00e9 Region of Qu\u00e9bec (see Hertz news release dated September 6, 2024). <\/p>\n

Figure 1: Antimony deposits in New Brunswick including Lake George<\/p>\n

To view an enhanced version of this graphic, please visit:
https:\/\/images.newsfilecorp.com\/files\/9656\/223522_1d32dc42645d49bd_002full.jpg\u00a0<\/p>\n

Figure 2: Property Geology Map<\/p>\n

To view an enhanced version of this graphic, please visit:
https:\/\/images.newsfilecorp.com\/files\/9656\/223522_1d32dc42645d49bd_003full.jpg<\/p>\n

Figure 3: Property Claim Map<\/p>\n

To view an enhanced version of this graphic, please visit:
https:\/\/images.newsfilecorp.com\/files\/9656\/223522_1d32dc42645d49bd_004full.jpg<\/p>\n

ABOUT ANTIMONY<\/p>\n

In August, China announced antimony export restrictions which take effect on September 15, 2024 (source: Reuters, August 28, 2024) and are expected to have significant implications for the global antimony supply chain. China\u2019s announcement of antimony export restrictions has added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals. Antimony is a little-known metal with multiple applications. Antimony\u2019s largest end-use is as a flame retardant, but it is also found in solar panels and batteries. The U.S. Department of the Interior has designated it a critical mineral because it is also essential for armour-piercing ammunition, infrared sensors, and precision optics.<\/p>\n

Antimony prices have nearly doubled since the start of the year to a record $22,750 per tonne in part because of shrinking exports from major producers and a global deficit of the metal. China\u2019s exports are in medium-term decline due to higher demand from its solar energy sector, while Russian supply has been crimped by falling output and Western sanctions. The flow from other big producing nations such as Vietnam, Tajikistan, and Myanmar has been disrupted by the re-routing of shipments from the Red Sea due to Houthi attacks on shipping.<\/p>\n

Analysts estimate the market was already looking at a 10,000-ton shortfall before China\u2019s export restrictions. These new controls are not targeted at any specific country, but Chinese authorities can refuse licences to export to individual end-user companies or countries as they see fit.<\/p>\n

Other Information on Antimony:<\/p>\n

https:\/\/www.forbes.com\/sites\/davidblackmon\/2021\/05\/06\/antimony-the-most-important-mineral-you-never-heard-of\/<\/p>\n

https:\/\/www.csis.org\/analysis\/chinas-antimony-export-restrictions-impact-us-national-security<\/p>\n

China\u2019s restrictions on antimony could lead to \u2018another flashpoint with the West\u2019<\/a><\/p><\/blockquote>\n