Hertz Lithium has announced its plans to acquire Canuck Lithium and its flagship lithium exploration project located in the James Bay region of Quebec.
Canuck's ACDC Project
Canuck owns the ACDC Project, situated in the renowned James Bay hard rock lithium district. This project is home to approximately 135 pegmatite outcrops with significant lithium potential that are yet to be evaluated or sampled.
Extensive Property Portfolio
The ACDC Project comes with an extensive property portfolio, consisting of 516 contiguous mineral claims covering a vast area of 265 square kilometers.
Hertz will pay Canuck shareholders for the property by issuing 23.2 million of its own shares. Currently, Hertz's shares are trading at a 5.9% increase, amounting to 27 Canadian cents (20 cents). Based on this pricing, the shares are valued at approximately C$6.3 million.
Prioritizing Exploration Targets
To enhance its understanding of the ACDC project and validate targets before commencing exploration programs, Hertz intends to collaborate with a consulting firm. The firm will assist in selecting priority targets using aerial Light Detection and Ranging (LiDAR) surveys, along with high-resolution ortho imagery.