Hertz Energy Inc. announced that it has entered into a Property Purchase and Sale Agreement dated February 2, 2024 (Definitive Agreement) with
BullRun Capital Inc. ("Vendor") pursuant to which the Company has agreed to acquire the Cominco Uranium Project, located in Bathurst Inlet, Nunavut, Canada (Cominco Property). The Company has entered into the Definitive Agreement to acquire the Cominco Property. Pursuant to the terms and conditions of the Definitive Agreement and as consideration for the acquisition of a 100% undivided interest in the Cominco Property, the has agreed to: Reimburse the Vendor acquisition costs to date estimated not to exceed $75,000; and grant the Vendor a 2% net smelter returns royalty on the Cominco Property. The Cominco Property is focused on two main uranium showings of interest, the Pomie and the Yon showings in Nunavut. Additional showings of uranium, copper, gold, nickel, and lead are known in the area. Previous regional work in the area by the Geological Survey of Canada (GSC) identified mineral potential for uranium in the area (Roscoe, 1984), based on the presence of the above showings and favourable stratigraphy for the formation of Unconformity Related Uranium (URU) deposits, similar to the stratigraphy found in the Athabasca and Thelon basins. The Cominco Property covers the Yon and Pomie "Advanced Exploration" stage showings and is comprised of four licensing spanning 5,046.25 hectares covering favourable geology.
The two main uranium showings on the Cominco Property, the Yon and Pomie showings, are described in greater detail below. There are other smaller occurrences usually associated with copper mineralization in the region.