VANCOUVER: Hertz Energy Inc. (CSE: HZ) has entered into a Definitive Agreement with Mike Magrum, P.Eng., pursuant to which the company will acquire a 100% interest in Mineral Claim 102722 located in Nunavut, Canada. The claim is at the core of the Cominco Uranium Property, covering nine blocks totaling 146.33 acres and has been held by Mr. Magrum for several years.
The Mineral Claim includes the Pomie uranium showing, with historical drill results dating back to Cominco’s exploration in the mid-1970s. Notably, two out of seven drill holes (PM-3 and PM-7) intersected significant mineralization in basalt flows, grading 2.59 lbs U3O8/ton over 38 ft and 4.79 lbs U3O8/ton over 43 ft, respectively. Individual assays within these intersections reached up to 42.75 lbs U3O8/ton over 40 inches.
Mr. Magrum, a uranium mineral exploration specialist, holds the Mineral Claim and brings nearly 50 years of experience across North America, Central America, South America, and southern African countries. He has served in senior management and as a director of Canadian public companies, including involvement in the Roughrider uranium deposit discovery in the Athabasca Basin.
As part of the acquisition terms:
Hertz Energy will pay Mr. Magrum $2,500 in cash within seven business days of executing the Definitive Agreement.
Up to 400,000 common shares in the company will be issued to Mr. Magrum, subject to specific milestones related to the Mineral Claim.
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