Hertz Energy Provides Corporate Update and Announces Option Grants

Project Location – Western Athabasca Basin, Saskatchewan, Canada:
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Winter 2024 Drill Program:

A total of 53 samples, including four blanks and four external standards, were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. All blanks and standards returned within expected statistical norms.

Samples of clay alteration were analyzed by Short Wavelength Infrared Reflectance (SWIR, sometimes referred to as “PIMA”) to confirm the clay species. A total of 53 samples were submitted for analysis, including 33 samples from the 2024 program and 20 samples from the 2021-2023 programs. PIMA results identify relative proportions of phyllosilicate and clay minerals including illite, chlorite, dickite, kaolinite, and dravite. Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity associated uranium deposits. Dravite is a boron-rich clay which is typically found within a larger clay package in close proximity to uranium mineralization in the system. Both illite and dravite have been identified as being significant vectors for recent discoveries to the northwest of the East Preston project.

East Preston 2024 Drill Hole Location Map Focused on the K and H Zones:
https://www.skyharbourltd.com/_resources/maps/East-Preston-2024-Drill-Hole-Location-map.png

Analysis of the results shows several intervals with anomalous uranium enrichment within the clay alteration zones along the K, and H- target zones. Uranium enrichment is identified as uranium (U) values and a uranium/thorium ratio (U/Th) above what would normally be expected in the given rock type or area.

The highest uranium result for 2024 was returned in hole EP0058 where 16 ppm U over 1.91m, including up to 21.9 ppm U over 0.51m. This enriched zone sits above a zone of dravite and kaolinite clay alteration. This drill hole sits within a regional illite clay anomaly extending through the K Zone and south into the lower H Zone.

With the reevaluation and analysis of clay species in core from previous programs, the regional illite clay alteration zone identified in 2023 has been expanded to encompass the length of the K and H Zones as far south as hole EP0060. Within this zone, many holes contain kaolinite +/- dravite, highlighting areas where future efforts will focus.

The reevaluation of clay species in core from previous programs has allowed the identification of illite alteration, with intervals of kaolinite and dravite in hole EP0037, drilled in 2022 on the G Zone. This hole previously identified an east-west cross-cutting structure which may be a primary fluid conduit to follow-up. Illite and kaolinite were also identified in EP21001, drilled in 2021 on the A Zone.

Azincourt considers the identification and expansion of clay alteration halos to be…