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Hertz Lithium Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) (the "Company") is pleased to provide an update on its patent-pending lithium extraction technology being developed in partnership with Penn State University ("PSU").
The Technology is designed to be a novel process for the extraction of lithium from alpha spodumene. Spodumene mineral is the major source of high-purity lithium, however, current technologies do not allow leaching of lithium from alpha spodumene, and therefore most of the methods of lithium extraction from spodumene are focused on modifying the crystal structure of concentrated spodumene mineral using conventional heating (roasting) at 950-1100 degrees Celsius. However, such high-temperature roasting processes are very energy intensive and have been the bottleneck of the economic extraction of lithium from ores. Thus, there is a need for more energy-efficient and environmentally friendly methods for a high-yield extraction of lithium. Penn State discovered a method designed to satisfy these needs.
The Technology begins with taking spodumene concentrate, introducing sodium hydroxide, and then proceeding with conventional or microwave roasting which transforms the spodumene into a soluble phase. Next, the water leaching is used to recover water-soluble lithium and remove unwanted chemicals. A final acid leach and purification results in 90% recovery of lithium.
The Company recently executed the Sponsored Research Agreement with Penn State University moving the technology into the next phase of development. The primary objectives of the research project are to optimize the process conditions to maximize the recovery of lithium in water leaching to eliminate the acid leaching process or reduce the chemical consumption as well as conduct a kinetic study to obtain the required data for pilot scale testing.
Kal Malhi, CEO and Director of Hertz Lithium states, "As the lithium mineral deposits get discovered and the demand for lithium for electric batteries continues to surge, the focus is now shifting to developing lithium extraction technologies that are more economical and environmentally friendly. Hertz Lithium and Penn State are pleased to be fast tracking the development of our hard rock lithium extraction technology and take this to the next stage of development."
Additionally, the Company has entered into three service agreements for investor relations services.
The first is a service agreement dated August 8, 2023, (the "Think Ink Service Agreement") with Think Ink Marketing Data and Email Services ("Think Ink"). Pursuant to the terms and conditions of the Think Ink Service Agreement, Think Ink has agreed to provide public relations services to the Company in an effort to increase public awareness of the Company and its products, services and securities, including product branding. The services may include facilitating the creation and distribution of marketing materials and paid advertisements. The Think Ink Service Agreement remains in effect from August 8, 2023 for an indefinite term unless terminated by mutual agreement of the parties upon thirty (30) days notice. In accordance with the terms and conditions of the Think Ink Service Agreement and as consideration for the services provided by Think Ink, the Company has agreed to provide Think Ink with a budget of USD$40,000 to cover the costs associated with the public relations campaign and related services. Think Ink shall retain the excess sums above the costs expended as its sole compensation for services provided. Think Ink and its principals are arm's length from the Company and do not have any interest, direct or indirect, in the Company or its securities nor do they have any right or intent to acquire such an interest. Think Ink's business is located at 3308 W. Warner Avenue, Santa Ana, CA, USA. Its email contact is claire@thinkinkmarketing.com and its phone number is Tel: 1-888-808-2161.
The second is a service agreement dated August 15, 2023 (the "BTV Service Agreement") with Milky Way Marketing Inc. + Blue Sun Productions Inc. ("BTV"). Pursuant to the terms and conditions of the Service Agreement, BTV has agreed to provide the Company with a marketing package that includes TV ad spots and fifty (50) BNN Bloomberg broadcasts. BTV will provide its services for a period of approximately 6 weeks, which began on or around August 15, 2023. In accordance with the terms and conditions of the BTV Service Agreement and as consideration for the services provided by BTV, the Company has agreed to pay BTV a cash fee of CDN$30,050. BTV and its principals are arm's length from the Company and do not have any interest, direct or indirect, in the Company or its securities nor do they have any right or intent to acquire such an interest. BTV's business is located at #17-19257B Enterprise Way, Surrey, BC, Canada. Its email contact is jessica@b-tv.com and its phone number is Tel: 604-664-7401.
The third is a service agreement dated August 23, 2023 (the "Pinnacle Digest Agreement") with Maximus Strategic Consulting Inc. Pinnacle Digest and PinnacleDigest.com are business names of Maximus Strategic Consulting Inc. ("Maximus"). Maximus will produce and distribute via Pinnacle Digest's weekly email newsletter, YouTube channel, social feeds and online advertising on Google platforms engaging video content (the "Content") intended to explain the Company's achievements and development plans for the future. Additionally, all of the Company's news releases during the term of the marketing program will be featured in Pinnacle Digest's weekly email newsletter. Maximus and its principals are arm's length from the Company and do not have any interest, direct or indirect, in the Company or its securities, nor do they have any right or intent to acquire such an interest.
For the four-month marketing program listed above, Hertz Lithium Inc. will pay Maximus Strategic Consulting Inc. a one-time fee of CDN$65,000 plus GST. Pinnacle Digest's website is PinnacleDigest.com, and its contact is Aaron Hoddinott at email support@pinnacledigest.com. Pinnacle Digest's office is located at 1117 1 St SW, Unit 310, Calgary, Alberta, T2R 0T9.
Kal Malhi, CEO states, "As we progress Hertz from our recent public listing and US DTC eligibility and development on our projects, we felt this is the perfect time to engage a strong IR team to help us deliver our business message to the investment community. We plan to launch various plans under these agreements in the coming weeks and months."
About Hertz Lithium Inc.
Hertz Lithium Inc. is a British Columbia based mineral exploration company primarily engaged in the acquisition and exploration of mineral properties. The Company currently has one material mineral property, the Lucky Mica Project, located in the Arizona Pegmatite Belt in the Maricopa County of Arizona, USA, which is in the exploration stage. The Company is also working with the PSRF in the development of a novel lithium extraction technology.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedar.com.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179792
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