Canadian explorer Hertz Energy (CSE:HZ) has acquired its second antimony project in the past month, having now added the Lake George Property in New Brunswick to its portfolio.
The exploration-stage antimony-gold property, which was recently staked by the company, comprises 93 mineral claims within two claim blocks spanning 2,104.5 hectares.
Importantly, there are no underlying agreements or royalties attached to the claims.
This latest acquisition comes close on the heels of Hertz Energy securing an option to acquire the Harriman Project, which is an exploration-stage antimony project located about 17km northeast of the town of New Richmond in the Gaspé region of Québec.
This new ground in New Brunswick surrounds the past-producing Lake George Antimony Mine, which Hertz Energy says was once North America’s largest antimony producer, having operated intermittently from 1876 to 1996.
Hertz says the mine currently represents one of the top three antimony occurrences in New Brunswick.
The Lake George Mine, which is on care and maintenance, produced 34,417 tonnes of concentrate grading 65% to 66% antimony from the first deposit from 1972 to 1981.
From 1985 to 1990, around 1 million tonnes @ 4% antimony was mined from the second deposit.
The mine also contained molybdenum, tungsten and gold mineralisation.
The mining lease covering the Lake George Mine is owned by the New Brunswick Government, which is considering a possible tender of the mine lease in the coming months.
Hertz has begun talks with the provincial government and is awaiting feedback on the next steps.
The newly staked ground has shown geological similarities to the Lake George Mine, where four main antimony veins were uncovered.
These veins generally have a shallow dip to the north and vary from 1 to 2m in width. The east-trending quartz vein system has been traced over 1km in depth and over 2km along strike length.
“A similar geological context of sedimentary rocks in contact with the intrusion, along with northeast trending faults zones possibly responsible for developing the vein structures, is present on Hertz’s newly-staked claims,” Hertz Energy, which has a market capitalisation of around $6.6 million, says.
The property claims cover about 10km of strike length along the favourable sediments near the intrusive contact.
Hertz is now planning to undertake detailed geological database compilation along with initial prospecting, geological mapping, and soil geochemistry surveys at the Lake George Antimony Property.
Last Friday, the company revealed it was mobilising to the Harriman Project site in Canada this month to begin exploration for the under-supplied and highly sought after antimony.
Antimony is among the list of 34 critical minerals defined by the Canadian Government.
Not a well-known metal, antimony is largely used as flame-retardant, but is increasing in value and demand for its use in solar panels and batteries.
The US Department of the Interior has designated it a critical mineral because it is also essential for armour-piercing ammunition, infrared sensors, and precision optics.
China – which accounted for 48% of global antimony production last year – has put restrictions in place on exports of the metal, a move that is expected to have significant implications for the global antimony supply chain.
Hertz says these export restrictions have “added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals”.
Antimony ingots in China are currently selling for around US$25,250 ($37,406) a tonne, according to Shanghai Metals Market, which is a 20% spike in the past month. Since the start of the year, prices have nearly doubled.
Many antimony operations in Russia — which accounted for 24% of global supply in 2023 — have also been disrupted by Western sanctions following Moscow’s invasion of Ukraine.
“China’s exports are in medium-term decline due to higher demand from its solar energy sector, while Russian supply has been crimped by falling output and Western sanctions,” Hertz notes.
Additionally, the supply from other big producing nations such as Vietnam, Tajikistan, and Myanmar has been disrupted by the re-routing of shipments from the Red Sea due to Houthi attacks on shipping.
Analysts estimate the market was already looking at a 10,000-ton shortfall before China’s export restrictions.
Hertz Energy’s portfolio also includes lithium projects in Québec, Brazil and Arizona, as well as uranium exploration applications in Namibia.
Write to Angela East at Mining.com.au
Images: Abandoned Mine Exploration Nova Scotia & Hertz Energy
