12:03 PM EDT, 06/04/2024 (MT Newswires) -- Hertz Energy ( HZLIF ) on Tuesday said it plans to launch an exploration campaign on the Snake Lithium Property in the Eeyou Istchee James Bay, region of Quebec.

The 2024 surface exploration program at Snake will begin on June 20.

The program will include three to four weeks of geological prospecting, rock sampling, and mapping, as well as a property-wide LiDAR and orthophoto survey and interpretation

Separately, the company said it is planning to spin out its uranium exploration projects into a newly formed entity called Hertz Uranium.

Under a plan of arrangement, existing shareholders of the company will receive shares of the newly formed Hertz Uranium on a ratio to be determined based on the fair market value of the uranium projects and investment by the company.

The newly formed entity will also seek listing on a Canadian or Australian exchange.

The company's shares were last seen up $0.005 to $0.14 on the Canadian Securities Exchange.