(TheNewswire)
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VANCOUVER, BC – TheNewswire - May 23, 2023 – Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased announce significant advancements in the first few weeks of its fully permitted Phase 1 exploration drilling program at the flagship Drayton – Black Lake project (the “Project”) (Figure 1), located near Sioux Lookout, Ontario. The Project is located within Eagle-Wabigoon-Manitou greenstone belt of the Wabigoon Subprovince, which also hosts the Treasury Metals Inc. (TSE:TML) Goliath-Goldlund deposits.
Exploration Update:
New Millennium Area (Never Drilled): At least three mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins. A 5m wide orogenic load gold style sheeted quartz veins identified in the hanging and foot wall was identified on the first day of mapping at the Project. Pyrite, Chalcopyrite, and Galena observed in the vein system, similar to New Millennium veins sampled to the north. Grab sample assays pending (Figure 2). The Company has also secured a contractor to clear a trail to the New Millennium Area for proposed drilling by month’s end, weather permitting.
Peter Schloo, President, CEO and Director commented, “A fantastic find on the team’s first day at New Millennium and the largest vein in the area to date. Leveraging our local relationships, we have secured a permitted trail ahead of schedule. The trail will provide for better access thereby increasing operational efficiency and the number of available drill targets. We will continue to work with all stake holders to advance the area in a collaborative manner inclusive of all stakeholders.”
Alcona Area: Mineralized deformation corridor over 1,000 m (up to 200 m wide) consisting of multiple discrete
zones of deformed volcanic rocks and shear parallel quartz veins. The team confirmed significant galena, pyrite, chalcopyrite and sphalerite associated with a 15m corridor of primary and secondary quartz veins at the Powerline Prospect (never drilled) which has been upgraded from proposed to drill ready-status (Figure 3).
Peter Schloo, President, CEO and Director commented, “The Powerline Prospect is a great window into the Alcona Area. This extension has never been drilled and is now a priority drill target with the potential of extending strike at depth. The access is fantastic, with logging active in the area, providing additional exploration upside.”
Moretti Area: Mineralized deformation corridor over 2,500 m consisting of discrete zones of deformed volcanic rocks and shear parallel quartz veins ranging from cm to meter scale. New Logging activities in the north eastern portion of the Property allow for improved access, ideal for prospecting and drilling over more than five historic mineral occurrences on the property inclusive of the advanced target, Moretti.
Peter Schloo, President, CEO and Director commented, “Recent logging activities is fantastic for our project. This increases the probability of new discovery and optimizes capital and operational efficiency pertaining to prospecting and drilling access. There is even a logging road going right past where we want to drill at Moretti. Simply put, We spend less time and capital getting there, and more time being there, fantastic.”
Corporate Update:
In less than two weeks from mobilization, the Company has secured vital equipment for Phase 1 mapping and exploration and coreshack facilities (Figure 5).
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Figure 1: Heritage Mining Claims Package
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Figure 2: CEO Peter Schloo and Exploration Manager Bobby Scott standing on Quartz Reef, Powerline Prospect, Alcona Area.
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Figure 3: New Millennium Prospect
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Figure 4: NEW DISCOVERY, 5-Meter-wide quartz vein at New Millennium Prospect, Never Drilled.
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Figure 5 – Core Shack Facility and Equipment
Qualified Person
Robert Scott, Exploration Manager for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “outlook” and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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