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VANCOUVER, BC – TheNewswire - November 30, 2023 – Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased to announce additional drill results from its Phase 1 2023 program at Alcona and Moretti at its flagship Drayton-Black Lake Project (“DBL Project”). The Company is also pleased to announce that Heritage is now planning the Phase II exploration and drill program to further define the deposit potential at Alcona.
2023 Drill Program Highlights:
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Alcona Area, HML23-007: 0.90 g/t Au over 10.15m from 104.75 (Figure 1,2)
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Moretti Area, HML23-012: 1.01 g/t Au over 5m from 105m
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Alcona Area approved for Phase II Drill Program (Figure 1,2)
“After the successful completion of our Phase 1 program, we are thrilled to share the progress achieved at Alcona. Against the backdrop of a robust gold environment, we are delighted to announce that the time is ripe to propel ourselves into Phase II at Alcona.
Our 2023 field and drill program has not only validated but also expanded the deformation corridor, now boasting an impressive ~200m width, 1km in strike length and a depth reaching at least 145m, which remains wide open in all directions. The advantages of year-round accessibility, full drill permitting, and strategic proximity to existing infrastructure allows for year-round exploration. This further fortifies, in the current gold market, the tremendous exploration potential we are unlocking in the Alcona Area.
We are eagerly awaiting results from Moretti, New Millennium, and our comprehensive project-wide prospecting program. Your continued support is invaluable as we navigate and capitalize on the promising developments in our exploration journey.
In our commitment to advancing the project, we have initiated discussions with industry experts specializing in resource development and drilling optimization. Their valuable expertise will play a crucial role in optimizing our Phase II program at Alcona. We look forward to building on this momentum and achieving continued success in our exploration and development endeavors.” commented Peter Schloo, President, CEO and Director.
2024 Planned Exploration Program – Alcona Area
The Alcona Area planned Phase II program encompasses Ground IP, Geological Modeling, Stripping, and Drilling.
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Figure 1: Alcona Area – 2023 Drill Locations – Phase 1
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Figure 2: Alcona Area – 2022/23 Alcona Area Results
Moretti Area:
Every hole in our drill program intersected the Moretti deformation corridor. Key highlights include HML23-012 with partial results showing 1.01 g/t Au over 5m from 105m, and HML23-013 and HML23-014 intersecting the corridor, although with no significant gold values. HML23-015 results are pending. While initial Moretti results have been disappointing, further exploration is warranted to unlock its full potential.
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor 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
For shareholder/investor inquiries please contact:
Investor Cubed Inc.
Neil Simon, CEO
Email: nsimon@investor3.ca
Telephone: (647) 258-3310
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, including the volume of any deposit located in the Alcona area; 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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