Amended: Heritage Mining Intersects Multiple High-Grade Au-Ag Intervals from Surface to Shallow Depths in each of Holes 1 through 6 Drilled in Alcona Area

Amended: Heritage Mining Intersects Multiple High-Grade Au-Ag Intervals from Surface to Shallow Depths in each of Holes 1 through 6 Drilled in Alcona Area

(TheNewswire)

Heritage Mining Ltd.

VANCOUVER, BC TheNewswire - October 17, 2023 Heritage Mining Ltd. (CSE:HML ) ( FRA:Y66) (" Heritage " or theĀ " Company ") is pleased to announce drill results (holes 1-6) from its Phase 1, 2023 program in the Alcona Area at its flagship Drayton-Black Lake Project (" DBL Project "). The drill program totaled 2,208m of NQ2 diamond drill core in 9 holes within the Alcona Area (holes 7, 8 and 17 pending).

Alcona Area Drill Program Highlights:

  • Multiple significant Au-Ag intersections within broad anomalous zones in each hole (1 to 6)

  • ~1km strike length and ~145m vertical depth confirmed by current drill results

  • Highest drill intersection ever recorded:

    • HML23-004: 19.45 g/t Au and 62.10 g/t Ag over 1.05m from 177.90m, contained in a 15m anomalous zone with a weighted average grade of 1.48 g/t Au from 174m to 189m.

Highlights:

  • HML23-001:

    • 1.26g/t Au over 2.15m from 38.35m

    • 1.54 g/t Au and 5.17 g/t Ag over 1.50m from 45.00m

    • These intersections are part of an 8.15m anomalous zone with a weighted average grade of 0.68 g /t Au from 38.35m to 45.55m

Note: HML23-001 confirmed at surface via prospecting "Delaney Vein" ( 15.35 g/t Au and 163 g/t Ag and 16.5 g/t Au and 29.9 g/t Ag surface grabs, Figure 2 ) proving Alcona area geological modeling

  • HML23-002:

    • 9.14 g/t Au and 30.63 Ag over 1.00m incl. 15.2 g/t Au and 50.70 Ag over 0.50m

    • This intersection is part of a 11.40m anomalous zone with a weighted average grade of 0.86 g/t Au from 30.70m to 42.10m

  • HML23-003:

    • 1.34 g/t Au over 1.30m from 5.7m

    • 5.32 g/t Au and 11.85 g/t Ag over 0.65m from 11.85m

    • These intersections are part of a 6.8m anomalous zone with a weighted average grade of 0.77 g/t Au from 5.70m to 12.50m.

  • HML23-004:

    • 1.81 g/t Au over 1.00m from 65m

    • 1.96 g/t Au and 3.51 g/t Ag over 2.90m from 70.60m including 4.81 g/t Au and 8.05 g/t Ag over 0.50m

    • These intersections are part of a 8.50m anomalous zone with a weighted average grade of 0.91 g/t Au from 65.00m to 73.50m

    • 19.45 g/t Au and 62.10 g/t Ag over 1.05m from 177.90m.

    • These intersections are part of a 15.00m anomalous zone with a weighted average grade of 1.48 g/t Au from 174m to 189m.

  • HML23-005:

    • 5.75 g/t Au and 30.41 g/t Ag over 1.35m from 70.30m incl. 9.75 g/t Au and 53.30 g/t Ag over 0.75m.

    • These intersections are part of a 10.40m anomalous zone with a weighted average grade of 0.79 g/t Au from 70.30m to 80.70m

"We are thrilled at the results from our first drill program at Alcona. Early possible indications of a large-tonnage low-grade deposit are present. The Alcona Area contains high deposit potential with year-round access and proximity to infrastructure, an ideal phase two winter program candidate.

Holes 7, 8 and 17 are pending assays. We are very excited about holes 7 & 8 as they've shown very encouraging mineralization, so much so, we added a step back hole from hole 7 (hole 17) to the drill program and they both also hit unexpected mineralization near surface, widening the corridor.

Phase two planning has been initiated and will be communicated to the market once we have received all assays from this area.

Overall, a fantastic start to our drilling program. We look forward to communicating additional results in the near future on Alcona, New Millennium (never drilled) and Moretti target areas." Peter Schloo, President, CEO and Director.

"I am encouraged by the number of high-grade intersections and anomalous gold mineralization between them.

The Alcona area has potential to host a high tonnage low grade gold deposit. More drilling is required to substantiate our geological modeling on this target." Mitch Lavery P. Geo, Strategic Advisor and QP to the Company.

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.


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Figure 1: Alcona Area ā€“ 2023 Drill Locations ā€“ Phase 1


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Figure 2 ā€“ Alcona Area "Delaney Vein

Qualified Person

Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 ā€“ 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, 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 forwardā€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 forwardā€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.

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2023 TheNewswire - All rights reserved.

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HIGHLIGHTS

- Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource

- The Vertex team are planning diamond drill programs for the following:

o Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resource

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o Safe, Semi-automated, with a rod-handler system which allows for less manual handling

o Allows greater flexibility in drilling over a number of resource and exploration areas

o LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs

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o More control and accuracy over precision of drilling.

o Works well with Job sharing

o Reduces pressure on Mining crew to have drill cuddy availability

o The LM90 rig will be accounted for as an asset on the Vertex balance sheet

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LONGYEAR LM90 UNDERGROUND DRILL RIG - KEY FEATURES

The LM90 has several attributes which will provide flexibility for on-site drilling operations, where Vertex will be able to maintain drill sites with the Company's own underground mining crew. The deployment of the LM90 also means Vertex does not have to pay stand-down time or mobilisation fees, and its drillers can be assigned to other jobs.

1. REVERSIBLE FEED CYLINDER

The feed cylinder is reversible which increases up-hole drilling capacity.

2. SEMI-AUTOMATED ROD HANDLING

Semi-automated rod handler (optional) makes handling of rods safer and easier.

3. HIGH TORQUE BREAKOUT

Automated high torque breakout device breaks most rod joints automatically.

4. FAIL SAFE ROD CLAMP

Hydraulic open and spring close rod clamp resultsin failsafe operation.

5. LOAD SENSING HYDRAULICS

Load sensing hydraulics maximize efficiency and reduce heat.

6. PROPORTIONAL CONTROLS

Proportional controls and lock levers provide optimum control of rpm and feed.

7. DIRECT COUPLED FEED FRAME

Direct coupled feed frame resultsin lower maintenance and smoother feed transmission

Combined Mineral Resource Estimate (MRE) for the Reward gold deposit at Hill End stands at 419,000 tonnes at 16.72g/t Au for 225,200oz Au (VTX Announcement 21 June 2023)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8DG26OB8



About Vertex Minerals Limited: Ā 

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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Western Copper and Gold Corporation logo (CNW Group/Western Copper and Gold Corporation)

"I am pleased with the progress made during my tenure as Interim Chairman," said Bill Williams . "With Ray's extensive background in project development, construction, and executive management, I am confident he is the right person to lead the Board moving forward".

"I am excited to step into the role of Chairman and to lead the Board during this pivotal time for Western," said Raymond Threlkeld . "I look forward to collaborating with my fellow directors and management to unlock the full potential of the Casino Project".

ABOUT western copper and gold corporation

western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com .

On behalf of the board,

"Sandeep Singh"

Sandeep Singh
Chief Executive Officer
western copper and gold corporation

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Certain forward-looking information should also be considered future-oriented financial information ("FOFI") as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management's expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding: mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino ; advancing the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider operation; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and as more specifically disclosed throughout this document, and in the AIF and Form 40-F.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/western-copper-and-gold-appoints-raymond-threlkeld-as-chairman-302260782.html

SOURCE western copper and gold corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/27/c3353.html

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