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VANCOUVER, BC TheNewswire - October 17, 2023 Heritage Mining Ltd. (CSE:HML ) ( FRA:Y66) (" Heritage " or the " 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.
Click Image To View Full Size
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Figure 1: Alcona Area – 2023 Drill Locations – Phase 1
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Figure 2 – 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 – 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 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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