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VANCOUVER, BC TheNewswire - January 2, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce it has exercised its option (the " Option ") to acquire 40 mining claims in Ontario (the " Zarn Lake Claims ") pursuant to an option agreement dated January 6, 2021 (the " Option Agreement ") between the Company and Paul Riives (" Paul Riives "). The Zarn Lake Claims are contiguous with and form a portion of the Company's flagship Drayton - Black Lake Project (Figure 1,2,3).
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"We are thrilled to exercise our option to Acquire 100% of the Zarn Lake Claims. The District has seen significant strategic capital inflow recent years from major players (Figure 1), we are proud to increase our ownership position supporting our interest in developing the District and its immense potential. Drilling on these claims set to recommence mid to late January 2025, targeting the intersection of two mineralized quartz vein systems
Figure 1: HML Project Portfolio Ontario, Canada
in the immediate vicinity of this highest-grade sample on the project, 2,330 g/t Au. The Zarn Lake Claims also
include key technical areas of interest highlighted from Brett Davis, Advisor to Heritage Mining and Dr. Gregg Morrison, Advisor to Heritage from prior technical analysis October and November 2024." Commented Peter Schloo, President, CEO and Director of Heritage.
" This is an important strategic addition to the HML land package, encompassing extensions of previously unrecognised trends that recent prospecting has confirmed as being prospective for gold mineralisation." Commented Brett Davis, Advisor to Heritage.
To exercise the Option, the Company paid Riives an additional $70,000 cash, issued Riives an additional $50,000 of common shares (" Common Shares ") in the capital of the Company (833,333 Common Shares at a deemed price of $0.06 per Common Share) and incurred an additional $250,000 in project expenditures between the second and the third anniversary of the Option Agreement. Riives retains a 2% net smelter returns royalty on the Zarn Lake Claims with a buy back of 1% for $1,000,000 and an advanced royalty payment of $1,000 per year after the Company commences commercial production on the Zarn Lake Claims.
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Figure 2: DBL Total Property Outline
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Figure 3: DBL Project: Reduced-to-Pole Magnetic Intensity over Bedrock Geology
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; 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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