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Widest Vein Ever Intersected at Drayton-Black Lake
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Heritage Mining
Overview
Mining in Ontario is big business. In 2021, Ontario’s mining industry produced roughly C$11.1 billion worth of minerals, accounting for 20 percent of Canada’s total production value. The importance of the mining industry has helped create a mining-friendly jurisdiction that understands the value of capitalizing on its natural resources. That’s why the Fraser Institute has ranked Ontario among the top 15 jurisdictions worldwide for investment attractiveness.
Additionally, the Canadian government is making a significant push to ramp up the production of critical minerals, including copper, lithium and aluminum. This push has resulted in more than 31 critical mineral projects in advanced exploration stages in Ontario,e paving the way for the development of a domestic supply chain for the country.
Heritage Mining (CSE:HML) is an exploration and development mining company with district-scale assets targeting gold and copper mineralizations within Ontario. The company’s flagship Drayton-Black Lake project is a strategically assembled district-scale project with encouraging bulk samples, high-grade gold intercepts and robust existing infrastructure. An experienced management team leads Heritage Mining with more than 100 years of combined experience working within the natural resources sector.
The Drayton-Black Lake project is a district-scale asset with a rich history, but a single company has never operated the entire area. Instead, it was split up among different operators and has never received systematic exploration to determine its mineralizations' actual width and depth.
As a result, Heritage Mining is launching the first systematic exploration program that will identify promising deposits throughout the entire area of this historic region from a low-grade, high-tonnage perspective.
The company entered a definitive asset purchase agreement with Bounty Gold Corp. to acquire 50 mining claims in the Split Lake zone adjacent to Heritage's flagship Drayton-Black Lake project. Heritage will acquire a 100 percent interest in the Split Lake property in exchange for issuing Bounty 100,000 common shares.
“Relative to other projects in the area, we are very close to infrastructure. There is a paved highway through the property, all-weather logging roads, and well-maintained ATV roads. So it’s quite a bit different than other projects in Northern Ontario: there are no ice roads and we don’t have to fly in to do work,” CEO Peter Schloo stated in an interview.
The company also operates the Contact Bay project containing high-grade copper-nickel mineralizations. The 4,700-hectare land package is within an active mining area and has known gold, nickel and platinum-palladium mineralizations. While the Drayton-Black Lake project is the main focus, Contact Bay will expose the company to critical minerals.
Heritage Mining’s management team has a proven track record in the mining industry and has overseen transactions exceeding C$15 billion. In addition, the team has experience in corporate finance, administration and geology.
Company Highlights
- Heritage Mining is an exploration and development mining company with district-scale opportunities in Ontario, Canada, targeting gold and copper.
- The company’s flagship project, the Drayton-Black Lake project, has strong historical results but has never been systematically explored from a low-grade, high-tonnage perspective. Heritage is the first company to own the entire area and will conduct a thorough exploration program to identify promising mineralizations.
- Drayton-Black Lake project has existing infrastructure that provides year-round highway access to the property, a significant advantage over other regional projects.
- Samples from the company’s 2022 field program showed multiple high-grade gold vein system channels.
- Heritage Mining’s Contact Bay project contains high-grade copper-gold mineralizations and exposes the company to the critical minerals market that is rapidly growing within Ontario.
- A veteran management team leads the company with a combined 100 years of experience in the mining sector.
Key Projects
Drayton-Black Lake Project
The 14,229-hectare project has undergone significant historical exploration, including more than 176 holes drilled, with high-grade gold and copper discoveries. The project is located in a mature mining district in Ontario, a jurisdiction known for its low geopolitical risk and mining-friendly government.
Project Highlights:
- Priority Zones Identified: Heritage Mining has identified four priority gold zones with multiple historic high-grade intersections that will guide future exploration programs. These zones are:
- Moretti Zone - Samples up to 1,212 g/t gold
- Split Lake Zone - 0.7 meters at 14.8 g/t gold
- Shaft Zone - 2 meters at 14.5 g/t gold
- West Zone - Up to 150.86 g/t gold
- Over 100 Years of Historical Data: Exploration data from the past century is being compiled to create a greater understanding of the area that will rapidly advance the project by guiding future exploration decisions.
- 2022 Field Program Completion: Exploration program included property-wide MagEM airborne geophysical surveying, regional mapping, prospecting and sampling in addition to the recently completed channel sampling work. Results from grab samples include:
- up to 58.1 g/t gold at Main Prospect
- up to 24.6 g/t gold at Pond Prospect
- up to 46.5 g/t gold at New Millennium Prospect
- up to 208 g/t gold at Moretti
- up to 0.95 g/t gold at Black Lake
- 2023 Drill Program Highlights: Completion of drill program validated and expanded the deformation corridor, now boasting an impressive ~200 meters width, 1 kilometer in strike length and a depth reaching at least 145 meters.
- Alcona Area, HML23-007: 0.90 g/t gold over 10.15 meters from 104.75 meters
- Moretti Area, HML23-012: 1.01 g/t gold over 5 meters from 105 meters
The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.
Contact Bay Copper-Gold Project
The project covers 4,700 hectares and contains multiple high-grade copper-nickel and gold occurrences. Contact Bay is also located in Ontario andt is in the exploration phase, with targets identified for exploratory drilling.
Project Highlights:
- Promising Mineralization Styles: The asset contains a diverse range of mineralizations, including:
- Northeast - Rock sample assayed 0.40 g/t gold and 0.7 percent copper, sheared and altered gabbro
- Northeast – A 1.2-meter chip channel assayed 4.2 g/t Au
- Platinum and Palladium values up to 0.28g/t
- Priority Targets Identified: Heritage Minerals has three priority drill targets, each with high-grade historic drill intersections that warrant additional follow-up.
- Impressive Geophysical Interpretation: Exciting highlights from exploration work include the interpretation defining two substantial mafic-ultramafic intrusive bodies with multiple nickel-copper-PGE (platinum group elements) target areas:
- Nabish Lake Area: ~ 5 kilometers long, up to 1 kilometer wide, over 1 kilometer in depth)
- North Nabish Lake Area: ~ 2 kilometers long, 1 kilometer wide, over 1 kilometer in depth
Geophysical interpretation of the Contact Bay area along with findings from the 2023 prospecting program, suggest geological similarities to other Archean nickell-copper-PGE occurrences and deposits.
Management Team
Peter Schloo - President, CEO and Director
Peter Schloo holds the CPA, CA and CFA designations with over eight years of progressive experience in capital markets, operations and assurance. He has held senior executive and director positions in a number of private companies, a majority in the precious metals sector including CFO of Spirit Banner Capital and VP of corporate development and interim CFO for Ion Energy. Schloo is also currently a director of Pacific Empire Minerals. (PEMC). His past successes include over C$80 million in associated capital raising opportunities involving public and private companies.
Patrick Mohan - Chairman and Director
Patrick Mohan is a 35-year investor relations veteran and is the founder, president and chief executive officer of Mohan Group. Mohan is also on the board of Metals Creek Resources Corp. Previously, he occupied the position of president, CEO, director and head of investor relations at Kitrinor Metals. Mohan’s past successes include the development of the Cote Gold Project and the sale of Trelawney Mining & Exploration to IAMGOLD for C$585 million (US$595 million) in cash In 2012.
Wray Carvelas - Director and Chair of Compensation Committee
Wray Carvelas has provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. As a senior executive at DRA Global he was responsible for the growth and development of the business in both North and South America. The mandate was to grow business in the Americas, both organically and inorganically without any significant capital base. Carvelas also held positions at KBR, ELB, and De Beers, involving management of development, production, and metallurgical (R&D and capital management) responsibilities.
Thomas Reid - Director
Thomas Reid has a 30 year career with Sun Life Financial as CFO Canada and head of corporate development. Since joining Sun Life Financial in 1994, Reid has held increasingly senior positions throughout Sun Life in finance, corporate development, public relations and investor relations. From 2009 to 2020, Reid led the group retirement services business at Sun Life, growing the assets under management from $30 billion to $130 billion. For the last four years, Reid was responsible for the strategy and growth team for Sun Life in Canada, where his team led strategic planning for the Canadian businesses and explored how Sun Life could invest in new businesses to accelerate the company's growth in Canada. Reid also holds the CPA and CA designations.
Rachel Chae - CFO
Rachel Chae, with over eight years of experience, has served as CFO for various publicly traded companies, including several Canadian junior mineral exploration companies. She holds the chartered professional accountant designation working at Cross Davis & Company LLP, a chartered professional accountant firm providing accounting services to publicly listed entities, primarily in the mining sector.
Patrick Sullivan - Corporate Secretary
Patrick Sullivan is a mining, M&A and securities lawyer at a national law firm with a decade of experience in the junior mineral exploration sector. He has acted on several significant global mining transactions including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation. Sullivan also has significant experience advising on mineral stream and royalty finance transactions.
Rick Horne - Geologist
Rick Horne has over 40 years of experience as an economic geologist. His experience includes senior roles with Acadian Mining (Atlantic Gold) as chief geologist and with Dufferin Gold Mine (Resource Capital Gold) as chief geologist and mine manager. Horne is an expert in lode gold systems, structural geology and geological mapping spending 22 years with NS Energy and Mines focussing on Bedrock mapping.
Mitchel Lavery, - Advisor
Mitchel Lavery has over 45 years’ experience in the exploration and development of mining projects with several junior and major mining companies. Lavery was instrumental in the discovery of the Bell Creek Gold Mine in Timmins, ON; the development and operation of the Joubie Gold Mine, Val-d’Or, QC; and the acquisition and development of the Quebec Lithium property, Lacorne, QC. He is the president and a director of Seahawk Gold. and is a qualified person under NI-43-101 regulations.
District-Scale Opportunities with Historically Promising Assets
Heritage Intersects ~46 Metre Quartz-Sulfide Vein in second Hole at Zone 3 Extension
VANCOUVER, BC TheNewswire - May 15, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce preliminary results from its 2025 diamond drill program at Zone 3 extension, Drayton Black Lake project (" Project "). Two scout holes have been completed, and a third hole is in progress, testing a major northeast-southwest striking linear magnetic feature that is granite-hosted. The second scout hole (HML25-011) intersected the widest quartz vein ever drilled within the Project area to date, approximately 46m wide (true width ~32m, assuming the vein is near vertical). The Company has therefore modified the current drill program to further test this quartz-rich structure at deeper and shallower levels, as well as along strike.
Zone 3 Extension Drill Highlights:
Drilling discovered a broad zone of granite-hosted quartz vein mineralization
Widest quartz vein ever intersected at the Project
Vein width is ~46 metres (from 209.40m to 255.55m)
Locally visible sulphides include chalcopyrite, galena, pyrite and hematite staining
Drill core is being logged, split and sent for assay as soon as possible
" We are extremely pleased to have intersected such a broad vein zone in only the second scout hole at Zone 3 Extension prospect. Our geologists have observed locally significant sulphides in the quartz (galena, molybdenite, pyrite), indicating this structure acted as an important conduit for mineralized fluids. Tapping into such a broad quartz structure this early into the program underscores the significant opportunity at the Drayton-Black Lake Project for further discoveries within this established gold-rich camp. This is an excellent start to Heritage's scout drill program, and we are now redesigning the drill program to ensure this mega-structure is pierced further along strike and at a range of depths. We look forward to reporting more results from the scout program in due course." Commented Peter Schloo, President, CEO and Director of Heritage Mining.
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Figure 1: HML25-011 Box 5 8 (top) to 69 (bottom), ~209.40m to ~255.55m (~46m); shows the thickest quartz sulfide vein ever intersected at Drayton-Black Lake.
Discussion of Results
The 2025 drill program at Zone 3 Extension is targeting granite-hosted mineralized quartz-vein structures that were first observed in the HML Zone 3 drilling program of August 2024. T wo scout holes (HML25-010 and -011) totalling 592m have been completed by the Company. Both drill holes tested a northeast trending linear magnetic feature that is ~2km long and up to ~200m wide hosted by the Lake of the Bays Batholith. These scout holes were drilled approximately ~1km from the nearest drill site at Zone 3 2024 drilling targets.
The first scout hole (HML25-010) intersected multiple zones of granite cut by broadly spaced, cm-scale quartz – pyrite – chalcopyrite veins. The second scout drill hole HML25-011 intersected much wider structural zones, including a massive quartz vein from 209.4m to 255.5m depth (true width ~32m), the widest quartz-vein structure ever intersected on the Project. This "Mega" quartz structure is characterized by "dirty" quartz with moderate hematite staining and locally contains disseminated and vein-hosted pyrite, chalcopyrite, sphalerite, galena and molybdenite mineralization (Figure 4). This maiden discovery of a "mega" quartz structure is highly encouraging and warrants further exploration.
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Figure 2: Plan map view showing the vein zone in HML025-011 (red line segment); line of section for Figure 3 is shown with a dashed white line.
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Figure 3: Cross-Section view showing planned holes to test the vein zone in HML025-011. The planned drill fan is arranged approximately perpendicular to the global trend of the linear magnetic feature shown on the map in Figure 2.
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Figure 4: Selected mineralization photos from HML25-011 209.40m – 255.55m showing "dirty" quartz with moderate hematite staining and locally contains disseminated and vein hosted pyrite, chalcopyrite, sphalerite, galena and molybdenite mineralization. | |
Qualified Person
Stephen Hughes 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.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Heritage Mining Announces Closing of Strategic Investment
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VANCOUVER, BC, May 14, 2025 TheNewswire - Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce that, further to its news release dated May 7, 2025, it has closed its non-brokered private placement consisting of 3,000,000 flow-through units (" FT Units ") at a price of $0.05 per FT Unit for gross proceeds of C$150,000 to a strategic investor (the " Offering ").
Each FT Unit consists of one flow through common share (" FT Common Share ") and one Warrant (" FT Unit Warrant ") with each FT Unit Warrant entitling the holder to purchase one Common Share at an exercise price of $0.10 for a period of 60 months from issuance, subject to acceleration provisions. Each FT Common Share will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada).
The Company paid an aggregate $12,000.00 in cash commissions and issued an aggregate 240,000 compensation options (the " Compensation Options ") in connection with the Offering. Each Compensation Option entitles the holder to acquire one additional Unit at a price of $0.05 for a period of 36 months following the date of issuance.
Proceeds of the Offering will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project and Contact Bay, in addition to general working capital. All securities issued pursuant to the Tranche One are subject to a statutory hold period of four months plus one from the date of issuance, in accordance with applicable securities legislation.
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:
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.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Heritage Mining Announces Encouraging Gold Results from New Millennium Drill Program and provides Exploration Update and Strategic Investment
(TheNewswire)
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NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC, May 7, 2025 TheNewswire - Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased announce results from its winter drill program at its flagship Drayton Black Lake (" DBL ") exploration project (Figure 1 and 2) in Sioux Lookout, Ontario. The Company conducted scout drilling at the New Millennium orogenic gold target area utilizing its in-house drilling rig and team. The Company is also pleased to provide an update on its planned diamond drill program at the Zone 3 (DBL) Extension and Rognon Mine Area (Contact Bay) prospects.
Highlights:
Intersected multiple zones of strong gold mineralization in shallowly drilled holes (average 61m depth) at the New Millennium prospect, including HML25-003 (87m) which assayed 6m @ 1.05g/t gold, 3m @ 1.77g/t gold and 2m @ 1.78g/t gold (Table 1).
Broad zones of quartz veins were intersected in HML25-006, which assayed 13m @ 0.23g/t gold
Zone 3 Extension scout drill program commenced, and the first hole has been completed intersecting a granite cut by quartz – sulphide veins over broad intervals
Received additional drill permit for targets within the Rognon Mine Area
Secured a second drill rig for the diamond drill program at Zone 3 Extension and Rognon Mine Area, targets will be drilled simultaneously
"These initial drill results from New Millennium are highly encouraging, considering the average hole depth is only 61 meters. These scout holes confirm the presence of mineralized vein swarms and structures, validating historical high-grade surface samples. We have also secured an additional diamond drill rig to fast track our exploration agenda drilling Zone 3 and Rognon Mine simultaneously. This, combined with receiving additional diamond drill permits at the Rognon Mine Area, truly unlocks our potential for discovery significantly ahead of schedule while maintaining established cost efficiencies. With additional financial support, we are in a strong position to advance our exploration initiatives heading into the summer. We look forward to communicating further results on our ongoing 2025 diamond drill exploration program utilizing our cost-effective exploration operations including in-house drilling team on current and additional targets being developed." Commented Peter Schloo, President, Director and CEO of Heritage.
The Company is also pleased to announce a non-brokered private placement consisting of 3,000,000 flow- flow-through units (" FT Units ") at a price of $0.05 per FT Unit for gross proceeds of C$150,000 to a strategic investor (the " Offering "). Each FT Unit consists of one flow through common share (" FT Common Share ") and one Warrant (" FT Unit Warrant ") with each FT Unit Warrant entitling the holder to purchase one Common Share at an exercise price of $0.10 for a period of 60 months from issuance, subject to acceleration provisions. Each FT Common Share which will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada).
Closing of the Offering is expected to occur on or around May 14, 2025 (the " Closing Date "). The Offering is subject to all customary approvals. Proceeds of the Offering will be used to fund the Company's planned exploration and drilling programs on its Drayton-Black Lake Project and Contact Bay and general working capital. The securities issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder warrants.
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Figure 1: Ontario Project Portfolio 2025 Diamond Drill Program
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Figure 2: DBL Project: TMI over Bedrock Geology
New Millennium 2025 Diamond Drill Program Overview
Nine drill holes for a total of 556 meters were completed from three drill pads along a 150-meter strike of this newly identified vein set within the New Millennium target area (Figure 2). Dilling intersected multiple sets of mineralized veins (Table 1) and shear zones within an interpreted multi-deformation folded sequence (Figure 3).
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The Company is concurrently developing low-cost surficial exploration to advance the New Millennium target drill area (Figure 2 – inset map). Key upcoming programs may include the stripping and trench sampling of known vein sets and high-resolution basal till sampling across interpreted fold noses.
Table 1: Significant assays for New Millennium 2025 winter scout drilling program
Hole_ID | Target | From | To | Au g/t | Length | Composite |
HML25-003 | New Millennium | 18 | 20 | 1.78 | 2 | 2.0 m of 1.78 g/t Au |
And | New Millennium | 41 | 47 | 1.05 | 6 | 6.0 m of 1.05 g/t Au |
And | New Millennium | 71 | 74 | 1.77 | 3 | 3.0 m of 1.77 g/t Au |
HML25-004 | New Millennium | 38 | 42 | 0.77 | 4 | 4.0 m of 0.77 g/t Au |
HML25-006 | New Millennium | 52 | 65 | 0.23 | 13 | 13.0 m of 0.23 g/t Au |
HML25-007 | New Millennium | 62.5 | 70.6 | 0.78 | 8.1 | 8.1 m of 0.78 g/t Au |
Hole_ID | Target | From | To | Au g/t | Length | Composite |
HML25-003 | New Mellenium | 18.0 | 20.0 | 1.78 | 2.0 | 2.0 m of 1.78 g/t Au |
And | New Mellenium | 41.0 | 47.0 | 1.05 | 6.0 | 6.0 m of 1.05 g/t Au |
And | New Mellenium | 71.0 | 74.0 | 1.77 | 3.0 | 3.0 m of 1.77 g/t Au |
HML25-004 | New Mellenium | 38.0 | 42.0 | 0.77 | 4.0 | 4.0 m of 0.77 g/t Au |
HML25-006 | New Mellenium | 52 | 65 | 0.23 | 13.0 | 13.0 m of 0.23 g/t Au |
HML25-007 | New Mellenium | 62.5 | 70.6 | 0.78 | 8.1 | 8.1 m of 0.78 g/t Au |
Note- Significant intervals for exploration drilling calculated using a 0.1 g/t Au cutoff, 2.0m minimum length and 3.0m maximum consecutive internal waste. High-grade intervals calculated using a 1.0 g/t Au cutoff, 3.0m minimum length and a 3.0m maximum consecutive
Zone 3 Extension
The 2024 drill program at Zone 3 Extension identified granite hosted mineralisation and features consistent with a magmatic source for the gold mineralisation. This opens the potential for more widespread mineralisation in the Heritage tenements, outside of the traditional focus which is on orogenic lode style mineralization in the volcanics. Dr. Gregg Morrison, consultant to HML, reviewed 2024 Zone 3 drill core, commenting that it has "demonstrated similarities to other deposits in the region, particularly to the 5.8Moz granite-hosted Hammond Reef Deposit of Agnico Eagle."
The Company is currently scout drilling at Zone 3 Extension, testing along a linear mag-feature that is 2km long and up to 200m wide. The first scout hole is completed and is considered a technical success, intersecting multiple zones of granite cut by broadly spaced, cm-scale quartz – pyrite – chalcopyrite veins (Figure 4). Samples are currently being processed at our four-season core shack facility. Additional exploration programs for 2025 in this area are being considered including till sampling across structural controls to Zone 10 and east west from New Millennium to Split Lake Target areas as well as scout diamond drilling.
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Figure 4: HML25-010 Box 24 102.48m to 106.72m - Granite cut by quartz – sulphide veins
Rognon Mine – Contact Bay Project
The former Rognon/Wachman Mine produced 22.2 oz of gold and 0.5 oz of silver from 49 tons milled while in operation between 1916 and 1918 (Reference MLAS number MDI000000000779). Development is reported to be a shaft 106 ft deep with 307 ft of lateral development on two levels, including a raise to surface from the first (50 ft) level. There are surface indications that suggest the vein extends at least 750m in length (trenching, shafts, pits, historical mining) including five historical shafts (two production shafts and three exploration shafts). Heritage plans to undertake a maiden scout drilling program to test this vein system along strike and at depth, drilling is expected to commence mid-May.
An additional permit has been received to drill geophysical anomaly believed to related to the old Rognon Mine (Figure 5). A drill program for ~2175m in eleven drill holes has been designed and budgeted for the Rognon Mine area that lies within Contact Bay Project (Figure 5).
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Figure 5: Planned Diamond Drill holes over UAV Mag inversion model (2024)
Qualified Person
Stephen Hughes 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.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Heritage Mining Ltd. Announces Closing of the Second and Final Tranche of its Non-Brokered Private Placement of Units and Flow-Through Units
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NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC TheNewswire - April 22, 2025 Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce that it has closed the second and final tranche (" Tranche Two ") of its non-brokered private placement financing (the " Offering ") previously announced on April 7, 2025 and March 7, 2025.
The Company raised an aggregate of $232,500.00 pursuant to Tranche Two, of which $182,500.00 was raised on the issuance of 3,650,000 units (" Units ") and $50,000.00 was raised on the issuance of 1,000,000 flow-through units (" FT Units "), for total gross proceeds of $1,028,500.00 from the Offering. Each Unit was issued at a price per Unit of $0.05 and is comprised of one common share in the capital of the Company (" Common Share ") and one Common Share purchase warrant entitling the holder to acquire one Common Share for a period of 60 months from issuance at an exercise price of $0.10 (" Warrant "). Each FT Unit was issued at a price per FT Unit of $0.05 and is comprised of one Common Share which will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada) and one Warrant.
The Warrants are subject to an accelerated expiry option whereby the Company can trigger an accelerated 30-day expiry of the Warrants if the closing price of the Company's Common Shares listed on the Canadian Securities Exchange (the " CSE ") remain higher than $1.00 for 10 consecutive trading days. On the 10th consecutive trading day above $1.00 (the " Acceleration Trigger Date "), the Expiry Time may be accelerated to 30 trading days after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration, within two trading days of the Acceleration Trigger Date.
The Company paid an aggregate $1,450 in cash commissions and issued an aggregate of 28,000 compensation warrants (the " Compensation Warrants ") in connection with Tranche Three. Each Compensation Warrant entitles the holder to acquire one Common Share for a period of 36 months from issuance at an exercise price of $0.05.
Proceeds of Tranche Two will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project, in addition to general working capital. All securities issued pursuant to the Tranche Two are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company looks forward to continuing to advance its planned exploration program on the Drayton-Black Lake Project on schedule.
As part of the closing of Tranche Two, the Company settled $75,000 in debt obligations through the issuance of 1,500,000 Common Shares at a price of $0.05 and issued 2,180,000 Common Shares to directors and officers pursuant to the Company's equity incentive policies upon the recommendation of the compensation committee of the Company's board of directors.
For further information about the Company, please see the Heritage's profile on SEDAR at www.sedar.com .
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 – Chief Executive Officer, President 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.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Heritage Provides Exploration Update on New Millennium Prospect
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NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC TheNewswire - March 24, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that samples have been submitted on Saturday March 22, 2025 from the New Millennium 2025 diamond drill program targeting two mineralized vein systems in the immediate vicinity of the highest grade grab sample on the property (2,330 gt Au) within its flagship exploration project Drayton Black Lake (" DBL ") (Figure 2 and 3). The Company anticipates recommencing drilling on Zone 3 Extension Prospect in short order.
New Millenium Target Historical Highlights:
The Company's 2025 diamond drill program drilled under historical trenches which had results up to 5.18oz/ton Au and 4.8oz/ton Au, +1,000g/t Ag, 0.37% Cu, %0.078 Mo, +1%Pb, 0.68%Zn
The Company has confirmed these findings at surface in prior work programs returning up to 2,330 g/t Au (grab) in the immediate vicinity of the above-mentioned trenches tracing over 300m at surface
Multi-elemental analysis from prior channel sampling programs supports positive correlation between Au and Te, Ag, Cu, Pb, Zn. When combined with visual inspection of core, shows similarities to mineralization at Zone 3, an intrusion related gold mineralization system identified in 2024 comparable to Hammond Reef style mineralization.
New Millennium Target Highlights (Press Release: February 27, 2025)
Total 556m in nine holes completed vs planned 370m over seven holes. Additional meterage was driven from favorable mineralization intersection. All samples are delivered to the lab as at Saturday March 22, 2025.
Drill holes show multiple occurrences (up to 51.40m core length) of variably mineralized shear zone material, local granitic/felsic intrusions, and massive to semi massive quartz veins (Figure 1) in seven of the nine holes drilled.
The presence of chalcopyrite with pyrite in chlorite-carbonate alteration with patchy k-feldspar alteration in quartz veins and wall-rock is reminiscent of some of the best Au-bearing intercepts at the nearby Zone 3 Prospect that were drilled in 2024 (September 20, 2024 Press Release).
Click Image To View Full Size
Figure 1: HML025-006 Select photograph showing variably mineralized shear zone material hosting semi massive fine grade pyrite filling laminations within massive to semi massive quartz veins associated with k-feldspar altered granite.
"The historical significance of the recently acquired (100% owned) New Millennium target area is very impressive and important to mention as we look forward to assay results. Our systematic exploration approach has successfully intersected significant mineralized core lengths, which is an interesting twist compared to the historically observed high-grade but narrow veins at surface.
It seems to widen at depth, which is a very good sign, considering we have only drilled up to 87m.
We are also looking forward to drilling Zone 3 (DBL Project) and the Rognon Mine are (Contact Bay Project), both of which are high potential drill target areas.
For some time now, we have secured a controlling position on our projects within one of the last underexplored greenstone belts with fantastic access in Northern Ontario. I would like to thank the technical team for their contributions to a successful 2025 drill program thus far, and I look forward to the assay results, continued drilling, and our growth together." Commented Peter Schloo, President, CEO and Director of Heritage
Click Image To View Full Size
Figure 2: DBL Total Property Outline
Click Image To View Full Size
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.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Kalgoorlie Gold Mining
Investor Insight
Kalgoorlie Gold Mining offers investors a compelling proposition through its strategic focus on low-cost gold exploration in Western Australia's prolific Eastern Goldfields, highlighted by its Lighthorse high-grade gold discovery at the Pinjin project.
Overview
Kalgoorlie Gold Mining (ASX:KAL) is a technically driven explorer targeting multi-million-ounce gold systems in the Eastern Goldfields of Western Australia. Through rigorous geophysical interpretation, structural targeting, and systematic drilling, the company is applying modern techniques to historically overlooked terranes. Its focus is on discovering concealed gold deposits beneath shallow cover by leveraging a proven methodology that includes geophysical analysis, geochemistry, aircore reconnaissance and RC follow-up drilling.
At the heart of this strategy is the flagship Pinjin project, located along the underexplored southern extension of the Laverton Tectonic Zone, a prolific gold-bearing structure responsible for over 30 Moz of historical production from mines such as Sunrise Dam, Granny Smith and Wallaby. Positioned just 20 km north of Ramelius Resources’ Rebecca gold project, Pinjin is ideally situated in a district that has seen limited modern exploration. Kalgoorlie Gold has already delivered a maiden JORC 2012 inferred resource of 76,400 oz (2.34 Mt @ 1.0 g/t gold) at the Kirgella Gift and Providence prospects. These results confirm the presence of shallow mineralization and validate the company’s targeting model. Numerous structural targets have been identified throughout the project area, the majority of which remain untested.
Within Pinjin, the Light Horse Discovery is the company's highest-impact target, where RC drilling has confirmed thick, high-grade mineralization in altered mafic volcanics. The discovery validates Kalgoorlie Gold’s undercover targeting model and is being advanced toward a maiden resource.
Complementing this is the Bulong Taurus project, 35 km east of Kalgoorlie, which hosts the La Mascotte deposit with a JORC inferred resource of 138,000 oz gold (3.61 Mt @ 1.19 g/t). The project includes historic workings and satellite prospects within a structurally favorable corridor. While a secondary focus, heritage approvals are underway to enable follow-up drilling and assess near-term development potential.
To date, Kalgoorlie Gold has tested only around 10 percent of its known targets but has already encountered mineralization in roughly half of them – an exceptional hit rate that underscores the strength of its approach. As the company ramps up its exploration programs, it is positioning itself as one of the most compelling early-stage gold discovery stories in the Australian market.
Company Highlights
- District-scale Positioning: Kalgoorlie Gold controls an expansive, underexplored land package in the Laverton Tectonic Zone, south of major operations like Sunrise Dam and Wallaby and just 20 km north of the planned Rebecca gold mine.
- Lighthorse Discovery: Thick, high-grade gold intercepts under shallow cover confirm a significant greenfields discovery, with potential for resource definition and scale.
- JORC Resource Established at Pinjin: An initial 76,400 oz gold resource at Kirgella Gift and Providence validates the company’s targeting strategy.
- Systematic Exploration Success: >10 targets tested, ~50 percent hit rate with anomalous high-grade gold. Over 90 percent of the company’s target inventory remains untested.
- Experienced Leadership: Matt Painter, managing director, brings deep structural geology expertise and a strong history of generating successful exploration targets globally.
- Favorable Market Tailwinds: With gold trading near all-time highs, Kalgoorlie Gold offers leveraged upside through discovery-driven valuation re-rates.
Key Projects
Pinjin Project
The Pinjin project covers more than 350 sq km and is situated within the southern extension of the Laverton Tectonic Zone, a crustal-scale shear corridor accounting for >30 Moz of historical production. Despite its proximity to major mines, this southern area has seen minimal modern exploration.
Kalgoorlie Gold’s initial focus has been the Kirgella Gift and Providence prospects, where the company defined a JORC 2012 inferred resource of 2.34 Mt @ 1.0 g/t Au for 76,400oz. This estimate was derived from near-surface RC drilling down to ~100 metres, with mineralization remaining open at depth and along strike.
The company has also acquired geophysical datasets and conducted interpretation work to identify additional structural corridors and dilation zones likely to host mineralization. These were validated by soil sampling, structural mapping and aircore drilling. Work completed to date includes more than 16,000 metres of drilling, extensive geological mapping, and data reinterpretation, while upcoming plans involve deeper drilling, geophysics to enhance target definition, and continued aircore programs to expand the exploration footprint.
Lighthorse Discovery
The Lighthorse prospect, situated within the greater Pinjin project area, represents Kalgoorlie Gold’s most promising greenfields discovery to date. Discovered beneath shallow cover using the company's rigorous targeting methodology, Light Horse has yielded multiple thick, high-grade intercepts, confirming the presence of a significant mineralized system. RC drilling has returned standout results such as 2.2 g/t gold over 23 metres, 3.1 g/t gold over 14 metres, and 6.5 g/t gold over 7 metres. These intercepts occur in altered mafic volcanics and are interpreted to represent a robust gold system with potential for lateral and vertical continuity. The discovery validates Kalgoorlie Gold’s structural targeting model and supports the thesis that the region may host not just a single deposit, but a larger gold field. Currently, Lighthorse is the highest-priority drill target in the company’s pipeline. Near-term plans include further RC step-out and infill drilling to define mineralized zones, downhole geophysics to guide targeting of high-grade shoots, and eventual metallurgical sampling. A maiden resource is anticipated following the next phase of drilling, with the potential to rapidly advance toward scoping studies in 2026.
Bulong Taurus Project
Located just 35 kilometres east of Kalgoorlie-Boulder, the Bulong Taurus project offers near-term optionality and brownfields upside. The project hosts the La Mascotte deposit, which contains a JORC 2012 inferred mineral resource of 138,000 oz at 1.19 g/t gold. This outcropping resource is located within the historical Taurus Goldfield and is surrounded by a suite of satellite targets, historical workings and underexplored geophysical anomalies. The geology is characterized by a mix of felsic and mafic volcaniclastic units, cut by northeast-trending structures favorable for gold deposition. Kalgoorlie Gold has undertaken mapping, sampling and historical data reprocessing to refine targeting, and is currently working with Traditional Owners to secure heritage clearances for further exploration. Planned future activities at Bulong Taurus include RC drilling to test extensions of La Mascotte, soil and geophysical surveys across adjacent prospects, and evaluation of development or joint venture options depending on resource scale and continuity. While not the company’s primary focus, Bulong Taurus offers strategic exposure to additional ounces near existing infrastructure.
Management Team
Dr. Matt Painter – Managing Director & Chief Executive Officer
Dr. Matt Painter is a geologist with over 25 years of experience in mineral exploration and project development. He holds a BSc (Hons) and a PhD in geology. Before joining Kalgoorlie Gold Mining, Painter served as general manager of exploration at Ardea Resources Limited, where he played a pivotal role in advancing the company's gold and nickel projects. His expertise lies in structural geology and the discovery of concealed mineral systems, which is instrumental in driving Kalgoorlie Gold Mining's exploration strategy.
Graeme Smith – Chief Financial Officer & Company Secretary
Graeme Smith brings more than 30 years of financial and corporate governance experience to Kalgoorlie Gold Mining. He holds a Bachelor of Economics and is a Fellow of the Chartered Institute of Secretaries, a Fellow of CPA Australia, and a Fellow of the Chartered Secretaries Australia. Smith has held senior financial roles across various ASX-listed companies, providing strategic financial oversight and ensuring compliance with corporate regulations.
Pauline Gately – Non-executive Chair
Pauline Gately is an accomplished non-executive director with over a decade of board experience across the mining, financial technology and consumer goods sectors. Her board contributions are underpinned by 20 years in investment banking, encompassing senior roles in investment strategy, economics and funds management. Gately is a graduate and member of the Australian Institute of Company Directors and holds a BA (Hons) in Economics and a Graduate Diploma in Accounting. She also serves as a non-executive director of Ardiden Limited.
Andrew Penkethman – Non-executive Director
Andrew Penkethman is a geologist with more than 25 years of technical and corporate experience in the resources sector. He has worked across exploration, feasibility studies, and operations within Australia and internationally. Penkethman is currently the managing director and CEO of Ardea Resources, bringing valuable insights into project development and strategic planning to the board of Kalgoorlie Gold Mining.
Scott Herrmann – Exploration Manager
Scott Herrmann oversees Kalgoorlie Gold’s exploration programs across its project portfolio. With a strong background in geology and mineral exploration, Herrmann plays a critical role in target generation and drill program execution, contributing to the company's discovery success.
NevGold Announces Closing of Upsized C$6.0M Brokered Private Placement Financing
Nevgold Corp. (" NevGold " or the " Company ") (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50 ) is pleased to announce that it has closed its previously-announced brokered private placement financing and concurrent non-brokered financing of units (the " Units ") for gross proceeds of $6,000,000 (the " Offering "). Each Unit, priced at $0.30 per Unit (the " Issue Price "), consists of one common share in the capital of the Company (each, a " Common Share ") and one-half of one Common Share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.45 until May 29, 2027. Clarus Securities Inc. (the " Lead Agent "), was Lead Agent and sole bookrunner, on behalf of Research Capital Corp. and Moneta Securities Corp. (the " Agents ").
NevGold CEO, Brandon Bonifacio, comments: "We are pleased to announce the closing of our upsized financing which sets the company up for a very active 2025 field season and many near-term value catalysts. We will focus on advancing our emerging gold-antimony Limousine Butte Project in Nevada, and the gold Nutmeg Mountain Project in Idaho. We will also systematically progress our prospective Zeus Copper Project in Idaho to identify drill targets in one of the most active districts in the United States for copper exploration. The successful financing is a testament to our supporters and the growing NevGold platform. We are thankful to our existing shareholders, and we have also added some significant new names to our shareholder registry through this financing."
The Company issued an aggregate of 20,000,000 Units at a price of $0.30 per Unit pursuant to the Offering. The Company intends to use the net proceeds of the Offering for advancing its Limousine Butte (Nevada), Nutmeg Mountain (Idaho) gold projects, Zeus copper project (Idaho), working capital and general corporate purposes, as further described in the Company's offering document under the listed issuer financing exemption dated May 27, 2025 filed on the Company's profile at www.sedarplus.ca and on the Company's website at www.nev-gold.com.
The Offering was conducted pursuant to the terms of an agency agreement between the Company and the Agents dated May 29, 2025. In connection with the Offering, the Agents received a cash commission of $339,669 and 1,132,229 non-transferable compensation options (each, a " Compensation Option ") on the gross proceeds of the Offering, other than with respect to purchasers on the Company's president's list. The Company also paid a cash finder's fee of $42,000 and issued 140,000 Compensation Options to an arm's length finder as consideration for locating certain purchasers on the Company's president's list. Each Compensation Option will entitle the holder thereof to acquire one Unit at the Issue Price until May 29, 2027.
The Offering was completed pursuant to the listed issuer financing exemption in accordance with National Instrument 45-106 – Prospectus Exemptions and the Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption , and the securities issued to purchasers in the Offering are not subject to a hold period pursuant to applicable Canadian securities laws. The Compensation Options and the securities issuable on exercise thereof are subject to a hold period expiring on September 30, 2025 in accordance with applicable Canadian securities laws. The Offering is subject to the final approval of the TSX Venture Exchange.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " 1933 Act ") or any state securities laws, and accordingly, were not offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
ON BEHALF OF THE BOARD
"Signed"
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at bbonifacio@nev-gold.com, call 604-337-4997, or visit our website at www.nev-gold.com.
About the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte (gold-antimony) and Cedar Wash (gold) projects in Nevada, and the Nutmeg Mountain (gold) and Zeus (copper) projects in Idaho.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward-looking statements include, but are not limited to the anticipated use of proceeds and the final approval of the TSX Venture Exchange.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, general economic, market and business conditions, and the ability to obtain all necessary regulatory approvals. There is some risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct or that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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Grande Portage Announces Important Developments for Direct Ore Shipping at the Proposed Cascade Point Marine Terminal Site near Juneau, Alaska
Goldbelt also has an existing Memorandum of Understanding with the Alaska DOT&PF for advancing development of an Alaska Marine Highway System (AMHS) passenger ferry terminal at the site, which would significantly shorten the ferry route between Juneau and nearby communities.
Last week, the Alaska DOT&PF announced that it is initiating a design-build contracting process for Phase 1 of the Cascade Point Passenger Ferry Terminal. The scope of work includes all earthworks and site preparation for the uplands area, procurement of materials for development of the marine area, construction of a replacement bridge to enable heavy equipment access to the site, and construction of a new access road suitable for year-round use. Total value for this contract is estimated at $20-30 million USD.
Development of the ore terminal is not contingent on development of the passenger ferry terminal - it can be developed prior to (and independently of) the passenger ferry facility. However, having the ferry terminal proceed first is highly advantageous as it would result in the development of infrastructure that will also be necessary for the ore terminal, particularly the new access road and bridge. This reduces the time and cost required for future ore terminal development.
Ian Klassen, President and CEO comments: "We are extremely pleased to see the State of Alaska advancing the Cascade Point Passenger Ferry Terminal towards construction. In the future, Grande Portage and Goldbelt intend to further develop the site by adding a freight barge terminal for transportation of ore from the New Amalga Gold Project to a third-party processing facility. This dual-use of the site will maximize the benefits to the local economy and create long-term job opportunities for the community of Juneau".
Fig. 1: Location of the New Amalga Gold Project and Cascade Point
Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on advancing the New Amalga Mine project, the outgrowth of the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga gold system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold.
The Company's updated NI#43-101 Mineral Resource Estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024.
About Goldbelt, Incorporated:
Founded in 1973 and officially incorporated in 1974, Goldbelt Incorporated is the urban corporation that represents the Juneau area. Goldbelt is an Alaska Native Corporation with a deep connection to both our ancestors and our children - we remember the stories and traditions of the past, while working to build a bright future for our shareholders in Southeast Alaska and beyond.
Goldbelt's businesses are diverse and feature both federal government contracting and commercial operations, which serve the tourism, transportation, and security industries. Goldbelt's government contracting subsidiaries offer solutions services in high-skill areas including information technology and cybersecurity, healthcare and medical services. More information is available at https://www.goldbelt.com.
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.
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