
(TheNewswire)
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Heritage Mining Ltd. (CSE: HML) (“Heritage ” or the “Company ”) is pleased to announce that it has closed the first tranche (“Tranche One ”) of its fully allocated non-brokered private placement financing previously announced on March 7, 2025.
The Company raised an aggregate of $796,000.00 pursuant to Tranche One, of which $702,500 was raised on the issuance of 14,050,000 flow-through units (“FT Units ”) and $93,500 was raised on the issuance of 1,870,000 units (“Units ”). Each FT Unit consisting 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 accelerations provisions. Each FT Share was issued at a price 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. 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 at an exercise price of $0.10 (“Warrant ”), subject to accelerations provisions .
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 $46,975.00 in cash commissions and issued an aggregate 729,500 compensation options (the “Compensation Options ”) in connection with Tranche One. 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 Tranche One 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 day from the date of issuance, in accordance with applicable securities legislation.
Insiders of the Company subscribed for 2,900,000 FT Units under Tranche One. Each transaction with an insider of the Company constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101 ”). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company’s market capitalization.
As part of the closing of Tranche One, the Company settled $10,000 in debt obligations through the issuance of 200,000 Common Shares at a price of $0.05.
“We are grateful for the continued support of key stakeholders and look forward to closing off the final tranche in short order.” Commented Peter Schloo, President CEO and Director.
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.
Click here to connect with Heritage Mining Ltd. (CSE: HML) to receive an Investor Presentation
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.
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.
The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.
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.
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.
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 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 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 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, 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 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 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 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
(TheNewswire)
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC TheNewswire - June 19, 2025 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that the board has approved the grant of incentive stock options pursuant to its stock option plan (the " Plan ") to certain directors, officers, and consultants to purchase up to an aggregate of 2,925,000 common shares in the capital of the company (the " Options "). The Options are exercisable at a price of $0.05 per common share and will expire three years from the date of grant. The Options are subject to the terms of the Plan, the applicable Option agreements and the policies of the Canadian Securities Exchange (" CSE ").
The Company further announces that it has agreed to settle $76,124 of debt owing to certain consultants, service providers and a director and officer of the Company by issuing an aggregate of 1,522,480 common shares (the " Shares ") in the capital of the Company at a deemed price of $0.05 per common share (the " Debt Settlement ").
"We greatly appreciate the support settling current debt for equity as we progress our exploration efforts across all projects in our Ontario Project Portfolio. We also have taken an inclusive effort regarding our option program and have recognized and rewarded valued team members of the Company. We look forward to communicating project findings and conclusions once available in the near future." Commented Peter Schloo, President, CEO and Director.
The Debt Settlement is subject to the approval of the Canadian Securities Exchange and all Shares issued pursuant to the Debt Settlement will be subject to a statutory hold period of four (4) months and one (1) day from the date of issuance, in accordance with applicable securities laws and the policies of the CSE. The Debt Settlement will not create a new control person.
The Company believes the Debt Settlement is in the best interest of its shareholders to reduce the amount of accrued indebtedness and improve its financial position.
The issuance of a portion of the Shares pursuant to the Debt Settlement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), as a company controlled by Peter Schloo, a director and officer of the Company, will receive an aggregate of 166,640 Shares. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement as the fair market value of such related party participation does not exceed 25% of the Company's market capitalization. The material change report in relation to the related party transactions may not filed more than 21 days before the completion of the Debt Settlement as the Company wished to complete the Debt Settlement as soon as commercially feasible. The disinterested directors of the Company have approved the terms of the Debt Settlement.
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.
News Provided by TheNewsWire via QuoteMedia
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.
Click Image To View Full Size
Click Image To View Full Size
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.
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.
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
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.
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
(TheNewswire)
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.
Figure 1: Ontario Project Portfolio 2025 Diamond Drill Program
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).
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.
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).
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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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.
News Provided by TheNewsWire via QuoteMedia
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Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.
In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.
The strong labour report came as a surprise to analysts who had been expecting employment rates to be flat month-over-month and the unemployment rate to increase to 7.1 percent. The June data signifies the first notable improvement in the job market since January and breaks a three-month rising trend in the unemployment rate.
Late on Thursday (June 10), US President Donald Trump threatened Canada with a 35 percent tariff on all exports starting on August 1. In his letter to Prime Minister Mark Carney, Trump said that Canada had imposed unfair trade practices, citing a 400 percent tariff on dairy products.
However, Canada has a trade deficit with the US when it comes to dairy. Imports in 2024 reached a record C$877 million, while exports of Canadian dairy totaled just C$358 million. Canada imposes a tariff rate quota, which limits the amount of duty-free dairy products that can enter Canada. Tariffs are only applied once the quota is exceeded.
Trump also pointed to continued flows of fentanyl into the US, saying, “If Canada works with me to stop the flow of fentanyl, we will, perhaps, consider an adjustment to this letter.”
The president has used fentanyl as a reason for imposing tariffs against Canada since the start of his term, although the Canadian government is already taking action to secure the border further and the flow of the drug through the northern border remains a fraction of what it is at the southern border.
So far in the 2025 fiscal year, which started in October 2024, there have been 58 pounds of fentanyl seized at the Canada-US border. While the quantity of drugs seized coming from Canada has increased from 43 pounds the prior year, the number of events recorded has fallen to 38 from 67 in fiscal year 2024.
In December 2024, Canada announced C$1.3 billion in additional funding for increased security at the border, which included new and expanded detection capacity for illegal drugs. Between February and March, the Canada Border Services Agency conducted a one month drug-seizure operation focused on air, land and sea shipments named Operation Blizzard.
In May, the agency reported it seized 1.73 kilograms of fentanyl during the operation, 1.44 kilograms of which were en route to the United States. Additionally, 67.5 percent of the 2,600 seizures related to any drug "were of illegal narcotics coming to Canada from the United States," with only 17.5 percent going in the other direction.
Trump also announced on Tuesday (July 8) a 50 percent tariff on copper imports into the United States. The levies were imposed under section 232 of the Trade Expansion Act, which is designed to give the president the power to levy tariffs on imports deemed to be critical to national security.
According to the United States Geological Survey, Canada is the second largest exporter of refined copper to the United States behind Chile and top exporter of copper ore to the country.
The effects of the tariffs may take some time to work into the market. Still, British Columbia and Ontario will feel the impact as the two largest copper-producing provinces.
The copper price skyrocketed on the news to a fresh all-time high of US$5.72 per pound on the COMEX.
In Canada, equity markets were mixed this week. While the S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 0.04 percent to close at 27,023.25 on Friday (July 11), the S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 4.01 percent to 784.42, and the CSE Composite Index (CSE:CSECOMP) climbed 6.53 percent to 129.79.
US equity markets ended the week largely flat overall, with the S&P 500 (INDEXSP:INX) gaining just 0.21 percent to close Thursday at 6,259.74, the Nasdaq 100 (INDEXNASDAQ:NDX) climbing 0.13 percent to 22,780.60 and the Dow Jones Industrial Average (INDEXDJX:.DJI) falling 0.44 percent to 44,371.52.
In precious metals, the gold price rose 0.56 percent over the week to US$3,356.14 by Friday at 4 p.m. EDT. The silver price reached US$38.53, its highest price since 2011, near the end of trading Friday, before pulling back slightly to end the week up 3.38 percent at US$38.41.
In base metals, copper pulled back slightly from its fresh all-time high mentioned above, but still ended the week with a 10.24 percent gain to US$5.58. The S&P GSCI (INDEXSP:SPGSCI) lost 0.98 percent to close at 551.38.
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 158.33 percent
Market cap: C$10.92 million
Share price: C$0.155
Avanti Gold is an exploration and development company working to advance its flagship Misisi gold project in the Democratic Republic of the Congo (DRC).
The project consists of three mining licenses covering an area of 133 square kilometres in the Kibara gold belt and is a 73.5/21.5 joint venture between Avanti and Chinese mining company MMG (HKEX:1208), with the DRC government retaining a 5 percent interest.
An August 2023 technical report demonstrated an inferred mineral resource estimate of 3.11 million ounces of contained gold from 40.8 million metric tons of ore with an average grade of 2.37 g/t.
Shares in Avanti rose this week after the company announced on Thursday that it settled the payment dispute between itself, Arc Minerals (LSE:ARCM) and Regency Mining, which Avanti acquired in December 2022.
Prior to its acquisition by Avanti, in April 2022 then-private company Regency agreed to purchase Arc subsidiary Casa Mining, owner of the 73.5 percent interest in the Misisi project. Under the terms of the original deal, Regency agreed to pay Arc in part with US$1.25 million in shares of a public company, which was never fulfilled.
The new settlement agreement will enable Avanti to reduce the amount it owes if it pays within certain timeframes: US$562,500 if it pays Arc by August 31, or US$625,000 by October 31 or US$750,000 by December 31. If the payment is not completed this year, the amount owed will revert to the original US$1.25 million and be due on January 1, 2026.
Weekly gain: 139.68 percent
Market cap: C$27.87 million
Share price: C$1.51
Silver Mountain Resources is an exploration and development company working to restart production at the Reliquias underground mine in Central Peru.
The mine is part of the larger Castrovirreyna project, which consists of three blocks of mineral concessions. The main Reliquias block consists of 245 concessions covering an area of 24,093 hectares. The site also hosts a 2,000 metric ton per day processing plant, with an operating tailings dam.
A May 2024 preliminary economic assessment demonstrated project viability with an after-tax net present value of C$85 million, an internal rate of return of 51 percent and a payback period of 1.8 years.
The included mineral resource estimate showed measured and indicated grades of 4.25 ounces per metric ton silver, 0.41 grams per metric ton (g/t) gold, 2.02 percent lead, 3.09 percent zinc and 0.32 percent copper from 1.31 million metric tons of ore.
Shares in Silver Mountain gained significantly this week after it announced on Tuesday (July 8) that it was finalizing an agreement with global commodities supplier Trafigura for a US$10 million prepayment facility to advance work at Reliquias.
The company said it would provide further details once definitive documentation is completed.
Weekly gain: 100 percent
Market cap: C$23.99 million
Share price: C$0.49
Altima Energy is a light oil and natural gas exploration and development company with operations in Alberta, Canada.
Its primary asset is the Richdale property in Central Alberta. The property consists of five producing light oil wells and sits on 5,920 acres of long-term reserves. The property hosts combined proved and probable reserves of just under 2 billion barrels of oil equivalent, with a pre-tax net present value of C$25.8 million.
The company also owns two wells at its Twinning light oil site near Nisku, seven producing wells at its Red Earth property in Northern Alberta and two multi-zone wells at its Chambers Ferrier liquid gas production property.
Shares in Altima gained this week after it released news on Tuesday that it had completed a private placement for proceeds of up to C$5.5 million. Under the terms of the deal, the company will issue 20 million units at C$0.275 per unit, which each include one common share and one warrant allowing the holder to purchase a common share for C$0.40.
The company said that part of the proceeds would be used to complete field upgrades at its Red Earth and Richdale properties.
Weekly gain: 83.33 percent
Market cap: C$14.88 million
Share price: C$0.055
McFarlane Lake Mining is a gold exploration company working to advance a portfolio of properties in Southern Ontario, Canada, with options agreements in place to earn 100 percent interests in the projects.
Its primary focus has been on its McMillan property southwest of Sudbury. The site consists of 12 mining leases over 268 hectares and hosted historic mining in the 1930s.
McFarlane Lake explored the property throughout the first half of 2025. On July 3, the company shared assay results from the final drill hole of its drill program at the project. The drill hole intersected a broad interval of 1.3 g/t gold over 29.5 meters, which included intersections of 6.6 g/t gold over 4.55 meters and 20.1 g/t over 1.45 meters.
In the same announcement, the company reported that a downhole electromagnetic survey of the drill hole located an electromagnetic "superconductor" nearby.
Shares in McFarlane were up this week after it was announced on Monday (July 7) that it would be acquiring the Juby Gold project from Aris Mining (TSX:ARIS) for a total consideration of US$22 million, including US$10 million in cash.
The transaction includes Aris’ 100 percent stake in Juby and its 25 percent stake in the adjacent Knight property, in which Orecap Invest holds the other 75 percent interest.
In a follow-up release on Tuesday, the company said the property is one of Ontario’s largest undeveloped gold properties and highlighted a historical indicated mineral resource of 775,000 ounces of gold from 21.31 million metric tons of ore with an average grade of 1.13 g/t gold, plus an inferred resource of 1.49 million ounces of contained gold from ore grading 0.98 g/t.
Weekly gain: 75 percent
Market cap: C$14.63 million
Share price: C$0.07
World Copper is an exploration and development company focused on its Zonia copper project in Central Arizona, US. It also owns the Escalones copper project in Chile.
The Zonia property, acquired following a merger with Cardero Resources in January 2022, has seen extensive exploration dating back 100 years and hosted open-pit mining operations until 1975.
In November 2024, the company released an amended resource estimate for the project, showing a total indicated resource of 668 million pounds of contained copper from 112.2 million short tons of ore with an average grade of 0.297 percent, and an inferred resource of 320 million pounds from 62.9 million short tons of ore with an average grade of 0.255 percent.
On February 19, World Copper reported it had entered into a binding agreement to sell Zonia to an arm’s length third party for cash considerations of C$26 million. However, on May 6, World Copper announced that it terminated the agreement.
The company has not released news since. Shares gained this week against a backdrop of US copper tariffs and a surging copper price.
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.
This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.
In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.
The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.
The S&P/ASX 200 index opened at 8,603.00 on Monday (July 7) and closed at 8,590.70 on Thursday (July 10), reflecting a 0.14 percent decline over the period.
As for precious metals, gold saw a slight dip in US dollar terms, going down 0.25 percent from US$3,337.32 on July 7 to US$3,328.89 by July 10 at 5 p.m. AEST. In Australian dollars, gold decreased 0.32 percent, moving from AU$5,093.25 to AU$5,076.81 over the same time period.
Silver also pulled back slightly during that time. After starting the week at US$36.94 in US dollars it closed at US$36.64,a 0.81 percent dip. In Australian dollars, silver went down 0.87 percent, going from AU$56.37 to AU$55.88.
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as we break down their operations and why these mining stocks are up this week.
Stock data for this article was retrieved at 4 p.m. AEST on July 10 using TradingView's stock screener. Only companies trading on the ASX with market capitalizations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 100 percent
Market cap: AU$28.14 million
Share price: AU$0.17
Yandal Resources is a gold exploration company focused on Western Australia. The company’s flagship Ironstone Well–Barwidgee project is located within the Yandal Belt and is currently under development.
On May 21, Yandal reported diamond drill results from the project’s Siona prospect, including 16.3 meters at 0.5 grams per tonne (g/t) gold and 29.1 meters at 0.4 g/t gold. According to the company, the results demonstrate "broad, low-grade mineralisation with internal higher-grade zones."
The company is also advancing its Arrakis prospect at its Caladan target area, with reverse-circulation drilling results released April 30.
Yandal released the first results of its air-core program at the Arrakis project on Thursday (July 10), which highlighted results of 11 meters at 2.1 g/t gold and 12 meters at 1.1 g/t gold. The company stated that it has now intercepted mineralisation at the prospect over more than 800 metres in strike.
Shares of the company rose on the day of the announcement, opening at AU$0.095 and closing at AU$0.17. On July 11, shares peaked at AU$0.18.
Weekly gain: 71.79 percent
Market cap: AU$60.09 million
Share price: AU$1.34
Lakes Blue Energy is an oil and gas explorer with assets across Victoria, Queensland, South Australia and Papua New Guinea. The company is currently focused on the Wombat Gas Field in Victoria’s Gippsland Basin.
According to the company's description of Wombat, the project holds a gas production potential of around 20 petajoules per year, which could support a region facing natural gas shortages.
On June 18, Lakes secured AU$6.5 million in funding to support the drilling of the Wombat-5 well.
The company recommenced trading on July 4 ahead of the drilling restart at Wombat. It had been suspended from quotation in October 2023.
Most recently, on Wednesday (July 9), Lakes secured final regulatory approvals for its drilling of the Wombat-5 well. The company plans to begin drilling the well on July 31.
Weekly gain: 66.67 percent
Market cap: AU$11.37 million
Share price: AU$0.02
Pantera Lithium is a lithium brine exploration and development company based in Perth, Western Australia. Its flagship asset is its Smackover lithium brine project in the Smackover formation of Arkansas, US.
The company made headlines on July 9 when it announced a binding agreement with Energy Exploration Technologies (EnergyX) to sell Pantera’s wholly owned subsidiary Daytona Lithium, which holds the Smackover project, for AU$40 million. The total amount will be paid via AU$6 million in cash and AU$34 million in EnergyX stock.
This means Pantera will gain exposure to EnergyX’s broader lithium portfolio, including the Black Giant project in Chile and Project Lonestar in Texas, and it will still have exposure to the Smackover project as well.
Subject to shareholder approval, the transaction is expected to close in the third quarter of 2025. Pantera said that it plans to pursue new opportunities in the battery and critical minerals space supported by the capital injection and strategic alignment with EnergyX.
Shares of Pantera surged 116.66 percent on the day of the announcement, closing at AU$0.026.
Weekly gain: 50 percent
Market cap: AU$25.56 million
Share price: AU$0.003
TMK Energy is a gas exploration company focused on accelerating the development of its Gurvantes XXXV coal seam gas project in Mongolia’s South Gobi desert. The project is 8,400 square kilometres in size and six active coal mines are within its boundaries.
On Tuesday (July 8), the company signed a new drilling contract with Major Drilling Group International (TSX:MDI), the company who drilled its six existing pilot wells in the Nariin Sukhait area.
The contract covers the drilling of Lucky Fox 07 (LF-07), the final pilot production well in the current Lucky Fox complex. The company expects LF-07 to enhance gas production and provide data on reservoir pressure behavior.
Drilling is scheduled to commence in the second half of July, following Mongolia’s Naadam festival.
TMK’s 2025 work program also includes up to five exploration wells in an area 60 kilometres east of the Nariin Sukhait area. These efforts aim to expand the company’s 2C contingent resources.
Weekly gain: 40 percent
Market cap: AU$49.86 million
Share price: AU$0.028
NuEnergy Gas is an independent clean energy company advancing its three coal bed methane production sharing contracts (PSC) in South Sumatra, Indonesia. According to the company, it aims to integrate the three into a hub.
The company is currently executing its early gas sales initiative, which aims for an initial production of 1 million standard cubic feet per day from a series of four coal bed methane wells at its Tanjung Enim PSC. It reported the start of drilling for the first well on June 19 and its completion July 4.
In late June, the company announced it extended its Heads of Agreement with Indonesia’s national natural gas distributor for gas sales through June 26, 2026.
Its most recent news came on Tuesday, when NuEnergy announced that it had begun the drilling for its second of four wells for the early sales initiative at Tanjung Enim.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.
Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.
Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.
Historically, Pilbara’s “nuggety” terrain with patchy gold occurrences made consistent exploration success difficult. That perception changed dramatically with the discovery of the Hemi deposit by De Grey Mining in 2020.
Hemi is a 10.5 million ounce gold resource that marked the region’s first major intrusive-hosted gold system. Now owned by Northern Star Resources (ASX:NST), Hemi validated the thesis that the Pilbara hosts world-class, tier-one deposits with scalable, consistent mineralisation.
This discovery catalysed a new wave of investment and exploration focused on intrusive-style systems rather than alluvial or conglomerate gold. The success of Hemi has inspired exploration efforts across the Mallina Gold Corridor — a structural trend now being recognised as one of Australia’s most prospective gold belts.
Hemi’s success is not an isolated case. Other companies have contributed to the growing confidence in the Pilbara gold province: Kairos Minerals (ASX:KAI) controls the 1.4 million ounce Mount York gold project, one of the largest undeveloped free-milling gold resources in the region; Novo Resources (TSXV:NVO,OTCQB:NSRPF) helped ignite international interest in Pilbara through its early focus on conglomerate gold; and Greatland Resources (ASX:GGP,LSE:GGP), though better known for its Havieron discovery in a broader Western Australian context, helped shift sentiment toward underexplored Western Australian provinces.
These developments have collectively set the stage for the next phase of discovery-led value creation.
New Age Exploration’s (ASX:NAE) Wagyu gold project sits in a sweet spot, strategically located between Northern Star’s Hemi and Withnell deposits along the Mallina Gold Corridor. This positioning is not coincidental; the project lies on the same structural corridor as Hemi, raising the potential for geological continuity.
Recent reverse-circulation drilling results at Wagyu provide compelling early evidence: 8 metres at 5 grams per tonne (g/t) gold, including 1 metre at 28.6 g/t gold from shallow depths; 4 metres at 2.5 g/t gold from 76 metres; and broad mineralised envelopes confirmed across multiple targets, including a 1 kilometre gold zone between Target 1 and Target 10.
These high-grade hits, combined with the project's proximity to a world-class discovery, draw clear geological parallels to Hemi’s early stage exploration history.
Still in its early stages, Wagyu offers exposure to large-scale upside with relatively low capital intensity. The company has successfully applied geophysical surveys to identify high-priority targets. A March/April 2025 reverse-circulation program confirmed gold mineralisation at four of five targets, intersecting both oxide and fresh-rock systems.
Moreover, the use of arsenic as a pathfinder element, mirroring the strategy that aided Hemi’s discovery, has opened new corridors for exploration. New Age Exploration's application of this vectoring technique underscores its methodical, data-driven approach.
With mineralisation open along strike and at depth, New Age Exploration is advancing toward its next drill campaign, signaling a transition from early stage prospecting to systematic resource definition — an inflection point that can unlock significant valuation re-rates.
With the Central Pilbara now validated as a fertile gold district, the stage is set for a new wave of discoveries.
De Grey and Kairos have already delivered transformational results. New Age Exploration, with its strategic land position, geological continuity with Hemi and early high-grade results, stands out as a potential next-mover in this unfolding gold boom.
Investors seeking exposure to high-upside discovery plays in a proven region would do well to watch promising exploration developments at Pilbara.
This INNSpired article is sponsored by New Age Exploration (ASX:NAE). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by New Age Exploration in order to help investors learn more about the company. New Age Exploration is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with New Age Exploration and seek advice from a qualified investment advisor.