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VANCOUVER, BC TheNewswire - September 20, 2023 Heritage Mining Ltd. (CSE:HM ) ( FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the field program at the Contact Bay Property (" Contact Bay ") has been completed ahead of schedule and under budget. The Company is now in process of prioritizing additional targets at its flagship Drayton-Black Lake Project (" DBL Project ") to capitalize on remaining time in the field season with mobilization as early as next week. The Company's active drill program at its DBL Project remains encouraging. While assays are pending, multiple intervals (within each hole) of mineralized veining have been identified in the Alcona Area containing sulfide mineralization frequently associated with gold mineralization.
Field program completed ahead of schedule and under budget
Drayon - Black Lake
Additional priority target workup capacity, specific target areas to be announced in short order
Drill program – encouraging mineralization, assays pending
"Finishing any program ahead of schedule and under budget is a value add to the Company and we appreciate everyone's hard work to get this done for Contact Bay. Taking advantage of the precious time left in the field season, we will be remobilizing the Contact Bay field team to our flagship project, Drayton-Black Lake, to advance additional targets to drill ready status ahead of schedule, complementing our anticipated phase two drilling and winter programs."
Contact Bay – Past Producer and Exploration Activities
Multiple shear zones located across the property, two of which confirmed to have historical workings over several hundred meters strike length. Sulfide mineralization and alteration have been identified in shear zones property wide. Numerous samples have been collected at historic mine infrastructure as well as newly identified hydrothermal corridors, assays pending.
Rognon Mine Area:
Shear zone/quartz vein hosted lode gold type mineralization targeted by historic workings over ~2km strike length. Three historic mine shafts, numerous pits and trenches, tailings located by the field team (Contact Bay Mine, Rognon Mine and Wachman Mine). Samples taken along strike, assays pending.
Located multiple historic workings over 350m of exposed shear zone hosted quartz veining. A parallel shear zone found at highway outcrop 800m to the west may indicate an extension of the deformation corridor. Shearing is associated with the geological contact between mafic volcanic and ultramafic rock. Significant sulfide mineralization (pyrite, chalcopyrite, pyrrhotite) and hydrothermal alteration minerals identified at both locations.
Historical assays from trenches and pits on Anderson claims include 0.11, 0.12, 0.14, and 0.15, 0.26 ounce gold per ton. September 2023 assays pending.
Results from historic trenching and recent field observations indicate potential for Cu-Ni-PGE type mineralization over several kilometers of strike. Significant chalcopyrite, pyrrhotite, magnetite and pyrite mineralization are associated with an ultramafic horizon. Historic sampling includes more than 3% Ni & 4% Cu mineralization (May 11, 2010 - J Bongfelt). Copper has been reported in granodiorite, diorite, gabbro and intermediate volcanics (Kenora Assessment File 52F/10NW, F-4, Glatz, Alex - Nabish Lake). September 2023 assays pending.
Robert Scott, Exploration Manager 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
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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