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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.
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.
James Fairbairn - Director and Chair of Audit Committee
James Fairbairn is a chartered accountant with over 25 years of experience in corporate governance, leadership, mergers and acquisitions, corporate finance and management reporting. Fairbairn has served as a senior officer and/or director in both public and privately held companies.
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.
Heritage Mining Zone 3 Successful SGH Soil Survey
VANCOUVER, BC TheNewswire - July 25, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that the Zone 3 Spatiotemporal Geochemical Hydrocarbon survey "SGH Soils" report has been received and are very encouraging. The Company also has updated the drill program to focus on Zone 3 with historical confirmation drilling and SGH soil target testing.
Highlights:
The Zone 3 SGH analysis suggest stronger gold anomalies when compared to the SGH orientation survey at Alcona (Figure 1,2,3,4)
Drill program updated to focus on Zone 3 historical and SGH Anomalies (Figure 4)
Zone 10 SGH results pending
"The Zone 3 results from the SGH survey are very encouraging in relation to Alcona and therefore support evaluating SGH anomalies with diamond drilling at Zone 3. Drilling to commence in short order. Drill pads and waterline trail have been completed. We look forward to updating the market on further developments of our program in the very near future." Commented Peter Schloo, President CEO and Director of Heritage.
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Figure 1 – Reduced-to-Pole Magnetic Intensity over Bedrock Geology
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Figure 2 - Zone 3 (Left) and Alona (Right) SGH Gold Pathfinder Class Map.
Figure 3: HML – DBL - Zone 3 - SGH "Gold" Pathfinder Class Map
Mineralization exists at these locations as a vertical projection beneath these anomalies (Yellow outline).
Figure 4 - HML-DBL-Zone3 SGH "Gold" Pathfinder Class Map with Planned Drill Holes
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, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . The 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) 2024 TheNewswire - All rights reserved.
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Heritage Mining Reports Successful SGH Orientation Survey
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VANCOUVER, BC TheNewswire - July 17, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that the Company has received a report entitled Orientation Survey for Spatiotemporal Geochemical Hydrocarbon Interpretation (" SGH "). The results of the report show a very positive correlation to existing gold mineralization on the property ( Alcona Area). Based on these positive results the Company will proceed in using SGH surveys to identify new targets as well as focus in on existing permitted drill target areas.
The Company is also pleased to announce SGH soil results are pending from Zone 3 and Zone 10.
Highlights:
The overall precision of the SGH analysis for the samples at the Alcona Area Soil Survey was excellent. Mineralization exists at these locations as a vertical projection beneath these anomalies (Figure 3).
The SGH confidence rating for the Alcona survey assigned to the anomalies averages 5.0 on a scale of 6.0. The rating for the Alcona Orientation Survey results indicates that there is a high probability that gold mineralization is present, thereby supporting a property wide survey.
Predicted Gold Mineralization (Figure 3) complemented by Halo anomaly illustrating possible presence of Redox Zone (Figure 4) an environment associated with gold mineralization.
Zone 3 SGH Soils results are expected within the next week (Figure 5).
"The results from the SGH survey are very encouraging. We have already incorporated the SGH sampling into our current program with results pending from Zone 3 (Figure 5) (results expected within the next week) and Zone 10 with additional priority target areas to follow. We believe this will be a key exploration tool to advance target areas to drill ready status while remaining efficient in capital deployment.
Furthermore, as mineralization in the area holds similar characteristics, we will also be incorporating this process into our non-core projects, Contact Bay and Scattergood.
We look forward to updating the market on further developments of our program in the very near future." Commented Peter Schloo, President CEO and Director of Heritage.
SGH – Overview
Location of SGH orientation program at the Alcona Area (Figure 1) with focused area of confirmed mineralization at the Alcona Area (Figure 2)
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Figure 1 – Reduced-to-Pole Magnetic Intensity over Bedrock Geology
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Figure 2 Alcona Area orientation grid soil sampling 2024
Map Legend (Figure 3 & 4)
The SGH Class maps are the plot of the sums of the particular hydrocarbon class in parts-per-trillion concentration. The dark blue areas of these maps represent very low or non-detect values or areas where no samples were taken. For plotting purposes the values at the Reporting Limit are plotted as one-half of this filtering, or one-half of 1.0 ppt. The hotter (Red to Purple) colours represent higher concentrations of the sum of the hydrocarbon class with the highest values being purple in colour. The lowest concentrations that may be at 0.5 ppt, are shown in blue.
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Figure 1: Heritage Mining – ALCONA SGH "GOLD" PATHFINDER CLASS MAP
Mineralization exists at these locations as a vertical projection beneath these anomalies (Yellow outline).
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Figure 2: Heritage Mining – Alcona SGH "REDOX" PATHFINDER CLASS MAP
Alcona
The Alcona Area had 88 samples collected on a square grid with sample spacing of approximately 25m. These samples were received by Actlabs and were sorted. After drying and subsequent sieving, the samples were analyzed in the Organics Laboratory. Samples were extracted and analyzed by Gas Chromatography coupled with Mass Spectrometry (GC/MS). The data was processed and initial mapping completed. After review and interpretation, a second set of SGH Class maps was developed. The background SGH information, site interpretation and final maps were then entered into the SGH Interpretation Report. The overall precision of the SGH analysis for the samples at the Alcona Area Soil Survey was excellent as demonstrated by 6 samples taken from this survey which were used for laboratory replicate analysis and were randomized within the analytical run list. The average Coefficient of Variation (%CV) of the replicate results for the samples in this survey was 9.1% which represents an excellent level of analytical performance especially at such low parts-per-trillion concentrations.
Zone 3 SGH Program
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Figure 5 – Zone 3 - SGH Locations – Pending
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, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . The 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) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Heritage Mining Announces Fully Subscribed Non Brokered Private Placement Totaling $750,000
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VANCOUVER, BC TheNewswire - June 1 8 2024 Heritage Mining Ltd. (CSE: HML ) ( FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that its $750,000 non-brokered private placement previously announced on June 12, 2024 (the " Offering ") is now fully subscribed. Peter Schloo, President, CEO and Director of Heritage, has subscribed for 2,430,000 Units (as defined below) at an aggregate purchase price of C$121,500.
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Heritage Mining Announces up to $750,000 Non-Brokered Private Placement with lead orders over C$500,000
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Heritage Mining Consolidates ~6,397Ha Project contiguous and along strike with Dynasty Gold's Thunder Cloud Pelham Deposit and provides Corporate Update
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VANCOUVER, BC TheNewswire - June 3, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the consolidation of a new land position within the Western Wabigoon totaling ~6,397 Ha through two asset acquisition agreements with PTX Metals Inc. (CSE:PTX) ("PTX Metals") and Shear Gold Exploration Corp. ("Shear Gold"), forming the Scattergood project ("SG"). The Company is also pleased to announce exploration plans for the SG project as well as a corporate update.
Highlights:
1) Scattergood Project:
Highly prospective, significant land position along strike of Dynasty Gold's Thundercloud – Pelham Deposit totaling (260,000 oz Au NI 43-101 Resource) totaling ~ 6,397Ha (Figure 1, 2)
Numerous intrusives with mineralized contacts in mineralized volcanic host rock effected by complex structural features
Discovery potential for Au, Cu, Ni, Zn, PGE
Excellent Access by paved highway and logging roads
2) Planned 2024 Scattergood Exploration Program:
Compilation and digitization of historical work, 3D geological model, geophysical interpretation, structural interpretation, prospecting, soil sampling, drill targets, drilling
"We are excited to be apart of the rapidly growing Eagle-Wabigoon-Manitou-Stormy Lakes greenstone belt with notable neighbour's such as Dynasty Gold, Dryden Gold and Kenorland Minerals. Our new shareholders by way of acquisition agreement (PTX Metals (CSE:PTX) and Shear Gold Exploration Corp.) chose Heritage Mining to lead the charge on their land packages based on our aggressive and systematic in field programs and experienced technical team.
Furthermore, the structure of the transaction is favorable to current market conditions as there is no minimum spend requirements, enabling Heritage to continue uninterrupted on current priority initiatives while solidifying a new position in a highly sought after area near our current project portfolio.
The Scattergood project has further solidified our position within Northwestern Ontario, Canada totaling over 27,000 Ha within one of the last under explored greenstone belts in Northwestern Ontario, Canada leading into what we believe to be one of the best precious and base metal markets in decades.
We look forward to advancing the project to drill ready status in a systematic manner and providing further updates on our exploration programs in the very near future. Commented Peter Schloo, President, CEO and Director of Heritage.
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Figure 1 – Heritage Project Portfolio in Northwestern Ontario, Canada
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Figure 2 – Heritage Mining, Scattergood Area Map, Ontario, Canada
Scattergood Project
The Scattergood Project straddles the lower segment of Wapageisi group volcanic rock and felsic intrusive bodies including the Taylor Lake Stock, Meggisi Pluton, and Scattergood Lake stock as well as numerous late stage minor intrusives. Structurally, the project is complex with the north-northeast trending Taylor Lake Fault and Trout River deformation zone running through parts of the property. There is evidence of hydrothermal fluids acting on volcanic rocks indicating an ideal environment for the formation of gold rich ore bodies. This combination of structural features and felsic intrusives within or nearby volcanic rocks are key features to many of the local gold occurrences.
Asset Purchase Agreements Summary – Scattergood Project
Shear Gold Asset Purchase Agreement
Pursuant to an asset purchase agreement with Shear Gold dated May 31, 2024, Heritage agreed to issue C$100,000 in common shares to Shear Gold over an 18 month period ($15,000 on signing, $35,000 in six months from signing and $50,000 in 18 months from signing) together with the grant of a 1.5% NSR (0.5% buyback for C$500,000) for 4,508.28 Ha.
PTX Metals Asset Purchase Agreement
Pursuant to an asset purchase agreement with a subsidiary of PTX Metals dated May 31, 2024, C$100,000 in common shares over an 18 month period ($15,000 on signing, $35,000 in six months from signing and $50,000 in 18 months from signing) together with the grant of a 1.0% NSR (0.5% buyback for C$500,000) for 1,888.72 Ha.
Planned 2024 Scattergood Exploration Program
The 2024 exploration program for this project will include: Compilation and digitization of historical work, 3D geological model, geophysical interpretation, structural interpretation, prospecting, soil sampling, drill targets, drilling.
Corporate Update
The Company has also agreed to issue an aggregate of 1,100,000 common shares, at a deemed price of $0.05 per common share, in full satisfaction of certain contractual obligations.
The Company also signed an agreement with VHLA Media, pursuant to which VHLA Media agreed to provide digital content, marketing, and media distribution services to the Company. Pursuant to the terms of the agreement, such marketing services are to be provided over a one month period, commencing on May 31, 2024, for a fee of $25,000.
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) 2024 TheNewswire - All rights reserved.
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Zone 3 2024 Drilling Program Commenced
Heritage Mining Ltd. (CSE: HML FRA:Y66) (“Heritage” or the “Company”) is pleased to announce that the 2024 drilling program has started over the weekend at Zone 3. The program will focus with historical confirmation drilling and SGH soil target testing.
Highlights:
- Zone 3 Drill Program Start (Figure 1)
Figure 1: Zone 3 2024 drill program, August 5, 2024
“We are very excited to have the drill turning at Zone 3. The mineralization from the first hole is very encouraging supporting our internal model, we are right where we want to be. More updates to come in the very near future.” Commented Peter Schloo, President CEO and Director of Heritage.
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.
ABOUTHERITAGEMININGLTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The 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:
HeritageMiningLtd.
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.
Click here to connect with Heritage Mining (CSE:HML) to receive an Investor Presentation
Canadian Gold Corp. Makes New Gold Discovery Next to Agnico Eagle's Hammond Reef Deposit Samples 35.4 and 7.1 gpt Gold
Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to provide an exploration update on its 100% owned Hammond Reef South Project, located near Atikokan, Ontario, and adjacent to Agnico Eagle's fully permitted Hammond Reef Project (Fig. 1). Hammond Reef South was acquired in 2023 as part of the Company's strategy of acquiring prospective mineral rights around Canada's largest mines and development projects, which provides additional optionality for shareholders beyond the exploration drilling currently taking place at the Tartan Mine in Manitoba.
Highlights
- Surface sampling returns 35.4 and 7.1 gpt gold at Hammond Reef South, in addition to other gold-bearing samples, discovering a new high-grade zone approximately 2 km from Agnico Eagle's Hammond Reef Deposit, which is one of the few fully permitted mine projects in Canada (Fig. 1).
- The Hammond Reef South Project had its exploration permit approved on July 24, 2024, which allows for drilling, trenching and ground geophysical work.
- The Company has applied for the Ontario Junior Exploration Program grant, which provides for 50% reimbursement for exploration expenses up to $200,000.
- Follow-up field work is scheduled to begin this week.
Hammond Reef South Project
During June of this year, a field program was initiated on the property to evaluate the surface for gold mineralization. The program successfully identified a new high-grade gold zone with assays returning 35.4 gpt, 7.1 gpt, and 2.9 gpt gold (Table 1 & Fig. 2). The Hammond Reef South property is located only 2 km from Agnico Eagle's Hammond Reef Deposit, which contains a large mineral resource of more then 5 million ounces of gold and occurs in the same geological environment (Fig. 1).
Table 1. Hammond Reef South Surface Sample Highlights
| Sample Number | Easting | Northing | Gold g/t |
| 473583 | 612360 | 5418397 | 35.4 |
| 473584 | 612356 | 5418401 | 7.1 |
| 473586 | 612358 | 5418405 | 2.9 |
Gold mineralization at the new zone occurs within a large gossanous shear-hosted quartz vein with up to 10% sulphides, mainly pyrite with accessory chalcopyrite and galena, discovered in the Northeast part of the property (Fig. 2). The vein was at least 2 metres in width and exposed for more than 10 metres along strike which remains open to the Northeast and Southwest. The strike of the vein, its mineralization and geological setting is analogous to Agnico Eagle's Hammond Reef Deposit to the north. Recent and historic surface samples are now revealing a very large 6.7 km trend of gold mineralization across the Hammond Reef South property representing a potentially significant discovery (Fig. 3).
A follow-up program has been scheduled, and will commence this week that aims to evaluate the length, width and distribution of grade at the discovery zone. The Company has also applied for the Ontario Junior Exploration Program grant, which, if accepted, would provide a 50% reimbursement for exploration expenses up to $200,000 for the project.
President and CEO Michael Swistun comments: "We are very excited with the discovery of high-grade gold on the Hammond Reef South property. We were prospecting the property looking for large, low-grade gold system like the Hammond Reef Deposit next door and this gives us a new and exciting opportunity to follow up on."
For Further Information, Please Contact:
Michael Swistun
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
Technical Information
The samples collected by Canadian Gold Corp. described in this news release were transported in secure sealed bags for preparation and assay by Act Labs in Thunder Bay, Ontario. The samples reported were crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and pulverized to 95% passing 150 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an AAS finish. Samples over 5 g/t gold were subject to a 50 g aliquot FA with gravimetric finish.
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 35% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Figure 1. Overview location of the Hammond Reef South property illustrating the location of Agnico Eagle's Hammond Reef Deposit.
Figure 2. Location of the new high-grade discovery on the Hammond Reef South property.
Neptune GBX: Full Service Precious Metals Dealer and Exchange Operator
Neptune GBX, a trusted partner for wealth management solutions, is a full-service precious metals dealer, and exchange operator in Wilmington, Delaware. Founded in 2002, the company has been building its reputation in the precious metals industry consistently expanding its services and expertise to meet the evolving needs of its diverse clientele. Neptune GBX focuses on first-class cost-efficient solutions, establishing itself as a knowledgeable and reliable partner in this specialized market.
Neptune GBX's combination of expertise, innovative products, and client-centric approach positions it as a distinctive and valuable partner in the precious metals investment sector.
$100,000 investment with 10% ROI compoundedNeptune GBX's value proposition centers on empowering clients through education and insightful market analysis. The company places a strong emphasis on client education. By providing clients with essential knowledge and tools, Neptune GBX enables them to navigate the precious metals investment landscape with confidence.
Company Highlights
- Neptune Vault offers significantly lower premiums—up to 25 percent less than competitors. This reduction in premium costs translates to potential gains of more than twice over the long run. Minimizing spreads is crucial, and Neptune Vault excels in providing cost-effective options for investors.
- Neptune-GBX has teamed up with Franklin Templeton’s Fiduciary Trust International to provide precious metals investors with institutional-quality custodian, cash management and reporting services. This means products and services are tailored for various client types, from individual investors to wealth management professionals.
- Neptune Vault accounts offer storage fees as low as 0.30 percent per annum, ensuring substantial savings over time. For comparison, the PSLV Silver Fund has a management expense ratio of 0.60 percent. With Neptune Vault at 0.40 percent, investors gain an extra 1 percent every 5 years, totaling a 5 percent gain over 25 years.
- Neptune Vault accounts provide instant liquidity with better spreads than coins and small bars. With live pricing available five days a week, there is no need for shipping or assaying. A simple phone call or email can liquidate your investment promptly, ensuring access to funds in times of urgent need.
- Every ounce in a Neptune Vault account is directly allocated to the client's name, ensuring no over-allocation. The vault provides an asset custody letter to affirm true ownership, giving you peace of mind that you own the metal outright.
- Neptune Vault makes redemptions straightforward and quick. With just a phone call or email, your bullion can be transferred, shipped, or converted within days. The segregated and allocated nature of the product ensures that it is always ready for you, providing essential quick access to your physical investment.
- The PMC Ounce® offers diversified exposure to multiple precious metals.
This Neptune GBX profile is part of a paid investor education campaign.*
Click here to connect with Neptune GBX to receive an Investor Presentation
Assays up to 63g/t Gold and 3.2% Copper Highlight Immense Exploration Upside
More than 500 soil samples and 11 rock chip samples were collected. These results, combined with historic data, have defined several compelling drilling targets outside the mine area at Comet Vale.
In July 2024, Labyrinth entered into an option to acquire 100% of the property from Sand Queen Gold Mines Pty Ltd (‘SQGM’). The additional 49% interest has been the key to commencing dedicated exploration activity. Labyrinth intends to use some of the proceeds of its recent successful capital raising to undertake further exploration work with the aim of refining the targets ahead of a drilling campaign.
Figure 1. Regional location of Comet Vale Project.
Labyrinth Chief Executive Jennifer Neild said: “We have strategically positioned ourselves in the prolific Goldfields region of Western Australia, with proven gold assets that have the potential for further high-grade mineralisation.”
“These assays are indicative of this potential. We are seeing cohesive trends in both primary and associated indicator elements. The overlap of these anomalies have added weight to positions of interpreted faults and have established several high priority target areas.”
“We now have extensive data that Comet Vale may host a large mineralised system with areas of high-grade gold and potentially copper.”
Details of sampling results:
The two campaigns of soil sampling were the first full geochemical analysis completed at Comet Vale. On the eastern side of the highway, a small number of rock chips were taken to support mapping observations. Many of the higher grades exist around Long Tunnel Prospect, where shallow tungsten and gold workings exist. It is unknown the extent of activites, refer to Table 2 for a summary.
- High Au, Cu, Co, Ag and Ni rock chips (Table 1) included:
- 63.1g/t Au, 3.27 % Cu and 59g/t Ag (SE of Long Tunnel);
- 13.9g/t Au, 0.35% Cu and 0.36 % Ni (South of Long Tunnel);
- 2.62g/t Au in a 3m wide, N-S quartz reef, within porphyry and ultramafic schist (Figure 6);
- 2.10g/t Au, 17.57% Fe and 1.14% S (gossan SW of Long Tunnel); and
- 0.25% Cu, 0.38% Ni, 0.04% Co and 1.4g/t Ag (New gossan, chalcopyrite and bornite sighted).
- “Golden Triangle” - High Au, Cu and W are concentrated at the cross-section of the Rambo Trend and Long Tunnel/Lake View Shear/Quartz Reef (see Figure 2 and Table 2 for description of Long Tunnel).
- Geochemistry suggests late NE trending faults are a control on mineralisation. Potentially focusing 2nd generation Au bearing veins along these later structures causing wide, intercepts of mineralisation (see Figure 2 and Figure 3).
- Several samples of elevated lithium (>100ppm) proximal to Lake View/Long Tunnel trend (see Figure 7). More anomalies may exist, but sampling of Lithium was limited to this sampling program and not historic data.
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This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Neptune GBX
Investor Insight
Neptune GBX's combination of expertise, innovative products, and client-centric approach positions it as a distinctive and valuable partner in the precious metals investment sector.
Overview
Neptune GBX, operating as Neptune Global Holdings, is a full-service precious metals dealer and exchange operator based in Wilmington, Delaware. Established in 2002, the company has positioned itself as a trusted partner for wealth management professionals, individual investors, family offices, and broker-dealers seeking institutional-quality services in the precious metals sector.
For over two decades, Neptune GBX has been building its reputation in the precious metals industry. Founded in 2002, the company has consistently expanded its services and expertise to meet the evolving needs of its diverse clientele. Neptune GBX has demonstrated a focus on first-class cost-efficient solutions, establishing itself as a knowledgeable and reliable partner in this specialized market.
Several factors set Neptune GBX apart from other bullion exchange companies:
- Lower Premiums - Neptune Vault offers significantly lower premiums—up to 25 percent less than competitors. This reduction in premium costs translates to potential gains of more than twice over the long run. Minimizing spreads is crucial, and Neptune Vault excels in providing cost-effective options for investors.
- Strategic partnerships facilitating institutional-quality services - Neptune-GBX has teamed up with Franklin Templeton’s Fiduciary Trust International to provide precious metals investors with institutional-quality custodian, cash management and reporting services. This means products and services are tailored for various client types, from individual investors to wealth management professionals.
- Reduced Storage Fees - Neptune Vault accounts offer storage fees as low as 0.30 percent per annum, ensuring substantial savings over time. For comparison, the PSLV Silver Fund has a management expense ratio of 0.60 percent. With Neptune Vault at 0.40 percent, investors gain an extra 1 percent every 5 years, totaling a 5 percent gain over 25 years.
- Superior Liquidity - Neptune Vault accounts provide instant liquidity with better spreads than coins and small bars. With live pricing available five days a week, there is no need for shipping or assaying. A simple phone call or email can liquidate your investment promptly, ensuring access to funds in times of urgent need.
- Guaranteed Direct Ownership - Every ounce in a Neptune Vault account is directly allocated to the client's name, ensuring no over-allocation. The vault provides an asset custody letter to affirm true ownership, giving you peace of mind that you own the metal outright.
- Easy Redemptions - Neptune Vault makes redemptions straightforward and quick. With just a phone call or email, your bullion can be transferred, shipped, or converted within days. The segregated and allocated nature of the product ensures that it is always ready for you, providing essential quick access to your physical investment.
- Innovative investment products -The PMC Ounce® offers diversified exposure to multiple precious metals.
$100,000 investment with 10% ROI compounded
$100,000 investment with 10% ROI compounded
Key Services and Products
Neptune GBX offers a comprehensive range of services and products, including:
- The patented PMC Ounce®: A dynamic physical precious metals investment asset that has been awarded a US Patent based on its innovation.
- Vault accounts: Secure storage solutions for precious metals
- Bullion exchange platform: Facilitating efficient trading of precious metals, including gold, silver, platinum and palladium
- Market analysis and insights: Providing valuable information to guide investment decisions
- Cash management and reporting services: Offered in partnership with Fiduciary Trust International
Value Proposition
Neptune GBX's value proposition centers on empowering clients through education and insightful market analysis. The company places a strong emphasis on client education. By providing clients with essential knowledge and tools, Neptune GBX enables them to navigate the precious metals investment landscape with confidence.
Heritage Mining Investor Kit
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