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VANCOUVER, BC, May 22, 2024 TheNewswire Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the commencement of the 2024 exploration program at its flagship property Drayton Black Lake (" DBL "). The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdeveloped greenstone belts in Northwestern Ontario.
Highlights
DBL Target - Zone 3:
3D model for evaluation and confirmation drilling of the historical 1980 Non 43-101 Compliant Mineral Resource of 70,000 tonnes at 8.16g/t Au high-grade ore shoot, near surface (Figures 1-5)
Property expansion along Zone 3 gold-bearing Contact Zone 3 through to Zone 10 (Figure 6)
DBL Exploration Update:
Soil Sampling (Spatiotemporal-Gas-Hydrocarbon (SGH)) & mapping commencement (Figures 7, 8), results pending.
Diamond drilling to commence late Q2 2024
Structural Interpretation and Geological Modeling: Property wide structural interpretation (Figure 9) and 3D geological model (32km EW by 25km NW by 3km vertical extent).
"We are excited to share the progress we are making at DBL, with emphasis on Zone 3 target area. A testament to the systematic exploration approach ahead of drilling. Zone 3, an area that has received no additional drilling since 1937, through 3D modelling is evidence to the potential of this project. The expansion along the gold-bearing Contact Zone 3 to Zone 10 opens up new opportunities for discovery. With boots on the ground and field activities in full swing, we are well-positioned to advance our exploration program and unlock the full potential of our properties." Commented Peter Schloo, President, CEO and Director of Heritage.
DBL Project - Zone 3 Target Area
Zone 3 Historical Highlights to be confirmed in this year's exploration program by diamond drilling.
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Figure 1 – Historical drilling highlights to be confirmed by the Company
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Figure 2 – 3D Model of Zone 3
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Figure 3 – 3D Model of Zone 3 and description
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Figure 4 – Historical drilling, trenching and EM Frasier Transformation
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Figure 5 – 3D Model of Zone 3 and explanation
Zone 3 Contact Extension Secured
Zone 3 mineralization is associated along the Contact of the Mafic Volcanics and Batholith. The Company therefore staked claims along the contact in order to secure continuity totaling ~+4km in potential strike length.
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Figure 6 – Reduced-to-Pole Magnetic Intensity over Bedrock Geology
Exploration Plan Update
Soil Sample - Spatiotemporal-Gas-Hydrocarbon type analysis (SGH)
The orientation grid consisted of 88 samples taken at 25m spacing on a grid pattern. This survey targeted known mineralization at surface near the Alcona mine to determine the practicality of spatiotemporal-gas-hydrocarbon type analysis (SGH) in the local terrane. This will ensure the survey properly picks up on mineralization before initiating a property-wide survey later this summer.
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Figure 7 Alcona Area orientation grid soil sampling 2024
Case Study Support for SGH
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Figure 8 – Case Study from Act Labs website: www.actlabs.com
For more information please visit: https://actlabs.com/geochemistry/tools-for-buried-deposit-targets/sgh/
Diamond Drilling is set to commence no later than June 30, 2024.
Property-wide Structural Interpretation & 3D Geology Model
Structural Interpretation :
The interpretation is heavily slanted toward the identification of favourable zones for hosting orogenic-style gold. The belt hosts geometries consistent with two major deformation events, mineralisation during either event is possible based on current information.
First pass interpretation resulted in 20 zones of structural complexity with potential to host low mean stress sites applicable to both (Figure 9).
"Gold mineralisation appears to be spatially coincident with the second-order sigmoidal, across-belt structures in the eastern end of the belt. In the west of the project area, the geometry of folded thrusts sitting at the end of, and possibly above, a major syntectonic granite pluton, has geometric affinities with the multi-million ounce Kanowna Belle gold deposit in Western Australia. Note that similar macroscale geometries to those inferred for the HML ground have been identified in Proterozoic and Archaean granite-greenstone belts globally and host world-class orogenic-style gold deposits, reinforcing the gold-discovery potential of HML's tenement package." Commented Dr. Brett Davis, Advisor to the Company
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Figure 9 – Areas of interest at DBL for orogenic-style gold – Structural Interpretation
3D Geological Model
The Company has created the first ever property-wide 3D geological model (32km EW by 25km NW by 3km vertical extent) to model the property's historic database, which dates back to the early 1900s and totals over 28 kilometers of drilling to date. The modelling of the database will enhance the company's geological understanding of the property, providing new insights into styles of mineralization and their geologic controls. It is expected to unlock further targets to test in the Company's active 2024 program.
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
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