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VANCOUVER, BC TheNewswire - November 19, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the claim package expansion at its flagship Drayton Black Lake (" DBL ") based on experts recommendations Brett Davis and Dr. Gregg Morrison in addition to an update on the ongoing 2024 exploration program over the Ontario Project Portfolio. The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdevelopment greenstone belts in Northwestern Ontario.
Exploration Highlights: General
Drill Lease and In-House Drilling Team
Heritage has leased an ODR 100 Drill (Figure 1) and engaged Minotaur Drilling Inc. as drill operators with over 35 years of experience. Past drilling experience includes contracts at Hudson Bay Mining and Smelting in Flin Flon and Snow Lake, Rio Tinto, Nutrien, Mosaic, Placer Dome, Cogema, Cameco, as well as numerous smaller public and privately funded companies. The majority of the experience (+20 years) has been primarily in the greenstone regions of Northern Manitoba, Northern Ontario and Northern Saskatchewan.
The Company looks forward to creating material efficiencies on a go forward basis under this arrangement towards and not limited to its Ontario Project Portfolio. The drill comes complete with all-weather equipment set up.
Exploration Highlights: DBL
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Zone 3: New Areas of Interest Identified for Intrusion-Related Gold Mineralization based on industry experts Brett David and Dr. Gregg Morison Recent Reports from the 2024 site visit and analysis of drill results from September to November 2024 (Figure 2), have resulted in an expanded land package totalling 18,907 Ha (Figure 2).
Below is the revised 2024 exploration program pertaining to Zone 3 and surrounding area:
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UAV magnetic survey completed November 2024 along the Lake of Bays Batholith Contact Zone – results pending
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Prospecting program – 90% complete along the Lake of Bays Batholith Contact
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IP and Drill permit submitted on newly acquired claims – (Permit Pending)
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Planned Drilling to recommence in short order on permitted areas of Zone 3, Q4 2024
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New Millennium:
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Recommence Drilling targeting the intersection of two mineralized quartz vein systems (Figure 3) in the immediate vicinity of the highest-grade sample on the project to date ~2330 g/t Au.
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Exploration Highlights: Contact Bay – Rognan Mine
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UAV magnetic survey completed October 2024 – interpretation report pending
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Multiple magnetic anomalies identified near past producing Rognan Mine (Figure 4)
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IP and Drilling permit approval for Rognan Mine Area anticipated by end of November 2024
Brett Davis (Olinda Gold Pty Ltd), Advisor to Heritage Commented " The field and core review identified Zone 3 as having the best gold discovery potential. As we continue to analyze the data and refine our exploration approach, it's clear that the Drayton-Black Lake project holds significant potential. The recent identification of new areas provides the possibility of more widespread mineralisation in the Heritage tenements away from the orogenic lodes in the volcanics that have been the traditional focus of exploration . I'm eager to see how the next phases of exploration unfold and look forward to working with the Heritage Team"
Kevin Holmgren, Head of Drilling Operations at Heritage Commented "As someone with over 37 years of drilling experience across some of the most prolific mining regions, I'm thrilled to bring my expertise to Heritage Mining's exploration efforts. The greenstone belts of Northern Ontario hold exceptional promise, and with the team's strategic focus and advanced drilling capabilities, we're poised to uncover significant mineral potential. It's an exciting time to be part of this journey."
Peter Schloo, President CEO and Director Commented "The lease of the ODR 100 drill and our collaboration with Minotaur Drilling Inc. signify a key milestone in our exploration strategy. This step allows us to conduct efficient, year-round drilling, on our schedule, as we advance our Ontario Project Portfolio. Guided by the invaluable insights of our experts, Brett Davis and Dr. Gregg Morrison, we are well-positioned to unlock the full potential of this underexplored region. Their expertise, combined with our enhanced capabilities, marks an exciting chapter in the Company's history.
We look forward to share updates on our exploration progress in the near future. With a packed schedule to close out 2024 and a promising start to the new year on the horizon, the months ahead are shaping up to be both busy and rewarding."
Figure 1: ODR 100 Diamond Drill – Leased by Heritage
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Figure 2: DBL Total Property Outline with Bedrock Geology
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Figure 3: New Millenium Target 2024
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Figure 4: Contact Bay Project – Rognan Mine
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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