Heritage Mining Ltd. Provides Field Program Update

Heritage Mining Ltd. Provides Field Program Update

 

(TheNewswire)

 
  
  Heritage Mining Ltd. 
 
 

  Final Sampling Results from 2022 Summer Check Sampling Program and Channel Sampling Program Underway  

 

VANCOUVER, BC TheNewswire - October 19, 2022 Heritage Mining Ltd. (CSE:HML) (" Heritage " or the " Company ") is pleased to report recent results from 2022 exploration program at the Company's flagship Drayton-Black Lake Project (the " DBL" ) and provide an update on current field program. The Drayton-Black Lake Project is located in northwestern Ontario, approximately 20 km northeast of Sioux Lookout, Ontario, and comprises approximately 15,257 Ha near the northern margin of the Wabigoon Sub‐province within the Abrams‐Minnitaki Lake (" AML ") Greenstone Belt (Fig. 1). The DBL property is along strike of and contiguous with Treasury Metals Inc.'s Goliath Gold-Silver Complex.

 

  Program   Highlights   (Area/Target/Prospect)  

 

  The Company has received the final analytical results from the summer prospecting and check sampling* program at DBL. Samples were received from the   Drayton, Moretti   and Split Lake Areas (Fig. 1).  

 
  •  

      At the W-H Target (Drayton Area, Fig 2), results from six samples returned values from below detection to 2.28 g/t Au, with four of the six samples grading over 1.0 g/t Au.  

     
  •  
  •  

      At the K171 Target (Drayton Area), results from six samples returned values from below detection to 0.50 g/t Au and one sample (quartz-carbonate vein with pyrite) returned a value of 25.0 g/t Au.  

     
  •  
  •  

      Six samples from regional prospecting (Split Lake Area) returned low Au values ranging from 0.009 to 0.022 g/t Au).  

     
  •  
  •  

      Fifteen samples from regional prospecting at the Botsford Lake Target (Moretti Area) returned values ranging from below detection (n=11) to 0.71 g/t Au.  

     
  •  
  •  

      Six samples from regional prospecting (Moretti Area) near the Bellekeno and Clamshell Lake Targets returned Au grades ranging from below detection (n=1) to 2.01 g/t Au, in a sulphide-rich mafic metavolcanic unit.  

     
  •  

  The summer 2022 sampling program has identified both high-grade, vein-hosted Au mineralization and moderate to low-grade volcanic-hosted Au mineralization; the latter in deformed and altered sulphide-bearing mafic rocks. Both styles of mineralization were found across a broad footprint through the DBL property.  

 

  *Grab (chip) sampling is a selective sampling method and the reader is cautioned that these samples may not represent the actual tenor of mineralization at a larger scale. Therefore, the Company has initiated a systematic channel sampling program on select prospects within the priority Targets.  

 

  The Company's systematic channel sampling program began in early October and is scheduled to be completed by the end of the month.  

 

  Peter   Schloo,   CEO   of   Heritage   Mining   commented,   "We are   pleased   to   report   the   additional   assay   results   from our ongoing field program. A very impressive start. Systematic channel sampling on priority areas is currently well underway and anticipated to be completed by the end of the month. We look forward to communicating additional findings and drill targets to the market in timely manner, and we remain very excited about this project."  

 

    
Click Image To View Full Size
 

 

  Figure   1.   Drayton-Black   Lake   Property   map   regional   geology   and   2022 exploration data points and   targets/prospects   identified   from   ongoing   data   compilation and review.  

 

    
Click Image To View Full Size
 

 

  Figure   2.   Drayton Area   Property   map   regional   geology   and   2022 exploration data points and   targets/prospects   identified   from   ongoing   data   compilation and review.  

 

    
Click Image To View Full Size
 

 

  Figure   3.   Moretti Area   Property   map   regional   geology   and   2022 exploration data points and targets/prospects   identified   from   ongoing   data   compilation and review.  

 

  For   further   information   please   see   the   Heritage's   profile   on   SEDAR   at    www.sedar.com     .   

 

ABOUT THE DRAYTON-BLACK LAKE PROJECT  

 

The Drayton-Black Lake flagship project is located near the town of Sioux Lookout in Northern Ontario and comprises more than 15,000 Ha within the Abrams‐Minnitaki Lake Greenstone Belt along strike of and contiguous with Treasury Metals Inc.'s Goliath Gold-Silver Complex. There are numerous historic high-grade gold (silver, copper) occurrences (incl. past mining operations) and showings throughout the property. All set within a broad multi-kilometer regional-scale shear zone and related secondary and tertiary structural elements. Mineralization is typically shear-hosted quartz- carbonate veins with minor sulphides. Data from historic reports indicate a high silver content (2:1 up to 10:1 Ag:Au) with a galena (+/- Py, Po, Cpy, Sphal) association. Locally, mineralized massive sulphide (Py +/- Cpy) occurrences have been documented. In the AML greenstone belt, some of these sulfide rich occurrences have been reclassified as a hybrid or pre-orogenic atypical greenstone gold (POAGG) by some authors (e.g., Treasury Metal Goliath Deposit).

 

Heritage employs a rigorous quality management system for field sampling and analysis. All samples and sample sites are described, photographed and geo-referenced and digitally archived at the time of sample collection. Material is securely bagged at the sample site and returned to the field office for secure storage. Sampled are delivered to ALS laboratory in Thunder Bay, Ontario for prep and analysis. Samples are crushed (1 kg) and pulverized (250 g; PREP-31A). Au values are determined by fire assay (Au-AA23), overlimit (Au) are treated with a gravimetric finish (Au-GRA21). Multi-element analysis provided by ICP-MS (ME-MS-61). Pulps and rejects are retained for check and duplicate analysis.

 

Scientific and technical information contained in this press release has been prepared under the supervision of Steve King, P. Geo. Technical Advisor to HML, a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

 

Sampling protocols, quality control and assurance measures and geochemical results related to historic results (e.g., production, drilling, trenching and channel samples) quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates.

 

ABOUT Heritage Mining  LTD.  

 

The Corporation 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 Abrams‐Minnitaki Lake Greenstone Belt. Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Corporation 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 Heritage Mining Ltd. (" Heritage " or the " Corporation "). 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 including, without limitation: (i) "Systematic channel sampling on priority areas is currently well underway and anticipated to be completed by the end of the month"; and (ii) "We look forward to communicating additional findings and drill targets to the market in timely manner, and we remain very excited about this project" 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 Corporation 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 Corporation will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Corporation'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 Corporation's projects; risks related to global pandemics and other risks related to the mining industry. The Corporation 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 Corporation 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 Corporation 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 Corporation 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 Corporation and prospective investors.

 

  NOT   INTENDED   FOR   DISTRIBUTION   TO   UNITED   STATES   NEWS   WIRE   SERVICES   OR   FOR   DISSEMINATION IN THE UNITED STATES  

 

Copyright (c) 2022 TheNewswire - All rights reserved.

 

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Finlay Minerals Ltd . (TSXV: FYL,OTC:FYMNF) (OTCQB: FYMNF), the "Company", is pleased to announce that the approved budget under the Earn-In Agreements with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") 1 for both the PIL and ATTY Projects, has been increased to a total of $3.6 million .

 
 

  Finlay Minerals Ltd. logo (CNW Group/Finlay Minerals Ltd.) 

 

Both projects are situated in the highly prospective Toodoggone District of British Columbia , which continues to develop as an important copper-gold (Cu-Au) district with significant potential for further discoveries.

 

Initially, the 2025 budget was set at a minimum of $750,000 for the PIL property and $500,000 for the ATTY property. However, these amounts have now been revised to up to $2.6 million for the PIL project and up to $1.0 million for the ATTY project. Both programs are fully funded under the Earn-In Agreements with Freeport . According to these agreements, Freeport may earn an 80% interest in each property by investing a total of $35 million in exploration expenditures and making cash payments totaling $4.1 million over/up to six years.   2 Until the Finlay-Freeport Earn-In Agreements complete, Finlay owns 100% of both properties.

 

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The ATTY Property covers 3,875 hectares of sub-alpine terrain in the southern Toodoggone region, an area known for significant porphyry copper-gold (Cu-Au) and epithermal gold-silver (Au-Ag) deposits. It is located between Centerra Gold's Kemess Project and the JOY Project, held by Amarc Resources and Freeport-McMoRan. The KEM target on the ATTY Property resembles the Kemess North Trend, which is home to the Kemess Underground and Kemess East deposits. Exploration will focus on the Wrich target, located near the copper geochemical anomaly at the SWT target on the JOY Property. This anomaly extends over 2 km and continues onto the ATTY Property for an additional 1.2 km to the southeast.

 

  The 2025 programs at the PIL and ATTY are well underway with:  

 
  • Detailed property-wide, 100 metre line-spaced airborne magnetic surveys completed on both properties;

  •  
  • Detailed geological and alteration mapping and expanded rock and soil sampling on up to 8 target areas on the PIL underway, with the ATTY expected to start by the end of July;

  •  
  • 53 line-km of induced polarization ("IP") geophysical surveys planned on the PIL and 16 line-km on the ATTY, and

  •  
  • Finlay acting as the Operator on both properties.
  •  

Finlay's President and CEO, Ilona Lindsay , states :  

 

  "We are very pleased with the substantial increase in approved funding for both the PIL and the ATTY. This additional funding will allow us to identify and prioritize as many targets as possible for drilling in 2026."  

 

  References:  

 
  1. Freeport-McMoRan (FCX) is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold, and molybdenum.

  2.  
  3. Finlay news releases NR 03-25 dated April 17, 2025 entitled: "  Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties " and NR 05-25 dated May 2, 2025 and entitled: "  Finlay Minerals Receives TSX Venture Exchange Approval for PIL Earn-In Agreement. "
  4.  

  Qualified Person:  

 

  Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

 

  About finlay minerals ltd.  

 

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five properties in northern British Columbia :

 

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com   .  

 

  On behalf of the Board of Directors,  

 

  Robert F. Brown ,
Executive Chairman of the Board

 

  Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.  

 

   Forward-Looking Information:    This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the PIL & ATTY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.  

 

SOURCE finlay minerals ltd. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/17/c1585.html  

 
 

 

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  Juggernaut Exploration Ltd. 
                   
 

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