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."


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


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


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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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HIGHLIGHTS

- Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource

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o Safe, Semi-automated, with a rod-handler system which allows for less manual handling

o Allows greater flexibility in drilling over a number of resource and exploration areas

o LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs

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o More control and accuracy over precision of drilling.

o Works well with Job sharing

o Reduces pressure on Mining crew to have drill cuddy availability

o The LM90 rig will be accounted for as an asset on the Vertex balance sheet

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LONGYEAR LM90 UNDERGROUND DRILL RIG - KEY FEATURES

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*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8DG26OB8



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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Western Copper and Gold Corporation logo (CNW Group/Western Copper and Gold Corporation)

"I am pleased with the progress made during my tenure as Interim Chairman," said Bill Williams . "With Ray's extensive background in project development, construction, and executive management, I am confident he is the right person to lead the Board moving forward".

"I am excited to step into the role of Chairman and to lead the Board during this pivotal time for Western," said Raymond Threlkeld . "I look forward to collaborating with my fellow directors and management to unlock the full potential of the Casino Project".

ABOUT western copper and gold corporation

western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com .

On behalf of the board,

"Sandeep Singh"

Sandeep Singh
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western copper and gold corporation

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Certain forward-looking information should also be considered future-oriented financial information ("FOFI") as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management's expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding: mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino ; advancing the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider operation; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and as more specifically disclosed throughout this document, and in the AIF and Form 40-F.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/western-copper-and-gold-appoints-raymond-threlkeld-as-chairman-302260782.html

SOURCE western copper and gold corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2024/27/c3353.html

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