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VANCOUVER, BC TheNewswire - December 19, 2024 Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce the results from its Zone Three Extension exploration and prospecting program located in the southeast side of its flagship project Drayton Black Lake ("DBL") totalling ~18,907Ha. The program included 62.3km traversed, 185 outcrops described with 83 grab samples (Figure 1). The program was undertaken to provide on-the-ground clarity where possible of the contact between the Mafic Metavolcanics and the Lake of the Bays Batholith. DBL is located approximately 20km northeast of Sioux Lookout, Ontario (Figure 5) and covers 30 km of the Central Volcanic and Southern Sedimentary domains within the Eagle-Wabigoon-Manitou (" EWM ") Greenstone Belt, which also hosts NexGold's (TSX.V: NEXG) Goliath Gold-Silver Complex immediately to the southwest.
Zone 3 Extension Exploration and Prospecting Program Highlights:
One granitic rock sample grading 7.38g/t Au along a potassic- and carbonate-altered linear feature within the Lake of the Bays Batholith (Figure 1,2), never prospected before
Four rock samples with Mo values ranging from 20.8ppm Mo to 222ppm Mo
Pilot test of a TMI map preparation using historical ground magnetometer readings (~1980) proved successful supporting further digitization of additional historical geophysical data (Figure 3)
The leased drill has been shipped with imminent arrival (Figure 4) further to Press release November 19, 2024
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Figure 1: DBL – Zone 3 Extension Prospecting program rock sample from 900m south southwest of the 2024 drill program at Zone 3
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Figure 2: DBL – Zone 3 Extension Magnetics (2022 and 2024 data) and Prospecting results
"We are thrilled with the promising results from our Zone Three Extension program, which underscore the untapped potential of the Drayton Black Lake project. The discovery of high-grade gold in a new area, never prospected before inside the Batholith, coupled with notable molybdenum values and advancements in leveraging historical geophysical data, reaffirms our confidence in DBL's strategic importance within the District. With the arrival of our leased drill imminent, we are poised to transition these insights into actionable drilling programs as we continue to unlock value for our stakeholders." Commented Peter Schloo, President, CEO and Director of Heritage.
"The test of concept that has been rewarded with a gold-mineralised sample, plus our ability to leverage historical data in tandem with results from an on-demand rig, make this a significant step forward in progress of the project." Commented Brett Davis, Advisor to Heritage
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Figure 3: DBL – Zone 3 – Additional TMI Maps using historical data to be prepared
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Figure 3 ODR 100 Daimond Drill on Truck Bed for Delivery as at December 18 th 2024
Zone 3 Extension Prospecting Program
The program was designed to assess topographic highs, which have potential to represent zones of resistant hydrothermal alteration and mineralisation, along the contact between the mafic volcanics and the Lake of the Bays Batholith. The program included 62km in traverses, 185 outcrops described, 83 rock samples collected.
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Figure 4 Heritage Mining Ontario Project Portfolio
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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