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VANCOUVER, BC TheNewswire - August 28, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to provide an update on the completion of its 2024 drilling program at the Zone 3 prospect (Figure 1), at its flagship Drayton-Black Lake project (" DBL ").
Highlights:
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Visible Gold ("VG") observed in hole one (HML24-001) (Figure 2).
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| Figure 2: Visible gold lies in a fracture within white vein quartz and is associated with pyrite, galena and possible molybdenite. | |
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The Company has intersected multiple zones of pyrite mineralization with local patchy galena and chalcopyrite (Figure 3). This style of mineralization is known to be associated with gold at the DBL project.
Click Image To View Full Size
Figure 3 HML24-001 from 45m quarts vein hosted chalcopyrite mineralization with pyrite disseminated through the wall rock
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The Company has rushed gold analysis for the first 4 holes .
"We are thrilled with the initial visual indicators from our latest drilling program. All seven holes have encountered highly promising mineralization, some of the best we've observed on the property to date. This program specifically targets a historical gold ore shoot, and the discovery of visible gold in this area strongly suggests that we are in the right zone.
We eagerly anticipate sharing further updates with the market, including assay results, geological interpretations, and our fall exploration plan for Zone 3.
Additionally, we look forward to providing an update on our Ontario Project Portfolio in the near future," Commented Peter Schloo, President, CEO, and Director of Heritage.
Zone 3 Prospect Summary
The visible gold lies along a fracture surface in a 15cm wide quartz vein. Intense pyrite mineralization occurs in the quartz vein and adjacent to the vein in the enclosing mafic metavolcanic rock. Galena and possible molybdenite are associated with the pyrite and visible gold (Figure 2).
Hole HML24-001 was designed test high grade gold results reported in drill hole number 4 from a November 1936 drill program as reported in assessment report 52J04SE0015 (see table inset on the map on page 101 therein).
The 2024 drill program was undertaken between 5-August and 11-August 2024. Seven holes were completed at Zone 3 for a total of 1009 meters (Table 1). The program was designed to test multiple high-grade Au intercepts drilled in 1936-7 and to test the results of a Spatiotemporal Geochemical Hydrocarbons (SGH) in soil survey completed in June 2024.
The Zone 3 Prospect is located at the contact between the Lake of the Bays Batholith and mafic metavolcanics. Zone 3 is characterized by a corridor of subvertical Au-bearing quartz veins up to 3 meters wide exposed discontinuously for at least 300 meters at the surface and that runs roughly parallel to the contact with the batholith. Drill hole HML24-002 (completed August 7, 2024) shows that quartz veins with associated sulfide mineralization continue for several tens of meters into the granitic rocks of the batholith from the contact with the mafic metavolcanics. This is consistent with SGH gold anomalies that lie over parts of the batholithic rocks near the contact and directly over this hole.
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| Figure 1: Plan map with SGH Soil Gold Anomaly and Ontario Geology overlays showing the Heritage Mining Ltd 2024 Drill program as executed. Visible gold was found in hole HML24-001 at 35.1m depth. |
| Table 1: 2024 drillhole design details Zone 3 |
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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, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . The 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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