Heritage Mining Ltd - 2023 Program Update & Six New High-Grade Targets
VANCOUVER, Feb. 13, 2024 - Heritage Mining Ltd. (CSE:HML) (FRA:Y66) ("Heritage" or the "Company") is pleased to announce remaining drill results from its 2023 drill program at Alcona, New Millennium and Moretti in addition to six new high grade targets at its flagship Drayton-Black Lake Project ("DBL Project"). The Company is also pleased to announce that Heritage is now planning the Phase II exploration program to further define the deposit potential at Alcona and New Millennium. 2023 Exploration Program Highlights:
-
The 2023 exploration and drill program has confirmed the presence of multiple, extensive, structurally controlled and locally high-grade Au and Au-Ag Mineralized systems.
-
Prospecting program evaluated seven highly prospective areas advancing six to drill ready status for the 2024 exploration program.
-
Alcona Area, HML23-017: lower portion of the hole returned multiple anomalous narrow intervals 0.68 g/t Au over 4.9m from 138.25m, 0.63g/t over 2.5m from 149m, 1.98 g/t Au over 0.8m from 239.2m supporting a wide anomalous mineralized gold zone.
"We're proud to announce the success of our 2023 exploration program, which has positioned us for an exciting 2024. With six additional target areas upgraded to drill-ready status and high-grade precious and base metals identified, we're eagerly awaiting permits to further our exploration efforts on our flagship DBL Project.
Additional modeling and structural interpretation is underway to support a Phase II program at Alcona and New Millennium.
Our optimism for the junior exploration market remains high as we continue to unlock the potential of our projects and deliver value to our stakeholders." Commented Peter Schloo, President, CEO and Director
2023/2024 Prospecting Program
The Company evaluated seven additional targets areas within its flagship DBL Project, six of which have been moved to drill ready status. Additional prospecting and target workup will continue throughout 2024 of other historical targets as well as in between high priority target areas connecting the kilometers of potential strike length within our district scale project.
The high priority target areas all exhibit similar deposit scale characteristics making this an attractive and highly prospective project.
Click Image To View Full Size
The Table above includes historical Non 43-101 compliant information.
Click Image To View Full Size
Proposed exploration program for the areas below includes but is not limited to prospecting, stripping, IP and diamond drilling.
The Company looks forward to providing future updates on a target-by-target basis in the near term.
Alcona Area
Phase 1 2023 Alcona drill program results confirm widespread Au-Ag Mineralization hosted in broad (>200m) composite deformation zones. 2023 exploration program confirms the presence of extensive, structurally controlled and locally high-grade Au-Ag Mineral systems.
Additional modeling and structural interpretation is underway to support a Phase II program.
HML23-017 (Partial): Multiple anomalous narrow intervals 0.55g/t Au over 8m from 21m 0.68 g/t Au over 4.9m from 138.25m, 0.63g/t over 2.5m from 149m, 1.98 g/t Au over 0.8m from 239.2m
Click Image To View Full Size
Click Image To View Full Size
New Millennium
At least two mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins.
New Millennium phase I drill program confirmed multiple narrow anomalous mineralized zones.
Click Image To View Full Size
Additional modeling, structural interpretation, drilling and exploration is recommended for this area.
Moretti
Mineralized deformation corridor over 2,500m of strike 500m wide consisting of discrete zones of deformed volcanic rocks and shear parallel quartz veins ranging from cm to meter scale.
Drill results for the remaining holes showed no significant mineralization. Additional drilling and exploration is recommended for this area to further understand the structural complexity and orientation and how this fits into the +10km Moretti deformation corridor.
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:
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
For shareholder/investor inquiries please contact:
Investor Cubed Inc.
Neil Simon, CEO
Email: nsimon@investor3.ca
Telephone: (647) 258-3310
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, including the volume of any deposit located in the Alcona area; 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.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES