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Vancouver, BC – TheNewswire – September 5, 2023 – Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased to announce AZI Drilling has completed its drill program at the Alcona Target Area and is now mobilizing to the never drilled, New Millennium Target Area at its flagship Drayton-Black Lake Project.
Drilling Mobilization
The Company has mobilized its diamond drill program to New Millennium from Alcona Area at its flagship Drayton-Black Lake Project site located in northwestern Ontario approximately 25km East of the town of Sioux Lookout, Ontario by paved highway. The Phase 1 Drill Program previously released on August 3, 3023 which consists of a 3,600m diamond drill program over the three priority target areas.
Further to the Company’s partnership with Mira Geoscience announced on July 20, 2023, Mira Geoscience has produced a geology model for New Millennium targets ahead of schedule giving the Company’s exploration team a focused geophysical and structural understanding as planned to test numerous targets within the Phase 1 Drill Program at New Millennium, additional targets have been provided and have been incorporated into the program. Oriented core is used to assess structural geology that controls mineralization.
“We are excited to have AZI Drilling moving to New Millennium, a never drilled area with the highest grab sample property wide grading 2330 g/t Au in last year’s program. We appreciate everyone’s hard work to date and I look forward to coming back to site in the near future, we are all hands on deck.” Commented Peter Schloo, President, CEO and Director of Heritage.
New Millennium: At least two mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins.
Exploration to date have confirmed the mineralization along the central vein system and has highlighted areas of higher grade which have helped guide the proposed drill plan at New Millennium.
Figure 1 – New Millennium – Target Area
Corporate Update
The Company also announces that it has granted incentive stock options pursuant to its stock option plan to directors, officers and consultants to purchase up to an aggregate of 2,490,000 common shares of the Company. The stock options are exercisable at a price of C$0.09 per common share and expire three years from the date of grant.
Qualified Person
Robert Scott, Exploration Manager 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: [email protected]
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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