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VANCOUVER, BC – TheNewswire – August 14, 2023 – Heritage Mining Ltd. (CSE:HML) (FRA:Y66) (“Heritage” or the “Company”) is pleased to announce the mobilization of its exploration program for Contact Bay Property (“Contact Bay”) as of August 12, 2023, a wholly owned exploration project located 12 kilometres south-southwest of the town of Dryden in Ontario.
The Company has commenced a systematic exploration program along with geophysical and geological interpretation via its previously announced partnership with Mira Geosciences leveraging the Airbourne EM and Mag survey previously completed by Heritage and wealth of historical information.
“Heritage has a wholly owned property which includes the past producing Old Rognon/Wachman Mine in the northeastern portion of the property and anomalous Copper, Nickle and PGE from historical drilling and surface sampling on the southeast portion. We look forward to developing targets to a drill ready status in short order on this highly prospective wholly owned land package in a systematic manner.” Commented Peter Schloo, President, CEO and Director of Heritage Mining Ltd.
Contact Bay – Past Producer and Exploration Activities (Figure 1)
The Old Rognon/Wachman Mine produced 22.2 oz of gold and 0.5 oz of silver from 49 tons milled while in operation between 1916 and 1918. Development is reported to be a shaft 106 ft deep with 307 ft of lateral development on two levels, including a raise to surface from the first (50 ft) level. Stripping and pitting was extensive over the vein length of 1500 feet. Past data from the area includes historical grabs up to 6.5% Cu and 3.5% Ni. Platinum and palladium up to 280 ppb on the south-east portion of Contact Bay. The Company has also flown airborne EM and MAG surveys over the entire Contact Bay project and will be incorporating this into its target generation.
Additional exploration work on the property includes drilling and surface exploration with focus on Copper, Nickel and PGE.
Click Image To View Full Size
Figure 1: Contact Bay – Project Overview
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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