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Heritage Mining Provides Update on Drilling Program and Corporate Update

VANCOUVER, BC – TheNewswire - May 8, 2023 – Heritage Mining Ltd. (CSE:HML) (“Heritage” or the “Company”) is pleased to announce the Company has begun mobilizing field teams in advancement of its fully permitted Phase 1 exploration drilling program at its flagship Drayton – Black Lake project (or the “Project”) located near Sioux Lookout, Ontario.  The Project is located within Eagle-Wabigoon-Manitou greenstone belt of the Wabigoon Subprovince, which also hosts the Treasury Metals Inc.’s (TSE:TML) Goliath and Goldlund deposits.  The Company is also pleased to announce its participation via sponsorship and attendance to the Lac Seul Career Fair this coming May 10th, 2023.

 

2022 Summary

 

Our 2022 program which confirmed widespread Au-Ag mineralization hosted in deformation zones ranging from discrete 3-5m wide shear structures (New Millennium) to broad (>200m) composite deformation zones (Alcona Main and Moretti Areas). Channel results along with grab samples confirm the presence of extensive, structurally controlled and locally high-grade Au-Ag mineral systems.

 

2023 Exploration Plans

 

The Company’s 2023 exploration program includes detailed mapping, channel sampling and 3D geologic block modeling in advance of planned and permitted phase one drilling at Alcona, Moretti and New Millennium:

• Alcona: Mineralized deformation corridor over 1km strike by 200m wide consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins open in all directions (Figure 2); 

• 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 (Figure 3); and 

• New Millennium (Never Drilled): At least three mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins, rocks up to 2330g/t gold (Figure 2). 

A 3D geologic and structural block model will help further refine the drill design and help in prioritizing the pipeline of precious and base metal projects for future follow-up exploration.

 

Historic Exploration Highlights:

• Over twenty base and precious metal prospects within seven mineralized zones, over a 15,257-hectare land package (Figure 1) 

• 157 historical drill holes completed between 1947 and 2016, shallow, average hole depth 120m 

• Select historical high-grade drill results include: 

 

• Alcona Mine Zone - 6.83 g/t Au over 1.70m in hole HR-ZL-01, from 35.50m  

• MorettiZone - 31.87 g/t Au over 1.45m in hole BKl9914, from 110.41m 

• At MorettiZon -e, an historic bulk sample (8.5 tonne) assayed 14.62 g/t Au 

 

Peter Schloo, President, CEO and Director commented, “We are excited about commencing the fully permitted 2023 field program at Drayton – Black Lake project on schedule. The project shows significant potential for multiple exploration discoveries. Last year’s successful field program at Alcona, New Millennium and Moretti confirmed high-grade gold and gold-silver mineralization and we plan to systematically advance these priority targets through to drilling.  Given the scale and the number of base and precious metal mineral occurrences known on this property, the Company looks forward to evaluating and developing a pipeline of quality prospects for future exploration development, in a systematic and respectful manner inclusive and considerate of all key stakeholders.”

 

Community Involvement: Lac Seul Career Fair

The Company has sponsored and will be attending the Lac Seul Career Fair as part of our commitment to source local talent from the surrounding communities this coming week May 10th, 2023. The Lac Seul Career Fair will welcome students, recent graduates, and those seeking employment or further education in the area surrounding Frenchman’s Head, Sioux-Lookout and the Project. More than 70 local businesses and organizations will be attending.

 

Peter Schloo, President, CEO and Director commented,

“We are very excited to sponsor, connect, present and provide employment and/or contracting opportunities to the local communities through career fairs such as Lac Seul Career Fair. We can’t wait to meet everyone and introduce our developing story! See you there!”

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Figure 1:  Property map – Property Geology and Targets

 

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Figure 2: Alcona and New Millennium areas with airborne magnetics 2VD showing surface sample locations and 2023 planned mapping areas.

 

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Figure 3: Moretti 2022 and Historic  Results on 1VD Geophysics.

 

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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