Heritage Mining Ltd. Provides Field Program Update
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Final Sampling Results from 2022 Summer Check Sampling Program and Channel Sampling Program Underway
VANCOUVER, BC – TheNewswire - October 19, 2022 – Heritage Mining Ltd. (CSE:HML) ("Heritage" or the "Company") is pleased to report recent results from 2022 exploration program at the Company’s flagship Drayton-Black Lake Project (the “DBL”) and provide an update on current field program. The Drayton-Black Lake Project is located in northwestern Ontario, approximately 20 km northeast of Sioux Lookout, Ontario, and comprises approximately 15,257 Ha near the northern margin of the Wabigoon Sub‐province within the Abrams‐Minnitaki Lake (“AML”) Greenstone Belt (Fig. 1). The DBL property is along strike of and contiguous with Treasury Metals Inc.’s Goliath Gold-Silver Complex.
Program Highlights (Area/Target/Prospect)
The Company has received the final analytical results from the summer prospecting and check sampling* program at DBL. Samples were received from the Drayton, Moretti and Split Lake Areas (Fig. 1).
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At the W-H Target (Drayton Area, Fig 2), results from six samples returned values from below detection to 2.28 g/t Au, with four of the six samples grading over 1.0 g/t Au.
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At the K171 Target (Drayton Area), results from six samples returned values from below detection to 0.50 g/t Au and one sample (quartz-carbonate vein with pyrite) returned a value of 25.0 g/t Au.
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Six samples from regional prospecting (Split Lake Area) returned low Au values ranging from 0.009 to 0.022 g/t Au).
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Fifteen samples from regional prospecting at the Botsford Lake Target (Moretti Area) returned values ranging from below detection (n=11) to 0.71 g/t Au.
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Six samples from regional prospecting (Moretti Area) near the Bellekeno and Clamshell Lake Targets returned Au grades ranging from below detection (n=1) to 2.01 g/t Au, in a sulphide-rich mafic metavolcanic unit.
The summer 2022 sampling program has identified both high-grade, vein-hosted Au mineralization and moderate to low-grade volcanic-hosted Au mineralization; the latter in deformed and altered sulphide-bearing mafic rocks. Both styles of mineralization were found across a broad footprint through the DBL property.
*Grab (chip) sampling is a selective sampling method and the reader is cautioned that these samples may not represent the actual tenor of mineralization at a larger scale. Therefore, the Company has initiated a systematic channel sampling program on select prospects within the priority Targets.
The Company’s systematic channel sampling program began in early October and is scheduled to be completed by the end of the month.
Peter Schloo, CEO of Heritage Mining commented, “We are pleased to report the additional assay results from our ongoing field program. A very impressive start. Systematic channel sampling on priority areas is currently well underway and anticipated to be completed by the end of the month. We look forward to communicating additional findings and drill targets to the market in timely manner, and we remain very excited about this project.”
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Figure 1. Drayton-Black Lake Property map regional geology and 2022 exploration data points and targets/prospects identified from ongoing data compilation and review.
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Figure 2. Drayton Area Property map regional geology and 2022 exploration data points and targets/prospects identified from ongoing data compilation and review.
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Figure 3. Moretti Area Property map regional geology and 2022 exploration data points and targets/prospects identified from ongoing data compilation and review.
For further information please see the Heritage's profile on SEDAR at www.sedar.com.
ABOUT THE DRAYTON-BLACK LAKE PROJECT
The Drayton-Black Lake flagship project is located near the town of Sioux Lookout in Northern Ontario and comprises more than 15,000 Ha within the Abrams‐Minnitaki Lake Greenstone Belt along strike of and contiguous with Treasury Metals Inc.’s Goliath Gold-Silver Complex. There are numerous historic high-grade gold (silver, copper) occurrences (incl. past mining operations) and showings throughout the property. All set within a broad multi-kilometer regional-scale shear zone and related secondary and tertiary structural elements. Mineralization is typically shear-hosted quartz- carbonate veins with minor sulphides. Data from historic reports indicate a high silver content (2:1 up to 10:1 Ag:Au) with a galena (+/- Py, Po, Cpy, Sphal) association. Locally, mineralized massive sulphide (Py +/- Cpy) occurrences have been documented. In the AML greenstone belt, some of these sulfide rich occurrences have been reclassified as a hybrid or pre-orogenic atypical greenstone gold (POAGG) by some authors (e.g., Treasury Metal Goliath Deposit).
Heritage employs a rigorous quality management system for field sampling and analysis. All samples and sample sites are described, photographed and geo-referenced and digitally archived at the time of sample collection. Material is securely bagged at the sample site and returned to the field office for secure storage. Sampled are delivered to ALS laboratory in Thunder Bay, Ontario for prep and analysis. Samples are crushed (1 kg) and pulverized (250 g; PREP-31A). Au values are determined by fire assay (Au-AA23), overlimit (Au) are treated with a gravimetric finish (Au-GRA21). Multi-element analysis provided by ICP-MS (ME-MS-61). Pulps and rejects are retained for check and duplicate analysis.
Scientific and technical information contained in this press release has been prepared under the supervision of Steve King, P. Geo. Technical Advisor to HML, a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Sampling protocols, quality control and assurance measures and geochemical results related to historic results (e.g., production, drilling, trenching and channel samples) quoted in this news release have not been verified by the Qualified Person and therefore must be regarded as estimates.
The Corporation 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 Abrams‐Minnitaki Lake Greenstone Belt. Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Corporation 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
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 Heritage Mining Ltd. (“Heritage” or the “Corporation”). 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 including, without limitation: (i) “Systematic channel sampling on priority areas is currently well underway and anticipated to be completed by the end of the month”; and (ii) “We look forward to communicating additional findings and drill targets to the market in timely manner, and we remain very excited about this project” 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 Corporation 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 Corporation will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Corporation’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 Corporation’s projects; risks related to global pandemics and other risks related to the mining industry. The Corporation 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 Corporation 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 Corporation 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 Corporation 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 Corporation and prospective investors.
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