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VANCOUVER, BC, September 20, 2024 – Heritage Mining Ltd. (CSE: HML FRA:Y66) (“Heritage” or the “Company”) is pleased to provide an update of its 2024 drilling program at the Zone 3 prospect (Figures 1 and 2; Tables 1 and 2), at its flagship Drayton-Black Lake project (“DBL”).
Highlights:
Drilling at Zone 3 has identified intrusion-related gold mineralization; a new style of gold mineralization not historically recognized at Drayton-Black Lake Project (Figures 3 and 4).
Quartz – sulphide veins are associated with the gold mineralization at Zone 3, locally multi-meter wide veins cutting both the granitoid and metavolcanic rock types
Intrusion-related gold mineralization provides potential for large-tonnage, bulk mineable gold deposits at Drayton-Black Lake.
Brett Davis, advisor to Heritage, is undertaking an in-depth review of DBL exploration results since inception including in field.
“Diamond drill holes from the Zone 3 prospect have intersected a newly identified mineralisation style within the Drayton – Black Lake project. Historically, exploration has focused on the discovery of orogenic-style gold in the greenstone country-rocks surrounding extensive areas of granitoids. Zone 3 drilling has intersected mineralisation that is hosted dominantly in a granitoid and that has a multi-element geochemical signature, coeval intrusive sequences, and vein morphologies consistent with the intrusion-related gold model. This has been confirmed by Dr Gregg Morrison, an expert on intrusion-related mineral systems. The identification of intrusion-related gold opens additional significant discovery potential for HML in the Drayton – Black Lake project geological assemblages, which were not previously investigated for gold.” Commented Brett Davis, Advisor to Heritage
"The discovery of intrusion-related gold mineralization at Zone 3 marks an exciting breakthrough for the Drayton-Black Lake Project. This new style of gold mineralization opens significant potential for large-tonnage, bulk mineable deposits, fundamentally shifting our exploration strategy. With expert insights from Brett Davis and Dr. Gregg Morrison, we are well-positioned to unlock further opportunities and advance the project’s value." Commented Peter Schloo, President, CEO and Director
Zone 3 Prospect Summary
Zone 3 is situated about the favorable contact zone between a granitic intrusion (Lake of the Bays Batholith) and mafic metavolcanic rocks of the Sioux Lookout Greenstone Belt. Gold mineralization occurs in both rock types but is predominantly hosted within granite (Figure 4). The granite is a quartz-feldspar-biotite body overprinted by well-developed tectonic foliation and is at least 30 km across in plan-view (Ontario Provincial geologic map).
Heritages’ recent drill program tested only a 200m strike length of the contact zone. Drilling intersected K-feldspar pegmatitic dykes cutting predominantly through the granite but are also present, albeit less prevalently, in the mafic metavolcanic host rock adjacent to the batholith. These pegmatitic dykes form a sheeted array across the batholith contact with the mafic host-rocks and are somewhat similar in appearance to the granite.
Fracturing of rheologically favourable pegmatite dykes, including along pegmatite-dyke contacts, has localised deposition of quartz-dominated vein suites in the fracture-permeability network. These quartz veins are associated with the sulphide and gold mineralization at Zone 3 and are centimeter to multi-meter in scale (Figure 5). Figure 6 shows examples of overprinting relationships, the intrusive suites and mineralized quartz veins.
This recent round of drilling successfully confirmed intrusion-related style gold mineralization at the Company’s Drayton-Black Lake project, an important new discovery. The Project area has potential for large-tonnage deposit through the discovery of this previously unrecognized style of gold mineralization and importantly confirms Heritages’ exploration program and strategy are effectively executed. The Company proposes to undertake tight-spaced ground magnetic and IP surveys to define the favorable granitoid-metavolcanic contact and zones of disseminated sulphides in quartz veins. These data will be instrumental in the design and execution of further drill programs at DBL.
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Figure 1: Project Portfolio, Ontario, Canada
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Figure 2: Drayton Black Lake Project Map, Zone 3 Highlighted in Yellow.
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Figure 3: Zone 3, 2024 Drill Hole Location Map. Hole HML24-004 is featured in the next Figure.
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Figure 4: Cross-section through Zone 3 geology along HML24-004. High Au intercept featured in next Figure.
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Figure 5: Quartz-pyrite vein with albite-carbonate alteration halo associated with the mineralized vein suite, in granite.
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Figure 6: The above photo shows a good example of one of the mineralized zones comprising the intrusive suites and mineralized veins.
Table 1: 2024 drillhole design details Zone 3 |
Table 2: 2024 drillhole significant gold assays (≥0.10 g/t Au) |
Qualified Person
Stephen Hughes 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, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The 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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