Heritage Mining expands Melba project, Ontario
Heritage Mining Ltd. [CSE: HML; FRA: Y66] reported it has entered a definitive asset purchase agreement with vendor DH Exploration Inc. to acquire 12 unpatented mining claims adjacent to the Melba Mine (a former past producer from early-mid 1900’s which Heritage is in the process of earning a 75% interest) in the Kirkland Lake Gold District, Ontario. The company also announced additional staking around the Melba Mine Project. The Project now totals ~3,886 Ha.
“Consolidating this ground around the historic Melba Mine is a meaningful step in building Heritage’s footprint in one of Canada’s most proven gold camps. We look forward to further updates on our current diamond drill program in short order.” commented Peter Schloo, President CEO, and Director of Heritage.
The consideration payable by Heritage to the vendor for the claims will be 1,500,000 common shares in the capital of Heritage and C$30,000 in cash to the vendor over a five-month period payable in equal C$5,000 monthly instalments, with the first instalment payable within two business days of signing of the Asset Purchase Agreement. Additionally, Heritage will grant the vendor a 1% net smelter return royalty on the claims on the date of the closing of the acquisition of the claims.
Closing of the acquisition of the claims is subject to customary conditions precedent for a transaction of this nature, including Heritage’s payment of all cash instalments and the approval of the Canadian Securities Exchange.
The Melba Mine is located in Northwestern, Ontario, Canada Southwest of Matheson Ontario approximately 7 km west off the King’s Highway 11, on the section of highway travelling from Kirkland Lake to Cochrane. The Melba Mine is located on the west central part of Ontario close to the Ontario and Quebec border. It’s fortunate the location of the Melba Property lies within the central hub of over 100 years of mining activities, including active mining operations within the Abitibi Greenstone Belt.
The claim package includes single cell mining claims now spanning ~3886 hectares and one mining lease.
The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The Melba Property is located near Ramore, Ontario.
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