Heritage Mining posts encouraging gold assays from New Millennium drill program, Ontario

Heritage Mining Ltd. [CSE: HML; FRA: Y66] reported results from its winter drill program at its flagship Drayton–Black Lake (DBL) exploration project, Sioux Lookout, Ontario. The company conducted scout drilling at the New Millennium orogenic gold target area utilizing its in-house drilling rig and team. The company is also pleased to provide an update on its planned diamond drill program at the Zone 3 (DBL) Extension and Rognon Mine Area (Contact Bay) prospects.

Highlights: Intersected multiple zones of strong gold mineralization in shallowly drilled holes (average 61m depth) at the New Millennium prospect, including HML25-003 (87m) which assayed 6m at 1.05 g/t gold, 3m at 1.77 g/t gold and 2m at 1.78 g/t gold. Refer to original press release for complete assays.

Broad zones of quartz veins were intersected in HML25-006, which assayed 13m at 0.23g/t gold. Zone 3 Extension scout drill program commenced, and the first hole has been completed intersecting a granite cut by quartz-sulphide veins over broad intervals.

Received additional drill permit for targets within the Rognon Mine Area. Secured a second drill rig for the diamond drill program at Zone 3 Extension and Rognon Mine Area, targets will be drilled simultaneously.

“These initial drill results from New Millennium are highly encouraging, considering the average hole depth is only 61 metres. These scout holes confirm the presence of mineralized vein swarms and structures, validating historical high-grade surface samples. We have also secured an additional diamond drill rig to fast track our exploration agenda drilling Zone 3 and Rognon Mine simultaneously. This, combined with receiving additional diamond drill permits at the Rognon Mine Area, truly unlocks our potential for discovery significantly ahead of schedule while maintaining established cost efficiencies.

“With additional financial support, we are in a strong position to advance our exploration initiatives heading into the summer. We look forward to communicating further results on our ongoing 2025 diamond drill exploration program utilizing our cost-effective exploration operations including in-house drilling team on current and additional targets being developed.” commented Peter Schloo, President, Director and CEO of Heritage.

The company also announced a non-brokered private placement consisting of 3,000,000 flow-through units (FT Units) at a price of $0.05 per FT Unit for gross proceeds of C$150,000 to a strategic investor (the Offering). Each FT Unit consists of one flow-through common share (FT Common Share) and one Warrant (FT Unit Warrant) with each FT Unit Warrant entitling the holder to purchase one Common Share at an exercise price of $0.10 for 60 months from issuance, subject to acceleration provisions.

Closing of the Offering is expected to occur around May 14, 2025. The Offering is subject to approvals. Proceeds of the Offering will be used to fund the company’s planned exploration and drilling programs on its Drayton-Black Lake Project and Contact Bay and general working capital.

New Millennium 2025 diamond drill program overview: Nine drill holes for a total of 556 metres were completed from three drill pads along a 150-metre strike of this newly identified vein set within the New Millennium target area. Dilling intersected multiple sets of mineralized veins and shear zones within an interpreted multi-deformation folded sequence.

The company is concurrently developing low-cost surficial exploration to advance the New Millennium target drill area. Key upcoming programs may include the stripping and trench sampling of known vein sets and high-resolution basal till sampling across interpreted fold noses.

Zone 3 Extension: The 2024 drill program at Zone 3 Extension identified granite-hosted mineralization and features consistent with a magmatic source for the gold mineralization. This opens the potential for more widespread mineralization in the Heritage tenements, outside of the traditional focus which is on orogenic lode style mineralization in the volcanics. Dr. Gregg Morrison, consultant to HML, reviewed 2024 Zone 3 drill core, commenting that it has “demonstrated similarities to other deposits in the region, particularly to the 5.8Moz granite-hosted Hammond Reef Deposit of Agnico Eagle.”

The company is currently scout drilling at Zone 3 Extension, testing along a linear mag-feature that is 2km long and up to 200m wide. The first scout hole is completed and is considered a technical success, intersecting multiple zones of granite cut by broadly spaced, cm-scale quartz-pyrite-chalcopyrite veins. Samples are currently being processed at the company’s four-season core shack facility. Additional exploration programs for 2025 in this area are being considered including till sampling across structural controls to Zone 10 and east west from New Millennium to Split Lake Target areas as well as scout diamond drilling.

Rognon Mine – Contact Bay Project: The former Rognon/Wachman Mine produced 22.2 oz gold and 0.5 oz silver from 49 tons milled 1916-1918. 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. There are surface indications that suggest the vein extends at least 750m in length (trenching, shafts, pits, historical mining) including five historical shafts (two production shafts and three exploration shafts). Heritage plans to undertake a maiden scout drilling program to test this vein system along strike and at depth, drilling is expected to commence mid-May.

An additional permit has been received to drill geophysical anomaly believed to related to the old Rognon Mine. A drill program for ~2175m in eleven drill holes has been designed and budgeted for the Rognon Mine area that lies within Contact Bay Project.

The company is 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.