Heritage Mining Ltd.’s [HML-CSE] common shares commenced trading on the Canadian Securities Exchange at the open of trading on August 26, 2022.
The corporation further announces that it has entered a definitive asset purchase agreement with Bounty Gold Corp. dated August 25, 2022, whereby it will acquire 50 mining claims in the Split Lake zone adjacent to Heritage’s flagship Drayton-Black Lake project, northern Ontario.
Pursuant to the terms of the agreement, Heritage will acquire a 100% interest in the Split Lake property in exchange for issuing Bounty 100,000 common shares, paying Bounty $5,000 in cash and granting Bounty a 1% net smelter return royalty on the Split Lake property at closing; one-half (0.5%) of such NSR may be purchased for $500,000 by Heritage. Closing of the transactions contemplated by the agreement is subject to customary closing conditions, including the approval of the exchange.
The corporation is a Canadian mineral exploration company advancing multiple high-grade gold projects in Northern Ontario. The corporation is well capitalized with a tight capital structure. Its district-scale Drayton-Black Lake flagship project totals approximately 14,221 hectares in Northwestern Ontario, Canada. The Drayton-Black Lake project is on trend with several significant mineral deposits and hosts multiple high-grade gold and copper occurrences. Heritage has well-defined, near-term drill targets over four zones, close proximity to infrastructure, combined with over 100 years of exploration data (176 historic diamond drill holes totaling approximately 20 km) never compiled until 2022.