We are pleased to announce the results from our recent channel sampling program that evaluated fourteen prospects over five targets in the Alcona and Moretti areas (Table 1) located in the northeastern half of the Company’s 15,257 Ha Drayton-Black Lake Project (“DBL”). DBL is located approximately 20 km northeast of Sioux Lookout, Ontario (Fig. 1) and covers 30km of the Central Volcanic and Southern Sedimentary domains within the Eagle-Wabigoon-Manitou (“EWM”) Greenstone Belt, which also hosts Treasury Metals Inc’s Goliath Gold-Silver Complex immediately to the southwest. 

Channel Sampling Highlights

• Sampling program evaluated fourteen prospects in the Alcona and Moretti areas
• All channels reported anomalous gold ± silver and base metal mineralization, significant results include:

Alcona-New Millennium (Figure 1)

• T7 Area – 11.2g/t Au and 51.4g/t Ag over 1.0m
• T9 Area – 5.31g/t Au and 25.0g/t Ag over 0.5m
• Quartz vein subcrop material discovered near to T9 shows visible gold and assayed 2,330g/t Au

Moretti-Main (Figure 2)

• North Vein Prospect – 7.85g/t Au over 2.0m; incl. 19.2g/t Au and 72.8g/t Ag over 0.8m; this channel was done near to where a rock chip grab sample assayed 208g/t gold

Alcona-Main (Figure 3)

• Central Vein Set – 2.72g/t Au over 5.1m; incl. 9.41g/t Au and 25.7g/t Ag over 0.8m
• Central Vein Set – 21.9g/t Au and 121g/t Ag over 1.0m, 2.72g/t Au over 5.1m; incl. 9.41g/t Au and 25.7g/t Ag over 0.8m
• North Vein Set – 7.85g/t Au over 2.0m; incl. 19.2g/t Au and 72.8g/t Ag over 0.8m
• Alcona Pond – 4.94g/t Au over 4.0m; incl. 15.75g/t Au and 45.1g/t Ag over 1.0m

Our first pass channel sampling results have exceeded our expectations, confirming multiple high-grade Au-Ag mineralized vein systems at surface at Alcona, New Millennium and Moretti, similar to Treasury Metals’ Goliath gold project.  These initial results have provided Heritage with valuable information on the style and tenor of gold and base metal mineralization at DBL, as we plan a more systematic field program for the winter months and into the 2023 exploration season. The team collected a sample of quartz vein subcrop near T9 that reported a whopping 2,330g/t gold, this is the highest reported gold assay at DBL. It is our interpretation that gold, silver, and polymetallic mineralized quartz veins and stockwork zones extend along strike and with depth, and that our ongoing regional evaluation program will continue to identify new veins across this highly under-explored land package. The 2022 field team has done excellent work and our boots on the ground strategy continues to pay off as we further develop the Drayton-Black Lake Project.

Summary:

Phase 1 channel sample results confirm widespread Au-Ag mineralization hosted in deformation zones ranging from discrete 3-5m wide shear structures (New Millennium) to broad (> 200m) composite deformation zones (Alcona Main Area). Channel results along with grab samples confirm the presence of extensive, structurally controlled and locally high-grade Au-Ag mineral systems.

Mineralization is typically associated with several styles of quartz-carbonate (+/- sulphide) veins ranging in thickness from less than 1.0cm to greater than 50cm wide. Vein orientations vary locally but in general reflect related and consistent structural settings at the prospect and target levels.  Geophysical data indicates subtle folding patterns in magnetostratigraphy (e.g., mafic / felsic volcanic units) at both Alcona Main and New Millennium area, in addition to complex regional shear patterns throughout the Drayton-Black Lake Property. In several instances, veins and vein arrays are consistent with interpreted axial-parallel orientation and displacement.  Many vein array orientations are also consistent with regional-scale structural elements that have not been previously recognized. This provides new context to historic results including more recent (e.g., 2018-2021) till geochemistry completed by previous operators.

Multi-element data from the Alcona Area suggest a strong positive relationship between Au-Ag-Te along with positive correlations between Au and several other potential pathfinder elements. Notably, mineralization at Moretti-Main displays lower Ag:Au ratios suggesting multiple mineralization styles may occur in the northeastern half of the Drayton-Black Lake property. This is similar to Treasury Metals’ Goliath gold project (i.e. Goliath-Goldlund-Miller deposits) located 25-65 km to the southwest in the Eagle-Wabigoon-Manitou Greenstone Belt.

The Company is currently compiling and interpreting mapping and sampling data from the 2022 field program along with processing and interpretation of its newly acquired regional airborne Mag/EM survey data. In conjunction with data from previous operators,  staff are now preparing a follow-up program for a planned 2023 drill campaign.

Figure 1: Alcona-New Millennium area showing historic and 2022 rock chip and channel sample results

Please see the linked report here.

We are very excited to have John on as an advisor to Heritage. John brings a wealth of experience via growth and value creation, what Heritage Mining Ltd. is building.  Previously, We were delighted to have John as an early investor in Heritage Mining back in August 2020. Since then, there has been consistent support for the Company from John along our various milestones, a testament to the quality of our shareholder base.

Welcome aboard John!

Mr. Seaman is an accomplished executive with more than 22 years of experience in the mining industry, from exploration through development and production. Mr. Seaman has significant corporate and transactional experience in relation to gold projects in Ontario as a former Director of Premier Gold Mines, which was acquired by Equinox Gold Corp. in a C$612M all stock deal in early 2021. Mr. Seaman is currently a Director of I-80 Gold Corp., a leading Canadian gold company in Nevada with a market capitalization of ~C$705m, where he chairs the audit committee and also sits on the compensation committee. In addition, he serves currently or in the past, as an independent director of various small-cap companies. Mr. Seaman has served as the CFO of Premier Gold Mines from 2006-2012, Director from 2006 to 2012 and lead Director from 2012 to 2021, CFO of Pediment Goldcorp (2007-2011) and Director and CFO of Wolfden Resources Inc. until all three were acquired.  Mr. Seaman is an ICD.D member of the Institute of Corporate Directors.

News Release Link: Here

We are pleased to announce our field program update and completion of airborne geophysical survey at our flagship Drayton – Black Lake Property. 

These initial results from our confirmation program are very encouraging and demonstrate the high and extensive footprint of gold mineralization at Drayton-Black Lake. Our field team noted many instances of extensive sulphide mineralization in veins, highly altered adjacent host rock and these assay results confirm the association with high-grade gold mineralization. The New Millennium prospect, which has never been drilled, displays similar mineralization styles and high-grade gold tenors (up to 46.5 g/t Au in current sampling) and remains a priority target for our next phase of work. Field work continues in our priority areas and we look forward to communicating additional findings and drill targets to the market in short order, and we remain very excited about this project

Please see the linked report here. 

We are pleased to announce that Couloir Capital has initiated coverage with a buy rating of C$0.31. 

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