VANCOUVER, BC TheNewswire – June 3, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (” Heritage ” or the ” Firm “) is happy to announce the consolidation of a brand new land place throughout the Western Wabigoon totaling ~6,397 Ha via two asset acquisition agreements with PTX Metals Inc. (CSE:PTX) (“PTX Metals”) and Shear Gold Exploration Corp. (“Shear Gold”), forming the Scattergood venture (“SG”). The Firm can also be happy to announce exploration plans for the SG venture in addition to a company replace.
Highlights:
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1) Scattergood Undertaking:
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Extremely potential, vital land place alongside strike of Dynasty Gold’s Thundercloud – Pelham Deposit totaling (260,000 oz Au NI 43-101 Useful resource) totaling ~ 6,397Ha (Determine 1, 2)
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Quite a few intrusives with mineralized contacts in mineralized volcanic host rock effected by advanced structural options
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Discovery potential for Au, Cu, Ni, Zn, PGE
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Wonderful Entry by paved freeway and logging roads
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2) Deliberate 2024 Scattergood Exploration Program:
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Compilation and digitization of historic work, 3D geological mannequin, geophysical interpretation, structural interpretation, prospecting, soil sampling, drill targets, drilling
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“We’re excited to be aside of the quickly rising Eagle-Wabigoon-Manitou-Stormy Lakes greenstone belt with notable neighbour’s comparable to Dynasty Gold, Dryden Gold and Kenorland Minerals. Our new shareholders by means of acquisition settlement (PTX Metals (CSE:PTX) and Shear Gold Exploration Corp.) selected Heritage Mining to guide the cost on their land packages based mostly on our aggressive and systematic in area applications and skilled technical group.
Moreover, the construction of the transaction is favorable to present market circumstances as there isn’t a minimal spend necessities, enabling Heritage to proceed uninterrupted on present precedence initiatives whereas solidifying a brand new place in a extremely wanted space close to our present venture portfolio.
The Scattergood venture has additional solidified our place inside Northwestern Ontario, Canada totaling over 27,000 Ha inside one of many final underneath explored greenstone belts in Northwestern Ontario, Canada main into what we imagine to be among the best treasured and base metallic markets in a long time.
We sit up for advancing the venture to drill prepared standing in a scientific method and offering additional updates on our exploration applications within the very close to future. Commented Peter Schloo, President, CEO and Director of Heritage.
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Determine 1 – Heritage Undertaking Portfolio in Northwestern Ontario, Canada
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Determine 2 – Heritage Mining, Scattergood Space Map, Ontario, Canada
Scattergood Undertaking
The Scattergood Undertaking straddles the decrease phase of Wapageisi group volcanic rock and felsic intrusive our bodies together with the Taylor Lake Inventory, Meggisi Pluton, and Scattergood Lake inventory in addition to quite a few late stage minor intrusives. Structurally, the venture is advanced with the north-northeast trending Taylor Lake Fault and Trout River deformation zone working via elements of the property. There may be proof of hydrothermal fluids appearing on volcanic rocks indicating a great surroundings for the formation of gold wealthy ore our bodies. This mixture of structural options and felsic intrusives inside or close by volcanic rocks are key options to lots of the native gold occurrences.
Asset Buy Agreements Abstract – Scattergood Undertaking
Shear Gold Asset Buy Settlement
Pursuant to an asset buy settlement with Shear Gold dated Could 31, 2024, Heritage agreed to difficulty C$100,000 in frequent shares to Shear Gold over an 18 month interval ($15,000 on signing, $35,000 in six months from signing and $50,000 in 18 months from signing) along with the grant of a 1.5% NSR (0.5% buyback for C$500,000) for 4,508.28 Ha.
PTX Metals Asset Buy Settlement
Pursuant to an asset buy settlement with a subsidiary of PTX Metals dated Could 31, 2024, C$100,000 in frequent shares over an 18 month interval ($15,000 on signing, $35,000 in six months from signing and $50,000 in 18 months from signing) along with the grant of a 1.0% NSR (0.5% buyback for C$500,000) for 1,888.72 Ha.
Deliberate 2024 Scattergood Exploration Program
The 2024 exploration program for this venture will embrace: Compilation and digitization of historic work, 3D geological mannequin, geophysical interpretation, structural interpretation, prospecting, soil sampling, drill targets, drilling.
Company Replace
The Firm has additionally agreed to difficulty an mixture of 1,100,000 frequent shares, at a deemed worth of $0.05 per frequent share, in full satisfaction of sure contractual obligations.
The Firm additionally signed an settlement with VHLA Media, pursuant to which VHLA Media agreed to supply digital content material, advertising and marketing, and media distribution companies to the Firm. Pursuant to the phrases of the settlement, such advertising and marketing companies are to be offered over a one month interval, commencing on Could 31, 2024, for a price of $25,000.
Certified Particular person
Mitch Lavery P. Geo, Strategic Advisor for the Firm, serves as a professional particular person as outlined by Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks and has reviewed the scientific and technical info on this information launch, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Firm is a Canadian mineral exploration firm advancing its two excessive grade gold-silver-copper initiatives in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay initiatives are positioned close to Sioux Lookout within the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Each initiatives profit from a wealth of historic information, glorious website entry and logistical help from the local people. The Firm is properly capitalized, with a good capital construction.
For additional info, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Telephone: (905) 505-0918
E-mail: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This information launch incorporates sure statements that represent ahead wanting info throughout the which means of relevant securities legal guidelines. These statements relate to future occasions of the Firm. Any statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets, assumptions or future occasions or efficiency (typically, however not at all times, utilizing phrases or phrases comparable to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “anticipate”, “forecast”, “might”, “will”, “venture”, “predict”, “potential”, “concentrating on”, “intend”, “may”, “may”, “ought to”, “imagine”, “outlook” and comparable expressions should not statements of historic reality and could also be ahead wanting info. All statements, aside from statements of historic reality, included herein are forward-looking statements.
Ahead wanting info includes identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency, or achievements of the Firm to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking info. Such dangers embrace, amongst others, the inherent threat of the mining business; antagonistic financial and market developments; the danger that the Firm won’t achieve success in finishing further acquisitions; dangers referring to the estimation of mineral assets; the chance that the Firm’s estimated burn fee could also be increased than anticipated; dangers of sudden price will increase; dangers of labour shortages; dangers referring to exploration and growth actions; dangers referring to future costs of mineral assets; dangers associated to work website accidents, dangers associated to geological uncertainties and variations; dangers associated to authorities and neighborhood help of the Firm’s initiatives; dangers associated to world pandemics and different dangers associated to the mining business. The Firm believes that the expectations mirrored in such forward-looking info are affordable, however no assurance will be provided that these expectations will show to be appropriate and such ahead‐wanting info shouldn’t be unduly relied upon. These statements converse solely as of the date of this information launch. The Firm doesn’t intend, and doesn’t assume any obligation, to replace any ahead‐wanting info besides as required by legislation.
This doc doesn’t represent a suggestion to promote, or a solicitation of a suggestion to purchase, securities of the Firm in Canada, the US, or some other jurisdiction. Any such provide to promote or solicitation of a suggestion to purchase the securities described herein will probably be made solely pursuant to subscription documentation between the Firm and potential purchasers. Any such providing will probably be made in reliance upon exemptions from the prospectus and registration necessities underneath relevant securities legal guidelines, pursuant to a subscription settlement to be entered into by the Firm and potential buyers.
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