Heritage Mining talks historical rock pile at Drayton

Executive Summary

• Heritage Mining released an exploration update on the Drayton‑Black Lake (DBL) project, focusing on historic tailings/rock piles at the Alcona and Split Lake mines that could generate near‑term cash flow.
• Assays from 30 Alcona samples returned exceptionally high grades (up to 91.43 g/t Au, 311.31 g/t Ag), while 26 Split Lake samples showed gold up to 1.56 g/t; volumes of the waste piles are estimated at ~40,000 t (Alcona) and ~5,500 t (Split Lake).
• The company has begun talks with a nearby fully permitted mill that is in its final construction stage as a potential processing option for these rock‑pile resources.

Key Details

• Project Scope: Phase 1 exploration of historic mine‑shaft areas at the Alcona and Split Lake mines within the DBL project, Northwestern Ontario.
• Historical Data (Alcona):
• June 19 1933 test on a 200‑lb sample: 91.43 g/t Au, 311.31 g/t Ag, 0.43 % Cu, 3.10 % Pb, 0.50 % Zn, 5.10 % Fe, 5 % S.
• No historic waste‑pile sampling recorded.
• Measured waste‑pile volume: ≈40,000 t.
• Recent field work collected 30 samples; all submitted for gold assays.
• Historical Data (Split Lake):
• Five historical rock‑dump samples ranged from trace to 1.56 g/t Au.
• Measured waste‑pile volume: ≈5,500 t.
• Recent field work collected 26 samples; all submitted for gold assays.
• Assay Status: All recent ore/rock‑pile samples have been sent to the laboratory; results are pending at time of release.
• Volume Calculations: Approximate; based on historic reports and GPS‑verified field measurements.
• Processing Option: Ongoing discussions with a nearby fully permitted mill (in final construction phase) to potentially process the rock‑pile material, supporting near‑term cash‑flow potential.
• Executive Comment: “With the price of gold near all‑time highs…high‑grade historical intercepts combined with positive early discussions with a nearby fully permitted mill…has supported a Phase 1 program to assess the possibility of near‑term cash flow,” said Peter Schloo, President, CEO & Director.
• Qualified Person: Mitchell Lavery, P.Geo., strategic adviser, reviewed and approved the technical information per NI 43‑101.

Notable Quotes

“With the price of gold near all‑time highs, the mystery of these two historical mines with no production numbers but high‑grade historical intercepts combined with positive early discussions with a nearby fully permitted mill near construction completion has supported a Phase 1 program to assess the possibility of near‑term cash flow.” – Peter Schloo, President & CEO, Heritage Mining Ltd.