Heritage Mining Advances Drayton Black Lake Project with Near-term Cash Flow Potential from 1930s Rockpiles

Executive Summary

• Heritage Mining released Phase 1 results from historical rock‑pile sampling at its Alcona and Split‑Lake mines, highlighting high‑grade historic intercepts (e.g., 91.43 g/t Au in a 1933 sample).
• Approximately 40,000 t of waste rock at Alcona and 5,500 t at Split‑Lake have been measured; 30 and 26 samples respectively have been submitted for gold assays.
• The company is discussing processing options with a nearby fully permitted mill that is nearing construction completion, aiming to generate near‑term cash flow if the rock piles prove economically viable.

Key Details

• Alcona Mine – Historical Rock Pile
• Measured volume: ~40,000 t of mining waste pile (field‑verified via GPS).
• Sampling: 30 samples collected and sent for gold assays.
• Historic data point: 200 lb sample from 1933 yielded 91.43 g/t Au, 311.31 g/t Ag, 0.43 % Cu, 3.10 % Pb, 0.50 % Zn, 5.10 % Fe, 5 % S.
• Split‑Lake Mine – Historical Rock Pile
• Measured volume: ~5,500 t of mining waste pile.
• Sampling: 26 samples collected and sent for gold assays.
• Historic data point: Five historic rock‑dump samples ranged from trace to 1.56 g/t Au.
• Processing Discussion – Ongoing talks with a nearby fully permitted mill that is in the final stage of construction, exploring potential processing of the sampled rock piles.
• Strategic Rationale – Leveraging near‑term gold price highs and historic high‑grade intercepts to assess cash‑flow generation from low‑cost tailings/rock‑pile reprocessing.
• Qualified Person – Mitchell Lavery, P.Geo, Strategic Advisor, reviewed and approved the technical information per NI 43‑101 standards.

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 one program to assess the possibility of near‑term cash flow.” – Peter Schloo, President, CEO and Director, Heritage Mining Ltd.