Heritage Doubles Down at Melba: Expands Land Package ahead of Pending Drill Results

Executive Summary

• Heritage Mining entered a definitive asset purchase agreement to acquire twelve unpatented mining claims adjacent to its Melba Mine project in the Kirkland Lake Gold District.
• Consideration consists of 1,500,000 Heritage common shares, C$30,000 cash paid over five months, and a 1% net smelter return royalty on the acquired claims.
• The acquisition expands the Melba property to approximately 3,886 ha, consolidating Heritage’s footprint in a historically prolific gold camp.

Key Details

• Seller: DH Exploration Inc. (Vendor)
• Acquired Assets: 12 unpatented mining claims and one mining lease covering ~3,886 ha adjacent to the historic Melba Mine.
• Purchase Price:
• 1,500,000 Heritage common shares issued to Vendor.
• C$30,000 cash payable in equal monthly instalments of C$5,000 over five months; first instalment due within two business days of signing.
• Additional 1% net smelter return royalty on the claims effective at closing.
• Closing Conditions: Subject to customary conditions precedent, including full payment of cash instalments and approval by the Canadian Securities Exchange.
• Strategic Rationale: Consolidates land around Melba Mine, enhancing Heritage’s ability to advance its diamond drilling program and increase resource potential in a well‑established gold district.
• Project Context: The Melba Mine is a former early‑mid 1900s producer; Heritage is in the process of earning a 75% interest in the mine.

Notable Quotes

“Consolidating this ground around the historic Melba Mine is a meaningful step in building Heritage’s footprint in one of Canada’s most proven gold camps. We look forward to further updates on our current diamond drill program in short order.” – Peter Schloo, President, CEO and Director, Heritage Mining Ltd.