One Step Closer to Cash Flow: Average grades of 3.72g/t Au and 0.96g/t Au from 1930s Rockpiles at Drayton - Black Lake
Executive Summary
- Heritage Mining reports encouraging gold grades from historical waste/rock piles at the Split‑Lake and Alcona mines within the Drayton‑Black Lake Project, suggesting a potential near‑term cash‑flow source.
- Average grade of ~3.72 g/t Au over ~5,500 t from the Split‑Lake rock pile; Alcona waste pile shows ~0.53 g/t Au over ~40,000 t with higher‑grade zones (~0.96 g/t Au over 20,000 t).
- The fully permitted mill is prepared to accept these rock piles for processing pending further testing.
Key Details
- Split‑Lake Mine Rock Pile:
- 26 grab samples collected; grades range from 0.009 g/t Au to ~27 g/t Au.
-
Reported average grade ≈ 3.72 g/t Au on an estimated 5,500 t of material.
-
Alcona Mine Waste Pile:
- 30 samples taken; 20 samples contain gold values from 0.006 g/t Au up to 4.1 g/t Au.
- Overall average grade ≈ 0.53 g/t Au on an estimated 40,000 t of waste pile material.
-
A subset of ~20,000 t returned a higher average grade of ≈ 0.96 g/t Au (12 samples ranging 0.013–4.1 g/t Au).
-
Sampling Methodology:
- Grab samples were taken directly from rock/waste piles; additional acid‑based multi‑element assays are pending.
-
Volume calculations are approximate, based on historic reports and GPS‑verified field measurements.
-
Mill Acceptance:
-
The Company’s fully permitted mill has indicated willingness to process the identified rock piles, subject to further testing results now underway.
-
Management Commentary:
-
Peter Schloo, President, CEO & Director, noted that strong precious‑metal prices enable consideration of “alternative and less dilutive sources of capital” and expressed optimism about the grade estimates supporting near‑term cash flow.
-
Qualified Person:
- Mitchell Lavery, P.Geo., Strategic Advisor, reviewed and approved the technical information per NI 43‑101 standards.
Notable Quotes
“The price of precious metals are holding strong at their current values with macro indications of continued upward movement. This scenario enables our Company to consider alternative and less dilutive sources of capital. Initial grade estimates from waste piles are encouraging and supported additional testing…” – Peter Schloo, President, CEO & Director, Heritage Mining Ltd.