Heritage Mining (CSE: HML) is set to drill its Drayton-Black Lake Project following the receipt of the required permits from the Ontario Ministry of Mines of Friday. The permits are said to have been received ahead of schedule.
“The early permit approval is a confirmation of our newly established relationships with the nearby First Nations communities and the Ministry of Mines. With the early permit approval in our rear view mirror, we are looking forward to advancing our flagship project this spring/summer in a systematic manner,” commented CEO Peter Schloo.
Under a recently announced $1.5 million private placement, the company intends to raise the proceeds required for a 3,600 metre drill program, as well as associated exploration.
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Heritage Mining is currently targeting three priority targets at the Drayton-Black Lake project for drilling 2023. The targets, referred to as Alcona, New Millennium, and Moretti, are said to represent potential high grade gold-silver deposits, with mineralization found at surface.
The Alcona area is currently known to have a strike length of at least 1.0 kilometre, with mineralization said to be at least 200 metres wide and 75 metres deep, while remaining open to depth. Historical drilling is said to have intersected up to 62.83 g/t gold over 0.73 metres in the No. 1 vein, while channel sampling conducted last year intersected 4.94 g/t gold over 4.0 metres.
The New Millennium area meanwhile has never been drill tested, although the firm last year confirmed multiple potential high grade gold-silver vein systems at surface. Sampling conducted at surface assayed at 11.2 g/t gold and 51.4 g/t silver over 1.0 metre.
Finally, the Moretti area is said to have a strike length of 2.5 kilometres and a width of 500 metres. Bulk sampling conducted in 1950 saw 8.5 tonnes of ore return 14.62 g/t gold, while drilling in 2005 intersected 14.5 g/t gold over 2.0 metres.
Heritage Mining last traded at $0.095 on the CSE.
FULL DISCLOSURE: Heritage Mining is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Heritage Mining on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
