Further Expansion of Participation Targeted
Heritage Mining (WKN A3DTM6 / CSE HML) has exercised its option to acquire a 51% interest in the Drayton-Black-Lake Project in northwestern Ontario, Canada. The project covers a total area of approximately 18,907 hectares and was previously owned exclusively by Stillwater Critical Minerals.
The twice-amended option agreement between Stillwater Critical Minerals and Heritage Mining stipulated that Heritage had to perform certain exploration services to acquire a 51% stake in the Drayton-Black-Lake Project.
To fully meet the option conditions, Heritage Mining has now completed the final required exploration expenditures of one million Canadian dollars (CAD). Additionally, 4,100,000 common shares of Heritage Mining were transferred to Stillwater. Stillwater also received 3,000,000 warrants, with each warrant entitling Stillwater to acquire an additional Heritage common share at a price of 0.10 CAD per share until January 17, 2028.
In the long term, Heritage has the opportunity and intention to further increase its stake in the Drayton-Black-Lake Project. To this end, the company has the option to increase its share to 90% if a total of an additional 5,000,000 CAD in qualified expenditures for the project’s development is made by November 25, 2026. The 5,000,000 CAD includes the 2,500,000 CAD already spent in connection with exercising the option to acquire the majority stake of 51%. Furthermore, an additional 1,100,000 Heritage common shares are to be transferred to Stillwater.
Further Expansion of Participation is Targeted
With this acquisition, Heritage Mining not only secures the majority stake in the Drayton-Black-Lake Project but also positions itself as the leading company exploring one of the last under-explored gold belts in northwestern Ontario. With a solid portfolio, a clear vision for growth, and the financial strength to implement its ambitious plans, Heritage Mining is well-positioned to achieve further success on Drayton Black Lake.
The company has started 2025 very well, and as Heritage Mining is also well-financed due to recent capital measures, priority targets can now be examined more closely with drilling.
