At the beginning of the week, Heritage Mining (CSE: HML, FSE: Y66, WKN: A3DTM6) announced the discovery of visible gold in one of its drill cores. Now follows the second strike at the Melba mine project in northeastern Ontario, Canada, as visible gold was also discovered in drill core ML3840-001. This brings the total number of visible gold identifications to four.
Identifying visible gold in drill cores is an event in itself that is likely to make the hearts of geologists and investors beat faster. In the case of Heritage Mining’s latest find, the heart rate is increased even further by the fact that this discovery was made at a very shallow depth of only around 31 meters.
Should the laboratory results confirm in a few weeks that significant gold grades are indeed encountered at a depth of around 30 meters, this is undoubtedly an additional plus for the Melba project, as ore bodies located at shallow depths are significantly easier and more cost-effective to mine than deposits hidden deep beneath the earth’s surface.
The four finds of fine-grained visible gold that Heritage Mining has been able to report so far all originate from a shallow, previously unidentified zone. The gold occurs here in sheared quartz veins within a silicified quartz-diorite intrusion and is accompanied by up to three percent pyrite. In the drill cores, this section extends over a length of two meters.
Heritage Mining sees further exploration potential at Melba
Visible gold is not a guarantee in itself that economically mineable ore deposits have been identified. However, it is a clear indication pointing in that direction. Combined with the fact that this zone in the drill cores has a length of around two meters, the signs of a significant, near-surface gold discovery are intensifying.
Peter Schloo, President and CEO of Heritage Mining, therefore views the four finds of visible gold very positively: “The identification of additional visible gold increases the exploration potential and the positive outlook for Melba even at this early stage of the first exploration program. We look forward to further updates shortly.” This anticipation is likely to be shared 100% by the invested investors.
