New Claims Strategically Expand Gold Project
At the start of the New Year, gold explorer Heritage Mining (WKN A3DTM6 / CSE HML) presents promising news. As announced by CEO Peter Schloo, the company is expanding its Drayton-Black-Lake (DBL) project with new promising claims.
Specifically, Heritage has exercised an option from 2021 to acquire 40 mining claims in Ontario, known as the Zarn Lake claims, which directly adjoin the flagship DBL project.
According to Heritage CEO Schloo, the first drilling on the newly acquired area is scheduled to begin in mid to late January. The target is an area where two mineralized vein systems intersect. The company states that this is also the source of the project’s highest-grade sample, assaying 2,330 g/t Gold!
Strategic Expansion to Include Previously Unrecognized Trends
The target selection is primarily based on technical assessments by Heritage advisors Brett Davis and Dr. Gregg Morrison, who overall view the new claims as an important strategic addition to the HML land package. They believe that the new area encompasses extensions of previously unrecognized trends, which have been confirmed as prospective for gold mineralization during recent explorations.
Heritage transferred CAD 70,000 in cash to the claim owner, Mr. Paul Riives, in accordance with the existing agreement, and also issued shares worth an additional CAD 50,000 (at an assumed price of CAD 0.06 per share) to Mr. Riives. Since the agreement was concluded, Heritage had already invested $250,000 in exploring the claims. Riives retains a 2% Net Smelter Return on the Zarn Lake Claims with a buyback right for 1% for CAD 1,000,000 and an advance payment of $1,000 per year after the company has commenced commercial production on the Zarn Lake Claims.
