Systematic Exploration on Our District-scale Project in Ontario

Heritage Mining CEO Peter Schloo looks forward to releasing an updated report on the advanced-stage Drayton-Black Lake project within a few months after the company goes public. He said investors can anticipate geophysical analysis and some research coverage coming out in a month, as well as a honed targeting program and drills turning in late November of this year.

“That will take us six months, and we’re going to evaluate,” he said. “There are four areas that we think are of significance; we’ve prioritized two of them, so you can see an advancement in them already in the Split Lake area.”

The Drayton-Black Lake project has four priority gold zones with historic high-grade drill intersections: the Moretti zone, Split Lake zone, Shaft zone and West zone. In 2021, Group Ten Metals (TSXV:PGE) signed a definitive agreement with Heritage Mining for Heritage to acquire up to a 90 percent interest in Group Ten’s Black Lake-Drayton gold project in Ontario, Canada. Group Ten also initiated an exploration program required by the agreement, with a focus on advancing and refining existing targets identified in past campaigns, as well as advancing new targets.

According to Schloo, the project currently has no airborne or geophysical analysis. After signing the definitive agreement with Group Ten, Heritage Mining immediately engaged with a firm to fly the entire property.

“We don’t have the report now. But we expect that we’ll have the data shortly after the initial public offering (IPO),” Schloo said. “We will get the data set that we need to evaluate the project from a systematic process. We also have our prospecting crew starting July 15. We’re moving forward, and we’re doing exactly what we said and we’re doing it on time.”

Schloo explained that after completing its IPO, the company can look forward to a honed targeting program and could technically come up with some strong targets.

“We did a quick raise in December, and we’re coming out with similar pricing now for the IPO. What we wanted to do is allow the capital that’s going to create value to come at the same price. When you compare us with other exploration companies in Ontario, we have one of the best capital structures, even after our IPO is finished. We have a great cash flow position. From capital structure and project perspectives, we’re in the top quartile of our comparables.”

Watch the full interview of CEO Peter Schloo above.

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