Fully Funded Program Initiated on Multiple Gold Targets at Gold Anchor Project
TORONTO, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company” or “Hemlo”) (CSE: HMLO) is pleased to announce that it has discovered in-situ visible gold, visible gold in a boulder, multiple priority gold targets, the southwest continuation of the Appleton and JBP gold bearing fault corridors and large unexplored fault corridors within the Gold Anchor Project in central Newfoundland (see Map 1 and Map 2 below).
Gold Bearing Structure/Geology: Identified the southwest continuation of the Dog Bay Line, the gold-bearing Appleton and JBP Faults, the Grub Line Fault and discovered additional unexplored fault corridors that are associated within the Davidsville Group metasediments known to be the host to gold mineralization in the district.
JBP Occurrence #1: Discovered in-situ (at surface) visible gold in quartz veins above the JBP Fault Corridor. Assays are pending.
Grub Line Occurrence #1: Discovered visible gold in a quartz rich boulder north of the Grub Line Fault (see press release dated October 10, 2024). Assays are pending.
Dog Bay Boulder Field #1: Discovered a 1.5 km long by 1.0 km wide gold target area with sulphide rich quartz outcrops near the Dog Bay Line Fault. Assays are pending.
Priority Gold Target Areas Identified: Discovered 5 high priority gold target areas within Davidsville Group metasediments with results that are 2 times to over 50 times above the average background value in the region of 5 ppb gold.
Appleton Boulder Field #1: Identified a 2.5 km long by 1.5 km wide gold target area above the Appleton Fault Corridor with historical assays from 0.005 g/t gold up to 8.733 g/t gold (see press release referenced above). Additional assays are pending.
“The presence of structurally hosted visible gold in Davidsville Group metasedimentary outcrop and in a boulder, historical boulder fields with up to 8.733 g/t gold and at least 5 known additional areas with anomalous gold are an impressive start at Gold Anchor. Our fully funded winter program has begun and will include prospecting and soil/till/rock sampling with the focus on completing geophysical and trench work on areas identified with the highest gold potential,” commented Ken Lapierre, VP Exploration of the Company.
Regional Map Highlighting Gold Anchor Claims in Central Newfoundland (in red)
Map 1 – Regional Map Highlighting Gold Anchor Claims in Central Newfoundland (in red)
Recent Gold Discoveries at Gold Anchor (red stars, red dots)
Map 2 – Recent Gold Discoveries at Gold Anchor (red stars, red dots)
Quality Control and Reporting Protocols
All samples are collected and prepared for shipment in the field for submission to Eastern Analytical Ltd. in Springdale, Newfoundland, an ISO 17025 Certified Analytical Testing Facility, for 34 Element ICP Analysis. Blank and Certified Reference Material (CRM) are included such that for every 18 samples, 1 blank and 1 CRM are included. Samples are shipped directly by in-field personnel, who maintain chain of custody until samples are delivered to the laboratory. Rock preparation at the lab involves crushing up to 3kg to 80% passing 10 mesh, 250 gram split pulverised to 95% passing 150 mesh. Both soil and till samples are dried at 60oC and sieve up to 100 grams to 80 mesh. Analytical procedures include 4-acid digestion and ICP-34 analysis. For gold analysis, a 30g sample is subjected to fire assay, digested in aqua regia, and analysed by Atomic Absorption (AA). For base metals, 200 milligram of sample material are digested using 4-acid digestion, and analyzed using Inductively Coupled Plasma (ICP).
Qualified Person
Ken Lapierre, P. Geo, VP of Exploration of the Company, is a Qualified Person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101, has reviewed and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About Hemlo Explorers Inc.
Hemlo is a well funded Canadian-based mineral exploration company with a portfolio of properties in Newfoundland, Ontario and Nunavut. Hemlo is focused on generating shareholder value through the advancement of its flagship 100% controlled Gold Anchor Project in central Newfoundland. The project totals over 1,250 square kilometres (approximately 70 km long by 20 km wide) in an emerging Gold District. It is strategically located immediately southwest of and on trend to significant high grade gold discoveries. Gold Anchor represents an excellent opportunity for the discovery of multiple gold systems in a significantly underexplored area of central Newfoundland. Hemlo is also advancing its Pic Project (optioned to Barrick Gold inc.) and Idaho and North Limb Projects in Hemlo, Ontario.
Hemlo would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador. For more information please contact:
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian and United States securities exchange and interest rates, actual results of current production, development and exploration activities, government legislation.Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to: the failure to complete the Offering on the terms indicated in this news release, the approval of the Canadian Securities Exchange, exploration results and size of the deposit, potential mineralization, and the Company’s plans with respect to the exploration of its properties. The forward-looking information is based on reasonable assumptions and estimates of the management of the Company at the time such statements were made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Hemlo to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration; future commodity prices; changes in foreign or domestic regulation; political or economic developments; environmental risks; permitting timelines; capital expenditures; operating or technical difficulties in connection with development activities; employee relations; the speculative nature of mineral exploration and development including the risks of diminishing quantities of grades of resources, contests over title to properties, the Company’s limited operating history, future capital needs and uncertainty of additional financing, and the competitive nature of the mining industry; the need for the Company to manage its future strategic plans; global economic and financial market conditions; uninsurable risks; and changes in project parameters as plans continue to be evaluated. Although Hemlo has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the forward-looking information contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, Hemlo cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. Hemlo does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law
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