TORONTO, October 6, 2020 – Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce that it has recently completed a 6.5 line kilometre soil survey mainly over the northern section of the North Limb property in the Hemlo camp. The North Limb property starts 15 km north of Barrick Gold Corporation’s Hemlo Mine Complex that has produced 21 million ounces of gold since it began operations in 1985.
The soil survey covered an area measuring 1.7 km in strike length over a portion of the prospective 10 km Armand Lake Volcanic Complex with widths ranging from 300 to 400 metres and having apparent macroscopic folding and associated fault and shear zones. In 1962, surface mapping in this area identified four showings and three zones exhibiting gold, copper, zinc, lead, and silver. Over a 34-year period, four separate drill campaigns dating from 1962 to 1996 completed fifty-eight drill holes representing 6,117 metres of coring. Several highly altered and prospective volcaniclastic and sedimentary assemblages and porphyritic intrusives were identified from drill core descriptions within this folded regime. Occurrences of pyrite, molybdenite, zinc, and copper were noted where considerable. Of the 58 drill holes completed, fifty-one (4,875 metres) drill holes were undertaken in 1962 and 1967 pre-dating modern drilling, were predominantly shallow (<170 metres) and with very few assays reported. Of the seven remaining drill holes completed in 1983 and 1996, only two holes representing 613 metres provided gold assays. Gold and multi-element assay results from the recent soil survey along with recently collated historical information will assist in validating best prospective areas for drill testing. Preliminary soil analyses are expected in upcoming weeks.
The Company also announces it has granted an aggregate of 825,000 incentive stock options to directors, officers, employees, and consultants of the Company under the terms of the Company’s incentive stock option plan. The options are exercisable at a price of $0.80 per common share for a period of five years, vest immediately, and are subject to a four month hold period from the date of issuance thereof. Following the grant, the Company now has a total of 2,566,667 stock options issued and outstanding, representing 9.5% of the outstanding common shares of the Company.
Dan McCormack, P.Geo., Exploration Manager for Hemlo Explorers, is the “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for the accuracy of technical information contained in this news release.
About Hemlo Explorers Inc.
Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. We are focused on generating shareholder value through the advancement of our main Hemlo area, including the North Limb, Hemlo West and the Pic Project.
For more information please contact:
Brian Howlett, President & CEO
Hemlo Explorers Inc.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Hemlo Explorers Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, exploration risk and Covid-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.