Hemlo Explorers Provides Update on Recent Property Acquisition
TORONTO, June 02, 2020 (GLOBE NEWSWIRE) — Hemlo Explorers Inc. (the “Company”) (TSXV:HMLO) is pleased to provide this update on its recent acquisition of the Hemlo North and Hemlo West properties from O3 Mining Inc. The properties are located in the Archean Schreiber-Hemlo greenstone belt. The belt is host to the Hemlo deposit that has produced over 21 million ounces of gold since discovery in the early 1980’s and continues today at Barrick Gold Corporation’s Williams Mine. The Hemlo North and West properties collectively consist of 414 claims totaling 6,833 hectares, bringing the Company’s total claim holdings to 38,000 hectares in a belt that, in the past, had considerably fragmented property ownership. Hemlo Explorers is the largest and most active explorer in the area.
Figure 1: Location of Hemlo North and Hemlo West properties relative to existing Hemlo projectsA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b4f6be7-c0aa-4d19-a90d-fdd6fa5eca78North Limb PropertyThe Hemlo North Limb Property (the “Property”) is a combination of the Company’s North Limb Property and the recently acquired Hemlo North property. The combination of these properties expands coverage over a significant arcuate structural splay and favorable geological setting. The Property is underlain by mafic to intermediate volcanics and interflow sediments that have undergone complex deformation, hydrothermal alteration and metamorphism. As provided in a 2017 compilation by Emerald Geological Services, these units are intruded by four stacked quartz feldspar porphyries with associated sulphides and variable silica / sericite alteration and are identified as Musher Lake (MLP), Lunny Lake (LLP), Armand Lake (ALP) and QUED (QP). Using the Hemlo Deposit as a gold deposition model, these porphyries and the adjacent Musher Lake Pluton were the possible heat sources for the movement of gold bearing fluids along stratigraphic and structural trends. The LLP trend has a strike extent of 3 kilometres having historical drill intercepts of gold mineralization of less than 100 ppb Au and up to 37.35 g/t Au over 1 metre in drillhole F1-95-2. According to Company records, drill hole coverage is minimal over 2.5 kilometres of this trend. Drillhole F1-95-2 is located approximately 150 metres from the previous boundary line of the Company’s North Limb Property that is now one continuous property.The Company is preparing a 3D model of diamond drill and surface survey data to evaluate the Property and to identify hydrothermal-alteration and gold mineralized trends for future drill targeting.Hemlo West PropertyA 2017 compilation, prepared by Emerald Geological Services for Beaufield Resources Inc., of the Hemlo West Property identified several prospective gold trends with structures, alteration, mineralization and a barite unit similar to the Hemlo gold deposit. These trends have historically been examined over the past 40 years with more recent deep diamond drilling focused on the Baritic Zone or “BAZ” and Black River (Stenlund) Trend. Four areas – Mussy Creek, Kadrey, Black River and the Bend – were identified for untested gold potential (See figure 2).Figure 2: Target areas on Hemlo North and Hemlo West propertiesA photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/54565218-28f2-4ee6-992f-d615f0c5b4951) Mussy Creek Gold Showing is located north of Mussy Creek and east of the Black River. Records show a known gold showing with values up to 10.8 g/t Au in bedrock as well as gold in nearby boulders (or float). Two soil surveys (humus and B-Horizon) returned gold values of up to 85 ppb and 1,320 ppb respectively. Drill hole PR98-01, which is in the immediate vicinity of the showing intersected quartz feldspar porphyries with associated pyrite mineralization but did not target the better bedrock or soil anomalies. Drill core was not sampled, and the hole was stopped in a fault zone. Further work is planned to locate the showing and assess the potential.2) Kadrey is located approximately 700 metres south of Highway 17 and immediately east of the Pic River. The area has seen approximately 10 drill holes, completed by Kadrey Energy Corp. and Hemlo Gold Mines Inc., in a relatively small area over a strike length of approximately 600 metres. Geology consists of altered sediments and mafic volcanics with BAZ and porphyritic units. Assays returned include anomalous gold, with elevated levels of chrome, nickel, barium and potassium. Drill hole results will be assessed by the Company for further testing.3) Black River (Stenlund) is located approximately 2.0 kilometres south of Highway 17, north of the Black River and above the hydro power generating dam. It has been defined by a fence of 3 historical drill holes (Hardy International TH-1 to TH-3) which is on strike and is thought to cross the Stenlund mineralized trend to the south west and the Lake Superior Fault. This trend appears to be supported by high magnetic airborne signature. The Stenlund mineralization occurs in multiple zones with sericitic, potassic, and carbonate alteration. Mineralization includes gold, molybdenum, copper and barium, and is associated with faulting and porphyry intrusions.4) The Bend, also known as Melgund West, is located approximately 800 metres south of Highway 17 and one kilometre east of the Black River. The Bend represents an area where the BAZ and Stenlund magnetic trends (Lake Superior Fault) and possibly the Hemlo North Limb come together. Records show that there is no drilling for approximately 2 kilometres in the vicinity of this junction point. Gold Fields Canadian Mining Ltd. drilled a deep hole N87-1 to the east and was stopped in a quartz feldspar porphyry, as it appears to approach the east side of the Bend Area. This highly strained area, bounded by the Melgund and Rous Lake Stocks, will be assessed for competency contrasts and mechanical traps for mineralized fluids.Hemlo Explorers Inc. considers these historical results very encouraging and is looking forward to carrying out further follow up work in the near future.Qualified PersonDan 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. Hemlo Explorers is focused on generating shareholder value through the advancement of its Hemlo area gold properties including the Pic Project, the North Limb, and the recently acquired West Hemlo Property.For more information please contact:Brian Howlett, President and CEO
Hemlo Explorers Inc.
http://www.hemloexplorers.caForward-Looking StatementsCertain 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, 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 and exploration risk. 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.