Hemlo Explorers Inc. [TSXV-HMLO] provided an update to its shareholders on the progress made by Barrick Gold Inc. [TSX-ABX; NASDAQ-GOLD] on the Pic project for the three months ended September 30, 2023. Barrick continues to earn into the Pic project, northern Ontario, as announced in the company’s press release dated August 29, 2022.
In the quarter ended September 30, 2023, Barrick’s exploration team continued detailed work at Porphyry Lake, Page Lake and around the Beggs Lake Stock (BLS). Three separate exploration areas have been noted around the BLS, including Moses prospect, Begg’s Lake East and Roccian Lake areas. Exploration work in Q3 included detailed mapping, till sampling, soil sampling, rock sampling and starting a 2,500-metre diamond drill program.
Till samples were taken at stations, adding to previous samples acquired during Q2 2023. These 11-kilogram samples were split into a 10 kg sample that went to Overburden Drilling Management Ltd. (ODM) for mineral grain analysis, and a one kg sample that was screened and assayed for gold and a suite of multielements. The combined till sampling data set from phases 1, 2 (collected in Q2 2023) and 3 comprise 371 till sample stations.
A comprehensive soil sampling program was conducted in Q2 of 2023. The best results were found north of the Wire Lake zone, along strike to the northwest. Rock sampling was conducted around the Beggs Lake Stock and Porphyry Lake areas.
An initial drill program has begun at the Pic project, with two diamond drill holes completed at Porphyry Lake, and a third hole started at Beggs Lake East. These two holes have intercepted narrow feldspar porphyry dikes that are the target lithologies to host gold mineralization in the area. Assays are pending.
Brian Howlett, CEO of Hemlo Explorers, commented: “Barrick’s commitment to exploring the Pic project, both known targets as well as more underexplored areas, is extremely encouraging. The team is continuing to expand the project area with robust, tried and tested mapping, till and soil sampling programs, and we are excited to learn of their results. We are also pleased to see that the initial exploration results have motivated Barrick’s team to start a drill program. It’s notable that Barrick committed to spending $800,000 in the first year of exploration and have exceeded that amount significantly by spending over $2.6-million in the first 13 months since signing the option agreement. We look forward to drill results from the current program early in 2024.”
Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. It is focused on generating shareholder value through the advancement of its main Hemlo area, including Project Idaho, the Pic and North Limb projects.
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