Investors React to Hemlo Explorers' Promising Project Update

Hemlo Explorers Reports Progress on the Pic Project

Hemlo Explorers Inc. (CSE: HMLO) is excited to share a detailed update regarding the ongoing developments on the Pic Project. The progress has been highlighted through the efforts of Barrick Gold Inc. as they continue their exploration activities. With the six-month mark ending June 30, 2024, Barrick is making impressive strides in their commitment to advance the project.

Key Geological Findings

During the latest evaluation period, Barrick has undertook extensive trench-scale mapping in the Wire Lake Zone, aiming to gain a comprehensive understanding of the geological structures that host gold mineralization. This area is recognized as an orogenic-style gold-bearing system where gold is contained within complex hermetic structures of quartz veins. The surrounding host rock is primarily made up of altered volcanic and sedimentary materials. Notably, the gold corridor within this zone extends over 2.7 kilometers, with significant depth potential still below the surface unexplored.

Drilling History

Historically, the Wire Lake Zone has been the focus of substantial exploration efforts, encompassing a total of 16,597 meters of drilling over 115 diamond drill holes since the late 1980s. These past investigations provide a foundation for the ongoing explorations that aim to further characterize the potential of this promising area.

Mapping and Sampling Progress

In June, the Barrick geological team, utilizing helicopter-supported operations, undertook detailed mapping across the Wire Lake. In total, five historical trenches were documented at 226 mapping stations. This initiative was crucial in identifying major alterations and variations in mineralization, which will help in understanding the structural influences on gold deposits.

Sample Collection and Assays

From this extensive mapping, a total of 103 samples were gathered and dispatched for analysis, including specific samples for whole rock analysis. The results of these assays are eagerly awaited and will be disclosed in future updates, providing insight as geological interpretations from the mapping results become available.

CEO's Insight

Brian Howlett, CEO of Hemlo Explorers, expressed his enthusiasm regarding Barrick's focused efforts on exploring the Wire Lake Zone. He stated, “We are pleased with Barrick’s commitment of approximately $4.5 million, greatly exceeding the minimum spending requirement. This reflects their confidence in the area's potential within the first 22 months of the option agreement.”

Investing in Future Growth

Hemlo Explorers recognizes the immense potential that lies within the Pic Project and Wire Lake Zone. The exploration activities are not only pivotal for the company but are reflective of the interest within the mining sector. The company's strategic focus includes advancing their key properties in Ontario, Newfoundland and Labrador, and Nunavut, emphasizing their commitment to generating substantial shareholder value.

About Hemlo Explorers Inc.

Hemlo Explorers, based in Canada, is dedicated to mineral exploration, with a focus on its Hemlo area properties including the Idaho, Pic, and North Limb Projects. As part of their growth strategy, the company is also advancing its claims in Newfoundland, seeking to maximize exploration success and shareholder returns.

For further inquiries regarding Hemlo Explorers, you can contact:
Brian Howlett,
President & CEO,
Hemlo Explorers Inc.
Email: brian@hemloexplorers.ca
Phone: 1-647-227-3035

Frequently Asked Questions

What is the main focus of Hemlo Explorers Inc.?

Hemlo Explorers focuses on mineral exploration, particularly in Ontario, Newfoundland and Labrador, and Nunavut, aiming to enhance shareholder value through their projects.

Who is the current CEO of Hemlo Explorers?

The CEO of Hemlo Explorers Inc. is Brian Howlett, who oversees the company's strategic initiatives.

What significant activities has Barrick conducted at the Pic Project lately?

Barrick has completed extensive trench mapping and sampling in the Wire Lake Zone, indicating a commitment to uncovering its gold mineralization potential.

What is the potential length of the gold corridor in the Wire Lake Zone?

The gold corridor in the Wire Lake Zone stretches approximately 2.7 kilometers and remains open for further exploration at depth and along strike.

How can shareholders stay updated on Hemlo Explorers' progress?

Shareholders can stay informed by following official updates from the company, particularly the results of sampling and assays which will be shared in upcoming announcements.

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