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Hemlo Mining Initiates 130,000 Metre Exploration Drilling Program for 2026
TORONTO, Jan. 29, 2026 /CNW/ - Hemlo Mining Corp. (TSXV: HMMC) (the "Company"), a new Canadian mid-tier gold producer, is pleased to provide an update on its 20
About this update from Hemlo Mining Corp
[{"type":"text","content":" TORONTO, Jan. 29, 2026 /CNW/ - Hemlo Mining Corp. (TSXV: HMMC) (the \"Company\"), a new Canadian mid-tier gold producer, is pleased to provide an update on its 2026 exploration drilling program at the Hemlo Gold Mine (\"Hemlo\" or the \"Mine\"), located near Marathon, Ontario, Canada. Highlights The Company has initiated an aggressive 130,000 metre exploration drilling program aimed at extending mine life, de-risking the near-term mine plan and identifying near-mine growth opportunities. The 2026 exploration drilling program is expected to serve as the foundation for an updated technical report, expected to be released in H2 2027. Drilling Program Breakdown Resource Conversion Drilling (70,000 metres): Targeting conversion of Inferred mineral resources to Indicated mineral resource classification. Expected to support mineral reserve growth ahead of the updated technical study planned for H2-2027. High-Definition Drilling (30,000 metres): Focused on de-risking the short-term mine plan over the next two years. Expected to enhance geological confidence and operational predictability. Growth Drilling (30,000 metres): Testing new mineralized zones outside the current mineral resource footprint. Aimed at demonstrating the broader scale and long-term potential of the Hemlo gold deposit. Jason Kosec, President and CEO of Hemlo Mining Corp., stated: \"This 130,000 metre drilling program represents a step-change in ambition for Hemlo. It is a disciplined investment focused on converting mineral resources, de-risking our near-term mine plan, and testing the broader scale potential of the Hemlo system. With a strong mineral reserve base, robust economics, and existing infrastructure, we believe this program positions us to extend mine life, grow reserves, and create long-term value in a supportive gold price environment.\" Program Context In late 2025 the Company released a technical report disclosing the results of a Pre-Feasibility Study (the \"PFS\") on the Mine, which demonstrated significant leverage to gold price assumptions (see table 1). As disclosed in the PFS, increases in the assumed gold price result in materially higher Net Present Value using a 5% discount rate (\"NPV5%\"), highlighting the strong economics of the Mine. The current gold price environment provides an attractive opportunity for the Company to invest i...