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Hemlo Explorers Completes Option for the Wire Lake Project
TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce the completion of the option agreement (the
About this update from Rocky Shore Gold Limited
[{"type":"text","content":" TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce the completion of the option agreement (the \"Option Agreement\") with All-Terrain Track Sales & Services Ltd. (the \"Vendor\") to acquire a 100% interest in 245 mineral claim cells located 15 kilometres northeast of Marathon, Ontario, and generally referred to as the \"Wire Lake Project”. As per the terms of the Option Agreement, the Company will grant the Vendor a 2.0% net smelter return (\"NSR\") royalty. The royalty agreement provides that one-half of the 2.0% NSR royalty may be bought back by the Company for a lump sum payment of $1,000,000. The Company now controls 100% of the Wire Lake Project subject to the 2.0% NSR. The Wire Lake ProjectThe Wire Lake Project (“Project”) consists of 245 claim cells covering approximately 4,047 hectares that are located in the Hemlo Greenstone Belt (Figure 1). The Project lies 29 kilometres northwest of the Hemlo Gold Mine operated by Barrick Gold Corporation and 40 kilometres to the southeast of past producing base metal mines near Manitouwadge. Gold was first discovered on the property in 1985 and subsequent exploration programs successfully encountered gold mineralization over a 2.7-kilometre strike length through surface sampling and shallow diamond drilling. Gold mineralization at Wire Lake is associated with a highly altered, mineralized, and sheared zone of deformation known by previous work as the Wire Lake Shear Zone. Historical drilling of the shear zone began in 1987 and continued sporadically until 1994 (88 drillholes totalling 12,551.86 metres), after which the property remained dormant due to legal issues which were resolved prior to entering into the Option Agreement. The Company completed shallow diamond drilling in 2017 (3,069 metres in 22 holes) and 2018 (977 metres in 5 holes). The average vertical depth of drilling to date is less than 150 m. Drill hole collar locations are shown in Figure 2 and significant drill intersections greater than 0.5 g/t gold from the 2017 and 2018 drill programs are summarized in Table 1. The Company is working to digitally compile, validate and interpret all the historical information, including in excess of 16,500 metres of diamond drilling, the results from which will be used in targeting areas for future exploration in...