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Hemlo Mining Corp Boosts Mineral Resource Estimate

Hemlo Mining Corp. has made headlines with its announcement of an updated Mineral Resource Estimate (MRE) for its Hemlo Gold Mine, located in Marathon, Ontario. This update reflects the new data collected from recent drillings and revised underlying assumptions that consider current metal prices.

Update Overview

The MRE now estimates a total of 96.9 million tonnes of Measured Indicated (MI) Mineral Resources at a grade of 1.55 grams per tonne (g/t) Au, translating to approximately 4.8 million ounces of gold. This is a remarkable increase of 1.2 million ounces, or 34%, compared to previous estimates. The underground reserves are noted at 24.9 million tonnes with a grade of 3.53 g/t Au yielding 2.8 million ounces, while the open pit measures 71.9 million tonnes at 0.87 g/t Au giving 2.0 million ounces.

Moreover, the Inferred Mineral Resources are now pegged at 12.1 million tonnes at 2.22 g/t Au, which showcases an increase of 242,000 ounces or 39% from earlier reports.

Dr. Robert Quartermain, a pivotal figure in the company, highlighted a new mineralized area termed the "A-Zone." This zone, identified during drilling activities, currently has grades of 3.43 g/t Au, showcasing the vast exploration potential within the mine’s vicinity.

Strategic Goals

Hemlo Mining aims for a multi-year strategy focusing on resource expansion, mine life extension, operational optimization, and enriching shareholder value. The updated MRE represents a significant milestone that informs future updates to the Mineral Resources and Mineral Reserves (MRMR), with a comprehensive technical report anticipated by the end of 2027.

The MRE's growth underscores Hemlo's objective of enhancing known resources while exploring its extensive mineralized systems still open to further expansion. The ongoing 130,000-meter drilling campaign will substantiate the findings and provide insights into the growth opportunities across the Hemlo camp.

Future Mining Operations

With the mining operation being executed from a base of impressive geological findings, Hemlo’s strategic direction will also incorporate geotechnical studies, upgrades to the tailings facility, and optimizations of pit shell designs. This combination is anticipated to yield lucrative results over the coming years.

Jason Kosec, President and CEO, expressed strong optimism about the new estimates stating, "This growth represents the successful culmination of recent drilling, increased geological mapping, and favorable market conditions that have enabled the identification of material expansions." He emphasized that the mine's historical contributions highlight a foundation laid by decades of production even at lower gold prices.

Operational Excellence and Quality Assurance

Hemlo Mining Corp is committed to maintaining high operational standards. The company employs robust quality assurance and quality control (QA/QC) measures during its drilling processes to ensure the reliability of the data collected, leading to accurate resource estimations.

The new findings re-affirm the Hemlo Gold Mine’s potential as a walkway toward a prosperous future, not just as a gold producer but as a key player in Canada’s mining sector. The sustained focus on maximizing operational efficiencies and resource extensions bolstered by strategic drilling initiatives signals a promising trajectory for Hemlo Mining Corp.

This updated Mineral Resource Estimate not only highlights the company’s earlier projections but also sets the stage for significant long-term mining success, ultimately benefiting the shareholders and fostering regional economic growth in Ontario. As the journey continues, Hemlo Mining looks forward to unveiling more progress and discoveries from its ambitious drilling program in the months to follow.