Peter Schloo, President/CEO/Director of Canada’s Heritage Mining Ltd. (CSE: HML), is a man in a hurry. He led HML to a $2.630 million IPO in late August, then quick stepped to listing and trading on the Canadian Securities Exchange shortly thereafter.
As a licensed prospector in Ontario, Schloo is as comfortable walking a mining field project as the board room. He has extensive capital markets experience.
“I have no problem getting my hands dirty,” he says. “I have my boots.”
Taking advice from two of his Board members with knowledge of Northern Ontario’s Drayton Black Flag flagship project, confirmed core yields found high grade gold. Schloo scoffs at securities experts who told him to wait on the IPO.
“Imagine trying to complete an IPO now,” he observes. “We got listed at a time when a lot of deals were pulled.”
Addressing the issue of risk in mining, “We’ve told the market exactly what we’ve got,” Schloo says. “We’re happy with our listing now, but we are also thinking about branching out in the future to the Frankfurt Exchange and perhaps the OTCQB in the U.S.
Before that happens, Schloo says HML needs to develop the project it has. He says Drayton Black Lake has been mined for about 100 years and has two active mining shafts on the property. New cores confirm it still offers high grade gold, he adds. It has a lot of history developing high grade gold, he says.
In a recent announcement of preliminary findings at the Drayton Black Lake Project site, HML reports it found high potential gold, gold-silver and gold-copper for follow-up work. A Phase 1 field program has been completed for several areas. All aspects of Phase 1 were analyzed for gold and copper only.
The field program identified and confirmed several areas of high grade mineralization and several target areas offer a precious metal base metal association, the Company report said. Assay reports are pending.
Schloo commented, “These initial reports from our confirmation program are very encouraging and demonstrate the high- and extensive footprint of gold mineralization at Drayton-Black Lake.” He noted that some areas which have never been drilled prior displayed high grade gold tenors.
“Our field team noted many instances of extensive sulfide mineralization in veins, highly altered adjacent host rock and these assay results confirm the association with high grade gold mineralization,” Schloo says.
He describes HML’s earn-in options on agreement at the Black Lake project. “We are on a pathway to 100% ownership at the Black Lake site. This is predominately a gold play, a great consolidation play with a rollup to a systematic exploration program.”
HML has near-term drill targets over four zones and close proximity to infrastructure, the Company says.
Schloo is also a pragmatist. “I can’t recommend investors buy HML stock now,” he acknowledges. “But everyone is excited about the new new management team at the company now and our shareholder base.”
Schloo offers not only practical field prospecting experience, but extensive transactional experience in metals mined internationally. The price of gold today at less than $1,700 an ounce does not deter him.
“These sites have been mined and funded prior when gold was selling at only $1,200 an ounce,” he counters. “Drayton has confirmed high grade gold hits.”
CONCLUSION
HML is worth investor attention because early reports document high grade gold veins at the Drayton-Black Lake flagship project site. The CEO of the Company has been successful prior with international high grade gold mining experience. HML is a gold mining stock that is worthy of being on the radar of investors. With gold presently at multiple-year highs of near $1,700 an ounce, this could be a newly listed and traded stock on the CSE that deserves watching.
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