Hemlo Mining Corp. Announces Increased Mineral Resource Estimate for the Hemlo Gold Mine
Hemlo Mining Corp. has announced an updated Mineral Resource Estimate (MRE) for its Hemlo Gold Mine located in Marathon, Ontario. The updated MRE incorporates additional drilling completed since the last Mineral Resource Estimate in the 2025 NI 43-101 Technical Report and reflects updated underlying assumptions consistent with current metal prices. This MRE aligns with the company's strategy to expand its Mineral Resources and Mineral Reserves, enhance mining operations, and deliver long-term value to its shareholders.
The MRE provides a Measured and Indicated (M&I) Mineral Resource of 96.9 million tonnes at a grade of 1.55 grams per tonne (g/t) for a total of 4.8 million ounces of gold. This represents a 1.2 million ounce increase, or 34%, compared to the previous report. The underground resources amount to 24.9 million tonnes at 3.53 g/t for 2.8 million ounces, while the open pit resources consist of 71.9 million tonnes at 0.87 g/t for 2.0 million ounces. Additionally, Inferred Mineral Resources comprise 12.1 million tonnes at 2.22 g/t for 0.9 million ounces, indicating a 242,000 ounce increase or 39% over the previous estimate.
Notably, the MRE includes a new mineralized zone known as the "A-Zone," identified by the company's Lead Director, Dr. Robert Quartermain. This new discovery consists of 635,000 tonnes at 3.43 g/t for 70,000 ounces of gold and is under active exploration, highlighting the potential for further discovery and resource growth.
Jason Kosec, President and CEO of Hemlo Mining, stated that the updated mineral resource underscores the scale and growth potential of the Hemlo asset. He noted the increasing resources and continuous opportunities for further exploration near existing infrastructure. The company has initiated a drilling program totaling approximately 130,000 meters aimed at expanding resource areas and is anticipating updates that will contribute to a comprehensive Mineral Resource and Mineral Reserve report targeted for the second half of 2027.
The enhanced MRE is based on the successful integration of geological data, updated economic assumptions, and substantial exploration work, reflecting the ongoing commitment of Hemlo Mining to optimize its operations and capitalize on its significant gold deposit.