Hemlo Explorers Announces 2022 Recap and 2023 Outlook

TORONTO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to deliver to shareholders a summary of the key accomplishments of 2022 and the Company’s outlook and exploration plans for 2023.

2022 marked a year of achievements for Hemlo Explorers. On the corporate side, the Company completed the following:

• In January 2022, the Company announced an option agreement with First Energy Metals Ltd. (“First Energy”) to option a block of non-core lithium claims in Northwestern Ontario owned by the Company. The agreement called for total payments in cash of $75,000 and 600,000 shares of First Energy. On October 26, 2022, FE Battery Metals Corp. (formerly “First Energy”) elected to accelerate their option and completed all required payments.
  
• In April 2022, the Company announced a binding Letter of Intent (“LOI”) with Barrick Gold Inc. (“Barrick”), a wholly-owned subsidiary of Barrick Gold Corporation, for an option on 916 claims (~16,000 hectares) of the Pic Project, including the highly prospective 2.7-kilometre-long Wire Lake gold trend where gold has been identified through surface sampling and shallow diamond drilling. The option allows Barrick to earn an 80% interest in the claims by delivering a Prefeasibility Study within six years. Barrick must spend $800,000 in the first year and $1,000,000 each year thereafter for the duration of the agreement. Barrick can extend the option period for a further 2 years by paying the Company $500,000 for each one-year extension.
  
• In August 2022, the Company signed the definitive agreement with Barrick on the same terms as outlined in the binding LOI.
  
• In August 2022, the Company closed a private placement financing with Barrick, issuing 1,841,468 common shares priced at $0.1052 per common share for gross proceeds of $196,722.
  
• In September 2022, the Company announced a landmark deal with Biigtigong Nishnaabeg First Nation (“BNFN”) whereby the Company transferred a contiguous package of 312 cell claims formerly known as Hemlo West to a subsidiary of BNFN. At the same time, the Company and BNFN signed a mutually beneficial exploration agreement that will underpin all future exploration. Shortly after the completion of these crucial steps, the Ontario Ministry of Northern Development and Mines issued a three-year exploration permit for the Company’s Project Idaho.