Hemlo Explorers Inc. update its shareholders on the progress made by Barrick Gold Inc. (Barrick) on the Pic Project for the quarter ended December 31, 2023. During the quarter ended December 31, 2023, Barrick?s exploration team finalized results from their fall 2023 diamond drill program on the Pic Project, in which a total of 2,431.21 metres were drilled at four locations. The areas included three separate locations along the north side of the Beggs Lake Stock (BLS) including the Moses Zone, Beggs Lake East Zone, and the Roccian Lake Zone.

A fourth area was drilled to the southeast in the Porphyry Lake Zone. All drilling was following-up on the successful soil and till sampling programs of 2023. A total of 1,537 core samples were analyzed for gold and multi-elements from the nine diamond drill holes, representing a total sampled length of approximately 1,320 m, or 54% of core drilled.

All core was scanned to collect XRF and SWIR data. The Barrick exploration team was successful in identifying gold mineralization in each of the four drilled areas. For the two holes that were drilled at the Porphyry Lake Zone, results show that gold mineralization was associated with silver and bismuth, and hosted within narrow, sheared quartz-carbonate veins in basalt, sulfidized iron-rich sediments, or within foliated sulfur-rich basalts.

Results from Porphyry Lake have not adequately explained nearby gold anomalies in soil samples, nor do they explain the magnetic anomaly in the area. The northern boundary of the Beggs Lake Stock was drilled in three discrete areas: Drilling at the Beggs Lake East Zone yielded the most promising results, intersecting gold mineralization in all three drill holes, mostly associated with silver, bismuth, and molybdenum. These holes also exhibited favourable alteration, cross-cutting dykes, and quartz-tourmaline veining; Drilling at the Roccian Lake Zone intersected narrow gold mineralization associated with silver, however the results did not explain gold mineralized surface grabs and strongly anomalous gold grain counts in till samples from the area; Drilling at the Moses Zone intersected pervasive favourable alteration and several sub-metre gold mineralized intervals within intermediate dykes.