Hemlo Mining Expands Gold Resource Base at Ontario Flagship

The updated estimate incorporates data from an intensive drilling campaign, bringing the total Measured and Indicated resource to 96.9 million tonnes at 1.55 grams per tonne of gold. Underground resources saw a 40% increase to 2.8 million ounces, while open-pit holdings rose by 25% to 2.0 million ounces. These gains were bolstered by a shift in long-term gold price assumptions to US$2,500 per ounce.

A central feature of this expansion is the newly identified A-Zone, discovered by lead director Dr. Robert Quartermain. This zone currently contains 70,000 ounces of gold and remains open in all directions, with two surface rigs actively delineating its extent. CEO Jason Kosec noted that the results validate the company's focus on near-mine growth, leveraging parallel mineralized structures that were previously under-explored despite decades of regional production.

Looking ahead, the company is maintaining its momentum with a 130,000-metre drill program throughout 2026. These efforts are intended to upgrade resource confidence and refine geological models ahead of a comprehensive technical report scheduled for the second half of 2027. The current resource base remains highly sensitive to gold price fluctuations, with modeling suggesting further upside potential should market prices exceed the current base case.