Heritage Mining Ltd. Confirms Additional Visible Gold at Melba Project

Heritage Mining Ltd. (CSE: HML, FSE: Y66, WKN: A3DTM6) has once again demonstrated that its Melba gold project in Ontario is a gold‑rich target. On February 12, 2026, the company disclosed that a recent drill hole—ML3900‑002—has produced visible gold at a depth of 73.3 m, merely 30 cm from the previously reported bonanza zone. This new finding extends the mineralization and reinforces the likelihood of a larger deposit than originally anticipated.

The Drill Result

  • Hole: ML3900‑002
  • Depth: 73.3 m (within a 1‑m core length)
  • Gold Grade: 42.57 g/t Au – the same high grade previously reported for a 1‑m core length at 72 m depth
  • Core Status: Visible, coarse‑grained gold was observed in situ, indicating a substantial, economically viable ore body.

The visibility of gold in the core is a rare event that signals a high probability of significant gold presence. The proximity of this new zone to the earlier bonanza further suggests that the deposit may be more extensive than the current drilling program has mapped.

Significance for Investors

Heritage’s share price, which traded at CAD 0.045 on February 10, 2026, sits comfortably below the 52‑week low of CAD 0.015 and well above the 52‑week high of CAD 0.055. The company’s market capitalization is approximately 7.02 million CAD. While the price remains modest, the latest drill result provides tangible proof that the company’s exploration strategy is yielding dividends. For a company that is still in the early stages of its mining life cycle, such findings can catalyze a surge in investor interest and valuation.

Broader Context

The Melba project sits within a region of Ontario that has experienced a renaissance in gold exploration. Heritage’s ability to recover visible gold in multiple drill holes positions it as a strong contender in a competitive landscape. Moreover, the company’s recent confirmations of visible gold outside previously identified zones point to the potential for additional, undiscovered gold-bearing intervals.

Critical Assessment

Despite the optimism, several cautionary notes remain:

  1. Scale vs. Grade – While the gold grade is impressive, the length of the high‑grade intercept is still limited. Further drilling is required to confirm the continuity and volumetric extent of the mineralization.
  2. Geological Complexity – The region’s structural geology can introduce significant variability. Comprehensive geophysical surveys and additional cores are necessary to map the deposit accurately.
  3. Commodity Price Volatility – Gold prices can swing dramatically. Even a high‑grade deposit may not be economically viable if prices fall below the breakeven threshold for a small‑scale operation.

Nevertheless, Heritage Mining’s latest drill data constitutes a milestone achievement. It moves the company from a “promising exploration” status toward a more concrete prospect of a viable gold mine. Stakeholders should watch closely as the company rolls out its next drilling phase and evaluates the full economic potential of the Melba deposit.