Hemlo Explorers Provides Further Update on Pic Project Option

Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to update its shareholders on the progress made by Barrick Gold Inc. (“Barrick”) on the Pic Project for the three months ended September 30, 2023. Barrick continues to earn into the Pic Project as announced in the Company’s press release dated August 29, 2022.

In the quarter ended September 30, 2023, Barrick’s exploration team continued detailed work at Porphyry Lake, Page Lake, and around the Beggs Lake Stock (“BLS”). Three separate exploration areas have been noted around the BLS, including Moses Prospect, Begg’s Lake East and Roccian Lake areas (see Figure 1).

Exploration work in Q3 included detailed mapping, till sampling, soil sampling, rock sampling, and starting a 2,500-metre diamond drill program. Proposed drill collars for the 2023 program are illustrated on Figure 1 indicated by the white dots with a black centre.

Figure 1: Location Map of Exploration Work in Q3

https://www.globenewswire.com/NewsRoom/AttachmentNg/6966af68-8c04-4905-b038-b04efe852d22

Till samples were taken at stations corresponding to the red circles shown in Figure 1, adding to previous samples acquired during Q2-23. These 11 kg samples were split into a 10 kg sample that went to Overburden Drilling Management Ltd. (“ODM”) for mineral grain analysis, and a 1 kg sample that was screened and assayed for Au and a suite of multi-elements. The combined till sampling dataset from Phases 1, 2 (collected in Q2-23), and 3 comprise 371 till sample stations. Results from the complete till sample dataset are displayed in Figure 2.

Figure 2: Beggs Lake Stock and Page Lake till survey locations and results

https://www.globenewswire.com/NewsRoom/AttachmentNg/7a2f59a4-b700-47f2-a7d5-f0442a20f5d8

A comprehensive soil sampling program was conducted in Q2 of 2023, with results now available (see Figure 3). The best results were found north of the Wire Lake Zone, along strike to the northwest (red high-Au dots). Rock sampling was conducted around the Beggs Lake Stock and Porphyry Lake areas (see Figure 4).

Figure 3: Southern Pic Project soil survey results taken in Q2 and reported in Q3

https://www.globenewswire.com/NewsRoom/AttachmentNg/52e2f03c-4b21-48e5-b0f1-0e6cd6c968a9

Figure 4: Results of rock sampling around the BLS and Porphyry Lake areas

https://www.globenewswire.com/NewsRoom/AttachmentNg/a08a696d-7bae-43d3-8200-95cc6d5f492a

An initial drill program has begun at the Pic Project, with two diamond drill holes completed at Porphyry Lake, and a third hole started at Beggs Lake East (Figure 4). Details on the drill collars are listed below in Table 1. A schematic cross-section is presented in Figure 5 illustrating the relationship between holes PyL23-001 and -002. These two holes have intercepted narrow feldspar porphyry dikes that are the target lithologies to host gold mineralization in the area. Assays are pending.

Table 1: Drill Hole Information

Drillhole Name	Easting	Northing	Elevation	Azimuth	Dip	Depth
PyL23-001	559396	5409982	350	250	50	172
PyL23-002	559234	5410142	348	120	50	376
BLE23-002	556876	5413701	359	120	50	350

Figure 5: Cross-section in the Porphyry Lake area showing holes PyL23-001 and 002

https://www.globenewswire.com/NewsRoom/AttachmentNg/254baed2-71d1-42a5-8e99-ef5954daefff

Mr. Brian Howlett, CEO of Hemlo Explorers commented, “Barrick’s commitment to exploring the Pic Project, both known targets as well as more under-explored areas is extremely encouraging. The team is continuing to expand the project area with robust, tried and tested mapping, till, and soil sampling programs, and we are excited to learn of their results. We are also pleased to see that the initial exploration results have motivated Barrick’s team to start a drill program. It’s notable that Barrick committed to spending $800,000 in the first year of exploration and have exceeded that amount significantly by spending over $2.6 million in the first thirteen months since signing the option agreement. We look forward to drill results from the current program early in 2024.”

Technical Information

Dr. Lesley Rose, P.Geo., Senior Exploration Geologist for the Company, is the “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for the accuracy of technical information contained in this news release.

About Hemlo Explorers Inc.

Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. We are focused on generating shareholder value through the advancement of our main Hemlo area, including Project Idaho, the Pic and North Limb Projects.

For more information please contact:

Brian Howlett, President & CEOHemlo Explorers [e-mail]1-647-227-3035http://www.hemloexplorers.ca

Forward-Looking Information

Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, the advancement of the Pic Project and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, due diligence risks, the uncertainty of obtaining additional financing, exploration risk and Covid-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company does not undertake to update such forward-looking information except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.