Huntington Signs LOI to Purchase the Winora Property – Lingman Lake Mine Extension Target – NW Ontario Cal Everett Announced as Advisor to the Board

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CALGARY, Alberta, May 04, 2021 (GLOBE NEWSWIRE) — Huntington Exploration Inc. (TSX.V – HEI) (the “Company” or “Huntington” announces that it has entered into a letter of intent to purchase 100% of 17 patented mining claims located in the District of Kenora, Northern Ontario. The Winora property is located 500 m east of the historical Lingman Lake Gold Mine, developed in the late 1940’s that, for a variety of reasons never reached commercial production.

Huntington will issue 4.0 million shares and a 2% NSR to the vendor for 100% ownership of the property subject to the approval of the TSX-Venture Exchange. The transaction is subject to multiple conditions, including approval of the TSX Venture Exchange, preparation of a definitive agreement, and closing conditions customary for transactions of this nature.

About the Winora Property

The 17 patented mining claims (both surface and mineral rights) shown on Figure 1 comprising the Winora property covering an area of 353.5 ha were originally staked in 1945 by Winora Gold Mines. The property is located 325 km north of Red Lake, Ontario. Access roads and power lines are currently under construction into the area.

There is no documented history of recent exploration on the Winora property over the past 50+ years.

The Lingman Lake gold deposit is located on the adjacent property (to the west) currently held by Signature Resources (“Signature Resources Ltd.”).

Historic Background of the Lingman Lake Gold Deposit

Three historical reports of estimated resource studies for the Lingman Lake Gold deposit are reported in the public domain. Although none are compliant with National Instrument 43-101, they do confirm significant exploration potential. In a November 1948 Report to the shareholders of Lingman Lake Gold Mines the dimensions and grade of the mineralized structures east of an N-S dividing diabase dike were reported as follows:

ZoneLength (m)Width (m)Grade (g/tonne)
North4271.7735.9  
Central4881.336.62  
South4882.1610.29
  Based on underground sampling

A 1989 resource estimate based on historic drilling and underground sampling resulted in an inventory of 1.06 million tonnes grading 6.8 g/t Au at a cut-off grade of 2.73 g/T Au over a minimum 1.5 m width to a depth of 180 m (the lowest development level is 122 m). This estimate is not compliant with NI 43-101 requirements and is offered as historic reference only.

Compilation of historic drill hole data and geological modeling present in the public domain, indicates that the North, Central and South mineralized structures of the Lingman Lake gold deposit, are all open on strike to the east, beyond the existing underground development, as shown by the following drill hole results.

Drill Hole Num.Grade in g/ tonneIntercept in meters
86-236.0112.5
87-165.1711.27
88-395.569.87
88.147.595.54

Data reported in Signature Resources – NI 43-101 Technical Report on the Lingman Lake Gold Property dated January 31, 2020.

More recent drilling by Signature Resources confirms the presence of the historical grades in the three gold bearing zones east of the diabase dike cross cutting the mineralization in the mine, as follows:

ZoneDrill Hole Num.Grade in g/ tonne Intercept in meters
North18-036.844
North18-0517.878
Central A18-096.559
Central B18-094.214
South18-0912.23
South18.18.5614
Signature Presentation Spring 2021

Based on this public information, Huntington estimates that the eastern strike extension of the gold mineralization found and measured in the Lingman Lake underground development and shown in the more eastern drilling of the Lingman Lake gold deposit are located approximately 500 m to the west of the Winora property.

The Winora property is surrounded by mining claims held by Signature Resources (TSX-V SUG) who have been exploring the adjoining claims to the Winora property since 2013 and are currently completing a 10,000 m drilling program (Signature News release April 9, 2021).

Bryan Wilson, President and CEO stated, “We are excited to acquire the Winora property, located next to and expected to host the extension of the Lingman Lake gold mineralization, a significant, partially developed gold resource in Northwest Ontario. The high-grade Lingman Lake orogenic gold mineralization is hosted in multiple quartz veins following the contacts of a series of east-west trending quartz feldspar porphyry dykes which are all open to the east and at depth. The western Winora property boundary is projected to be approximately 500 m from the easternmost indications of the Lingman Gold Mine mineralization found in the North, Central, and South Zones as illustrated in the accompanying graphics. This favorable geology does not stop at the property boundary.”

Huntington announces Cal Everett as Advisor to the Company

Huntington Explorations is also pleased to announce that Mr. Cal Everett, will be advising the company on matters relating to corporate development.

Mr. Everett is a geologist with more than 14 years of surface and underground exploration experience with senior mining companies. He moved to the financial sector in 1990, and spent 12 years with BMO Nesbitt Burns focused on resource equities, and seven years with PI Financial Corp. in senior resource institutional sales and capital markets. From 2008 to 2015, he was President and Chief Executive Officer of Axemen Resources Capital. Mr. Everett holds a Bachelor of Science degree in Economic Geology from the University of New Brunswick.

Current positions held are President and CEO of Liberty Gold Corp. and an advisor to New Found Gold.

ABOUT HUNTINGTON

Huntington is dedicated to the application of good geoscience in an environmentally responsible manner. We practice the policies and procedures of the E3 Program developed by the Prospectors and Developers Association of Canada. We are planning our 2021 exploration program on our Quartz Lake Project.

ABOUT THE QUARTZ LAKE PROJECT (Red Lake Gold District, Ontario)

Huntington’s Quartz Lake Project claims previously referred to as the Birch-Uchi Project, cover 11,280 hectares in 6 separate claim blocks in the Birch-Uchi region east of Red Lake. Field work will commence with a detailed gold in till and geochemical sampling program following on the recent successful application of the Geological Survey of Canada and Teck protocol, by Prosper Gold on their contiguous Golden Sidewalk Project property.

The Prosper exploration work has successfully demonstrated the potential of the ‘Red Lake – Dixie’ exploration model to be applicable in this area. Regionally, gold mineralization has been found follow a formational magnetic signature that parallels the regional Balmer – Narrow Lake Assemblage (Confederation Group) unconformity. Prosper Gold has announced the recovery of a significant numbers of pristine (rough and angular) gold grains recovered from systematic till samples and are currently in the midst of a 10,000 m drill program.

The formational magnetic feature and the projected unconformity highlighted by Prosper trends onto Huntington’s Key-Hole Claims, where a till sampling program will commence as soon as field conditions permit.

Bruce Durham, P.Geo, a Qualified Person (“QP”) under NI-43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical content in this release. All of the technical information in the release is historical in nature or originates from third party sources. While the QP has not been able to verify the veracity of the information disclosed, Mr. Durham is very familiar with the project area and the work completed on the Lingman Lake project in the mid 1980’s when he managed the exploration programs on that property. The QP views the information as reliable and pertinent.

ON BEHALF OF THE BOARD OF HUNTINGTON EXPLORATION
“Bryan Wilson”
President & CEO
416-543-9945
huntington@helioscorp.ca

Note: Website development is ongoing with expected release in late Q2 2021.

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.

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding: the Proposed Acquisition and completion of the Proposed Acquisition. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Huntington’s current beliefs and is based on information currently available to Huntington and on assumptions Huntington believes are reasonable. These assumptions include, but are not limited to: TSXV acceptance of the Proposed Acquisition; satisfaction of the conditions to the completion of the Proposed Acquisition; market acceptance and approvals, including TSXV acceptance; and the anticipated closing date for the Proposed Acquisition. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Huntington to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Huntington; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Huntington’s disclosure documents on the SEDAR website at www.sedar.com. Although Huntington has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Huntington as of the date of this news release and, accordingly, is subject to change after such date. However, Huntington expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

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