Hemlo Explorers Inc. updated its shareholders on the progress made by Barrick Gold Inc. (“Barrick”) on the Pic Project optioned from the Company for the four months ended December 31, 2022. The goal of Barrick's initial 2022 field season was to collect geochemical data, both by assay and hyperspectral core scanning in order to broadly classify rock lithologies and link the results to regional magnetic signatures and structures. Field activities included mapping, prospecting, geochronology and soil sampling across a large portion of the Pic Project.

Barrick also conducted approximately 6,700 m of core scanning using technology from GeologicAI of historical Wire Lake core. Mapping, sampling and prospecting at the Wire Lake Gold Zone focused on understanding structural and lithologic data, results of which confirm both the tenor and distribution of historical gold mineralization at most of the known occurrences. Approximately 6,700 metres of historical Wire Lake drill core was re-logged and scanned for the collection of high-resolution RGB imagery, XRF (“X-Ray Fluorescence”) geochemical analysis, and hyperspectral imagery including near-visible infrared and short-wave infrared.

The latter two techniques help to characterize alteration and mineralization paragenesis and provide further information useful for vectoring and drillhole targeting. Project wide, a total of 243 rock samples were collected and analysed for multi-element geochemistry and 7 samples were collected for geochronological testing, which will allow for a property-wide characterization of the major lithologies. Final sample data was received in February and has not been QAQC'd or interpreted.

Soil sampling on a block approximately 5 x 3 kilometres of “B horizon” material across the Porphyry Lake (“PL”) area successfully defined a coherent multi-element (Au-Ag-Mo-Te-W-Zn) anomaly emanating from a distinct magnetic feature thought to be related to poorly exposed magnetic intrusions such as the Beggs Lake Stock to the west. Gold values show a coherent anomaly approximately 900 x 500 metres that is consistent with glacial dispersion down-ice from a point source associated with the PL showing. Abitibi Geophysics was contracted to complete a 663-line kilometre drone magnetics geophysical survey over the Page Lake area with flight lines spaced 50 metres apart.

The survey confirmed several magnetic features including iron formation and small magnetic intrusions similar to the Beggs Lake Stock and the Porphyry Lake magnetic features.