HMLO Hemlo Explorers Inc

Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to provide an update on precious metals results received from its soil sampling campaign on Project Idaho, located three kilometres southeast of Generation Mining’s Marathon Palladium Copper Deposit (“Marathon Pd-Cu Deposit”) (Figure 1).

Figure #1 – Project Idaho Location Map https://www.globenewswire.com/NewsRoom/AttachmentNg/c4fc9d48-2f4f-4a7e-ae81-0baa97203d30 

A total of 1,072 B-horizon soil samples were collected on a 50 m by 50 m grid, predominately over areas covering VTEM anomalies and Coldwell Complex-style mafic intrusive lithologies highlighted by the recently released rock sampling results and preliminary results of the airborne geophysical survey flown in August of 2022 (See press release dated October 31, 2022).

A total of 134 soil samples (12.5%) returned anomalous gold (“Au”) results of >20 ppb (Figure 2) which, in numerous instances, show corresponding anomalous platinum (“Pt”) >10 ppb (Figure 3). A total of 112 soil samples (10.4%) returned values of >10 ppb Pt. Three samples displayed anomalous palladium (“Pd”) >10 ppb. Multi-element analyses remain outstanding for all soil samples collected. The soil samples are enriched in Pt and Au, without the presence of Pd and displayed a more consistent pattern of precious metal enrichment, which is different from the rock samples. Decoupling of Pt from Pd can occur as a result of hydrothermal alteration and also water-rock interaction due to differences in relative solubility and oxidation, variables that may have been a factor in the development of the soil profile (e.g. Barnes and Liu, 2012; Koschinsky et al., 2005).

An additional 41 rock samples not previously analyzed by ICP-MS have been sent for Rare Earth Element (“REE”) analysis to further augment the work of Dr. David Good of Western University, the preeminent expert in Mid-Continent Rift (“MCR”) geochemistry. His initial geochemical interpretation of Project Idaho rock samples identified 17 samples that displayed overlapping REE patterns to those of the mineralized Coldwell Complex “Marathon Series” rocks. The presence of these geochemically “fingerprinted” mafic intrusive samples within Project Idaho is compelling evidence of the eastern extension of Coldwell Complex-style magmas, beyond the traditional geological boundary, providing a genetic “link” to the neighbouring Marathon Pd-Cu deposit.

Figure #2 – Anomalous Gold in Soils Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/b61681ec-2bb1-4ec4-bef3-63905b925af7

Figure #3 – Anomalous Platinum in Soils Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/087beed2-c821-482c-90a7-a7c821067e35

Brian Howlett, CEO of Hemlo Explorers, commented “We are very excited that the gold and platinum soil sample results further strengthen the evolving geological model suggesting that Coldwell Complex-style PGE-Au mineralization extends east from the neighbouring Marathon Pd-Cu deposit onto the Project Idaho claim area. We look forward to moving to the drill stage in the coming exploration season.”

QA / QC

Soil samples were taken from the field, bagged and tagged in sequence, and combined into rice bags for shipment to Activation Laboratories Ltd. in Thunder Bay, Ontario for analysis. Quality control (QC) samples were inserted at least one in every 40 samples in the sample stream to monitor and evaluate laboratory performance. The QA/QC program was designed and overseen by Dr. Lesley Rose, P.Geo. Samples were sieved and analysed by both 30g fire assay/ICP-OES for Pt, Pd, and Au, and 4-acid digest/ICP-OES for a suite of 60 elements. Detection limits for precious metals were 5 ppb for both Pt and Pd, and 2 ppb for Au.

Technical Information

Mr. Adrian Bray, P.Geo., Exploration Manager 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 projects, including Project Idaho, the Pic Project (optioned to a subsidiary of Barrick Gold Corporation), and the North Limb.

For more information please contact:

Brian Howlett, President & CEOHemlo Explorers Inc.brian@hemloexplorers.ca (647) 227-3035http://www.hemloexplorers.ca

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, 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 Hemlo Explorers Inc., 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, 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 statements.