Hemlo Mining Corp. Buys Back Royalty Interest Over Past- Producing David Bell Property TORONTO ,
Hemlo Mining Corp. Buys Back Royalty Interest Over Past-
Producing David Bell Property
TORONTO
,
Feb. 12, 2026
/CNW/ - Hemlo Mining Corp. (TSXV: HMMC) (the "Company"), a new Canadian mid-tier gold producer, has purchased
a 1.5% net smelter return royalty at its Hemlo Gold Mine Complex ("Hemlo" or the "Mine"), located near
Marathon, Ontario, Canada
.
Highlights
The acquisition and termination of the royalty consolidates the Company's interest over the
Hemlo
land package, improving economic leverage
to potential exploration success and future production growth.
The Company views the consolidation of royalty interests within its land package as an accretive strategy to support exploration investment
and long-term shareholder value.
The purchased royalty covers 17 mineral claims associated with the past-producing David Bell Mine, located approximately 1 kilometre east of
the Company's current operations.
The Company has identified multiple exploration targets at the David Bell property, which will be tested through the Company's 2026
exploration drilling program.
The David Bell mine produced approximately 4.2 million ounces of gold from 1985 to 2013, during a period when gold prices averaged
approximately
US$600
per ounce.
Jason Kosec
, President and CEO of Hemlo Mining Corp., stated:
"Our 2026 exploration program is designed to unlock new mineralization across the broader
Hemlo
land package, including in the vicinity of the
past-producing David Bell Mine. By targeting areas proximal to existing infrastructure, we aim to efficiently convert exploration success into
extended mine life, enhanced production profiles, and improved long-term economics.
In parallel, we will continue to consolidate royalty interests within our land package where valuations are compelling. This disciplined and accretive
approach directly supports exploration investment and strengthens long-term shareholder value.
Importantly, our Lead Director, Dr.
Robert Quartermain
, brings firsthand knowledge of the district, having spent three years drilling and working
underground at the David Bell Mine from 1982 to 1984. His direct experience during
Hemlo's
formative discovery period provides valuable
geological insight that meaningfully enhances the technical rigor and strategic focus of our 2026 program."
About the David Bell Mine
The David Bell Mine operated for nearly thirty years, from its opening in 1985 until the cessation of production in 2013 and was formally closed in
2014.
Located on the eastern part of the
Hemlo
land package, the David Bell deposit represents a classic Hemlo-style gold system, with gold
mineralization hosted primarily within strongly altered volcano-sedimentary and fragmental rocks. Mineralization is characterized by intense
potassium feldspar alteration, silicification, and sulphidation, with gold closely associated with pyrite and accessory arsenopyrite and molybdenite.
Gold was emplaced early in the deformation history and subsequently transposed and folded into high-strain corridors, resulting in complex but
laterally continuous mineralized lenses. While host rocks and mineralization styles differ, both the B-Zone hanging wall and footwall mineralized
zones extend through the David Bell property, with historical stopes demonstrating continuity of these mineralized corridors.
The Company is actively compiling and reinterpreting historical data related to mineralization at the David Bell property and multiple high-priority
targets are planned to be tested through exploration drilling in 2026.
Qualified Person
The scientific and technical information contained in this news release, including geological interpretation and exploration target disclosure has been
reviewed and approved by Raphael Dutaut, Ph.D. (P.Geo), the Company's Vice President, Exploration. Mr. Dutaut is a "qualified person" as
defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects
("NI 43-101").
Scientific and Technical Information
Scientific and technical information in this news release regarding the geological description of the David Bell mineralization is derived from the
Company's technical report titled "NI 43-101 Technical Report Hemlo Mine,
Ontario, Canada
" with an effective date of
December 31, 2024
and a
signature date of
October 27, 2025
, and the Company's news release dated
January 26, 2026
, copies of which have been filed on the Company's
SEDAR+ profile at
www.sedarplus.ca
.
Historical production information for the David Bell Mine is derived from previously filed technical reports and public disclosure by former operators.
Historical gold price information is based on publicly available market data and is provided for contextual purposes only.
About Hemlo Mining Corp.
Hemlo Mining Corp. (previously Carcetti Capital Corp.) recently closed the acquisition of the Hemlo Gold Mine from Barrick Mining Corp. for
aggregate consideration of up to
US$1.1 billion
. The Hemlo Gold Mine is located 35 kilometers east of the town of
Marathon, Ontario
and has
produced approximately 25 million ounces of gold from both underground and open pit operations since production began in 1985. The Company is
looking to establish itself as a leading Canadian mid-tier growth-focused gold producer, with an immediate focus on maximizing the value of the
Hemlo Gold Mine's existing infrastructure through a fit-for-purpose operating approach, while unlocking new opportunities through an aggressive
brownfields exploration.
Neither the TSX Venture Exchange nor its Regulatory 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 Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation
(collectively, "forward-looking statements"). The use of words such as "expects", "anticipates", "plans", "will," "may", "should" and similar
expressions are intended to identify forward-looking statements. Forward-looking statements contained in this press release include statements
regarding: the Company's expectation that the acquisition and termination of the royalty will improve economic leverage to potential exploration
success and future production growth; the Company's expectation that it will test multiple high-priority targets through the Company's 2026
exploration drilling program; the Company's expectation that the 2026 exploration drilling program will identify new mineralization within its land
package, including at the eastern end of the property in the vicinity of the former David Bell mine and that the program's success will convert into
extended mine life, enhanced production profiles, and improve long-term economics; the Company's belief that it will consolidate royalty interests
where they become available and have compelling valuations and that this approach will directly support exploration investment and strengthen
long-term shareholder value; and the Company's goals, plans, commitments, objectives and strategies.
These forward-looking statements are provided as of the date of this news release, or the effective date of the documents referred to in this news
release, as applicable, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the
statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking
statements included in this news release, the Company has applied several material assumptions, including, but not limited to: the successful
integration of
Hemlo
; the future price of gold; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on
exploration, development, and mining activities; currency exchange rates remaining as estimated; prices for energy inputs, labour, materials,
supplies and services remaining as estimated; the timing and results of operational plans; mineral reserve and mineral resource estimates and the
assumptions on which they are based; the timely receipt of required approvals and permits; the timing of cash flows; the costs of operations; the
Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on
reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will
be no material adverse change or disruptions affecting the Company or
Hemlo
. Consequently, there can be no assurances that such statements
will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
We caution readers not to place undue reliance on these forward-looking statements. Forward-looking statements involve significant known and
unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited
to: uncertainty and variations in the estimation of mineral resources and mineral reserves; risks related to the Company's anticipated indebtedness
and gold stream obligations; risks related to exploration, development, and operation activities; political risks, delays in obtaining or failure to obtain
governmental permits, or non-compliance with permits; environmental and other regulatory requirements; uncertainties related to title to mineral
properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; financing risks and
access to additional capital; risks related to guidance estimates and uncertainties inherent in the preparation of pre-feasibility studies; uncertainty in
estimates of production, capital, and operating costs and potential production and cost overruns; the fluctuating price of gold; unknown liabilities in
connection with the acquisition of
Hemlo
; global financial conditions; uninsured risks; climate change risks; competition from other companies and
individuals; conflicts of interest; volatility in the market price of the Company's securities; the Company's limited operating history; litigation risks;
the Company's ability to complete, and successfully integrate the acquisition of
Hemlo
; intervention by non-governmental organizations; outside
contractor risks; risks related to historical data; risks related to the Company's accounting policies and internal controls; shareholder activism; and
other risks associated with executing the Company's objectives and strategies.
Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update
these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/hemlo-mining-corp-buys-back-royalty-interest-over-past-producing-david-bell-property-302685735.html
SOURCE
Hemlo Mining Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/February2026/12/c2986.html
%SEDAR: 00027219E
For further information:
Contact Information: Jason Kosec, President, CEO and Director, +1 (250) 552-7424; Jonathan Awde, Executive
Chairman, +1 (604) 761-5251; General Inquiries: [email protected]
CO: Hemlo Mining Corp.
CNW 06:30e 12-FEB-26