HighGold Commences 8,000-meter Phase 2 Drill Program at Munro-Croesus Project, Timmins Area, Ontario
Vancouver, BC – January 27, 2022 – HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) (“HighGold” or the “Company”) is pleased to report the start of the Phase 2 winter drill program (the “Program”) at its 100% owned Munro-Croesus Project (the “Project”) located in the Timmins gold camp, Ontario, Canada. The Program is a continuation of the late fall Phase 1 drill program that systematically tested the strike and down-dip/down-plunge potential of the #2 Vein and the #4 Vein (assay results pending) located immediately south and southwest of the past producing Croesus Gold Mine and its namesake Croesus Vein.
The 8,000-meter Phase 2 winter drill program will include one drill rig and is expected to take ten to 12 weeks to complete. The Program will test established targets near the Croesus Gold Mine and will do first pass drilling at several new priority targets generated on the greater Project.
“This program marks the first time in almost a century that a consolidated Munro-Croesus land package will be evaluated under the banner of one company,” commented President and CEO Darwin Green. “The extremely high-grade nature of the Croesus Vein at an average grade of 95.3 g/t Au, and the similarities of our other targets to neighbouring operating mines and deposits make this a very exciting opportunity for HighGold.” Please CLICK HERE for additional information on the Munro-Croesus Property.
The Munro-Croesus Project
The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone belt, Canada’s premier gold mining jurisdiction (Figure 1). The Project now covers 47 km2 (18.1 mi2) of highly prospective geology situated between the Black Fox Mine Complex operated by McEwen Mining Inc. and the Fenn-Gib gold deposit being developed by Mayfair Gold Corp. This property is also proximal to major gold-bearing breaks. Extensive land consolidation by the Company in 2020-2021 has now unified the patchwork of patented and unpatented mining claims surrounding the Croesus Gold Mine into one contiguous package and has enhanced the exploration potential of the Project.
The 2022 Winter Drill Program Targets
Approximately 25% of the Program will be dedicated to prospects on the core Croesus patented claims while the remaining 75% will be focused on the new properties and corresponding targets acquired through the recent land consolidation.
A comprehensive ranking system was developed by HighGold to evaluate prospects and define priority drill targets across the consolidated Munro-Croesus land package. Target development and ranking followed the acquisition of high-resolution airborne geophysical data, compilation and digitization of historical data, detailed structural studies, field assessment of numerous historic trenches and pits, integration of geological and geochemical datasets, and review of the key geological characteristics and ore controls at known gold deposits in the region.
New priority targets to be tested during the Program will include:
- Croesus-style vein targets within the Croesus pillowed mafic flow and its favourable sulphidic flow-top breccia
- Structural and vein targets within the #4 variolitic mafic flow
- Pipestone Fault and associated splays with focus on mafic/ultramafic contacts, volcanic/sediment contacts, and intrusive-hosted gold targets
- Ultramafic rocks (green carbonate zones) in association with the northerly Munro Fault
A portion of the planned meterage will also be reserved for potential follow-up drilling on the #2 and #4 Vein prospects that were tested during the Phase 1 program. The Phase 1 program was completed in November-December 2021 and totaled 4,321 meters in 24 holes, with initial assay results from the program expected in the later half of Q1/2022.
The Company is also carrying out 100 line-km of induced polarization (“IP”) geophysical surveying over the central portion of the Project.
About HighGold’s Timmins Properties
HighGold owns 100% of each of its three Timmins properties. The Munro-Croesus Gold Project is located approximately 75 kilometers (47 miles) east of Timmins, proximal to the Porcupine-Destor and Pipestone Faults, with multi-million ounce gold deposits located within 1500 meters either side of the property. Mining occurred intermittently at Munro-Croesus between 1915 and 1936. The Golden Mile 89.5 square kilometer (34.5 square mile) property is located nine kilometers (5.6 miles) northeast of Newmont’s multi-million-ounce Hoyle Pond deposit in Timmins. The Golden Perimeter 118 square kilometers (46 square mile) property is located to the south and southeast of Timmins on the south edge of the Shaw dome structure.
HighGold is a well-funded mineral exploration company focused on high-grade gold projects located in North America. HighGold’s flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project located in Southcentral Alaska, USA. The Company also controls a portfolio of quality gold projects in the greater Timmins gold camp, Ontario, Canada that includes the Munro-Croesus Gold property, which is renowned for its high-grade mineralization at the past-producing Croesus Mine, and the large Golden Mile and Golden Perimeter properties. HighGold’s experienced Board and senior management team, are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.
On Behalf of HighGold Mining Inc.
President & CEO
For further information, please visit the HighGold Mining Inc. website at www.highgoldmining.com, or contact:
Darwin Green, President & CEO or Naomi Nemeth, VP Investor Relations
Phone: 1-604-629-1165 or North American toll-free 1-855-629-1165
Email: [email protected]
Qualified Person and Quality Assurance
Ian Cunningham-Dunlop, P.Eng., VP Exploration for HighGold Mining Inc. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Readers are cautioned that the Company has no interest in or right to acquire any interest in any of the neighboring mines or deposits, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.
Figure 1 – Location of HighGold Projects in Timmins Gold Camp, Ontario