Near-surface bulk-tonnage style gold
mineralization intersected for first time at the new Argus Zone
discovery, Timmins Gold Camp
HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF)
(“HighGold” or the “Company”) is pleased to report
ongoing assay results from the 2022 Winter Drill Program (the
“Program”) at its Munro-Croesus project (the
“Project”) located in the Timmins Gold Camp, Ontario, Canada
(Figure 1). First pass drill testing by the Company of the
new Argus Zone on the western side of the Project, 3km from the
historic Croesus Mine, has successfully intersected wide intervals
of gold mineralization in the first two drill holes. These results,
which are from immediately north of the regional gold-bearing
Pipestone Fault, represent a new discovery of bulk-tonnage style
gold at Munro-Croesus.
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Figure 1 – Location of Munro-Croesus
Project and New Argus Zone, east Timmins region, Ontario (Graphic:
Business Wire)
Highlight Drill Hole Results from the new Argus Zone
Drill Hole MC22-110
- Upper Intersection of 26 meters at 0.51 g/t Au, starting
at a vertical depth of 6 meters
- Lower Intersectionof 136 meters at 0.54 g/t Au, starting
at a vertical depth of 70 meters, including 62.8 meters at 0.79
g/t Au, including 4.5 meters at 4.88 g/t Au
Drill Hole MC22-109
- Near surface intersection of 37.4 meters at 0.27 g/t Au,
starting at a vertical depth of 2 meters
See Table 1 for additional assay details and Figures
1, 2 and 3 for location maps and cross sections.
“We are excited to intersect such wide intervals of gold
mineralization in our first two drill holes at the new Argus Zone
discovery,” commented President and CEO Darwin Green. “While best
known for exceptionally high-grade gold at the historic Croesus
Mine, the results released today clearly demonstrate that the
Munro-Croesus Project also has potential to host large bulk-tonnage
style gold deposits. This should come as no surprise given the
presence of several large (2 to 5.5 Moz) low-grade
development-stage gold deposits located nearby. It is also very
positive that this new zone of gold mineralization comes right to
surface. We look forward to seeing the remaining results from our
initial drill test of this target in the upcoming weeks.”
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). Extensive land consolidation by the
Company in 2020-2021 unified the patchwork of patented and
unpatented mining claims surrounding the Croesus Gold Mine into one
coherent package and enhanced the exploration potential of the
Project. The Project covers 51 km2 (20 mi2) of highly prospective
geology within the influence of major gold-bearing structural
breaks. Bulk-tonnage gold deposits located in the immediate region
include the Fenn-Gib Gold Project being developed by Mayfair Gold
Corp. that contains an Indicated Resource of 2.1 Moz at 0.92 g/t Au
and an Inferred Resource of 75 koz at 0.62 g/t Au, and the Tower
Gold Project (Golden Highway and Garrison deposits) being developed
by Moneta Gold Inc. that contains a total open pit inventory of 3.3
Moz at 0.89 g/t Au Indicated and 2.3 Moz at 0.89 g/t Au Inferred
from within a larger mineral resource that includes additional
underground resources1.
Discussion of Results for the New Argus Zone
Drill holes MC22-109 and 110 tested a broad zone of surface
mineralization along an interpreted splay to the Pipestone Fault in
an area of encouraging rock geochemistry, historical trenching and
limited 1990s era drilling by a former operator, consisting of
eight (8) shallow holes (1,236 meters). Limited and selective
historical drill core sampling yielded promising gold assays but
failed to recognize the widespread extent of gold mineralization
and the bulk-tonnage potential of the prospect. Both drill holes
reported herein intersected wide zones of near surface gold
mineralization highlighted by 62.8 meters at 0.79 g/t within
136.0 meters at 0.54 g/t Au in MC22-110. These
results represent a new discovery of bulk-tonnage style gold at the
Munro Croesus Project named the Argus Zone.
The new Argus Zone is located 3 kilometers west-northwest
of the past-producing Croesus Mine and immediately north of the
Pipestone Fault (Figure 2). It is characterized by
silicified mafic variolitic volcanics cut by northeast trending
pyritic veinlets within a broader halo of carbonate alteration and
local development of specular hematite.
Results released today include those from drill holes MC22-109
and MC22-110 which were drilled at 314 degrees azimuth along the
same geological cross-section at a spacing of 50 meters (Figure
3). The holes were designed to test the concept of a
northeast-striking zone of gold mineralization along a splay to the
regional Pipestone Fault, an attractive setting for gold
mineralization within the Timmins and Golden Highway Gold Camps.
This structural trend was prioritized by the Company following
recent structural geology studies that highlighted the importance
of “D2” shear zones. Drill hole MC22-110 intersected a wide
interval of gold mineralization, returning 62.8 meters at 0.79
g/t within 136.0 meters at 0.54 g/t Au in
addition to a second zone of 26 meters at 0.51 g/t gold.
Higher grade sub-intervals in MC2-110 include 0.5 meters at
16.30 g/t Au within 4.50 meters at 4.88 g/t Au. Results
from five (5) other drill holes completed along strike and at depth
are currently pending.
Drill hole locations for the two (2) holes reported herein are
shown in Figures 2 and 3 with Significant Assay Results
summarized in Table 1.
2022 Winter Drill Program
The 2022 Winter Drill Program was completed in early April with
a total of 7,401 meters drilled in 33 holes. Assay results
have now been reported for nine (9) drill holes with results for 24
drill holes currently pending.
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, and approximately two kilometers (1.2 miles)
northwest and along trend of Mayfair Gold Corp.’s multi-million
ounce Fenn-Gib gold deposit. 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 Timmins South (Golden Perimeter) 128 square
kilometers (49 square mile) property is located to the south and
southeast of Timmins on the south edge of the Shaw dome
structure.
About HighGold
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, and
the large Golden Mile and Timmins South 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.
Qualified Person and Quality Assurance
Ian Cunningham-Dunlop, P.Eng., Senior 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.
On Behalf of HighGold Mining Inc.
“Darwin Green”
President & CEO
For further information, please visit the HighGold Mining Inc.
website at www.highgoldmining.com.
1. Fenn-Gib Gold Project and Tower Gold Project mineral
resources compiled from public sources and are provided for general
information purposes. Readers are cautioned that the Company has no
interest in or right to acquire any interest in adjacent properties
and they are not indicative of mineral deposits on the Company’s
properties or any potential exploration thereof.
Additional notes: Starting azimuth, dip and final length
(Azimuth/-Dip/Length) for drill holes reported today are noted as
follows: MC22-109 (314/45/303m) and MC22-110 (314/45/255m).
Samples of drill core were cut by a diamond blade rock saw, with
half of the cut core placed in individual sealed polyurethane bags
and half placed back in the original core box for permanent
storage. Sample lengths typically vary from a minimum 0.2-meter
interval to a maximum 1.5-meter interval, with an average 0.5 to
1.0-meter sample length. Drill core samples were delivered by truck
in sealed woven plastic bags to ALS Geochemistry laboratory
facility in Timmins, Ontario for sample preparation with final
analysis at ALS Geochemistry Analytical Lab facility in North
Vancouver, BC. ALS Geochemistry operate meeting all requirements of
International Standards ISO/IEC 17025:2017 and ISO 9001:2015.
Gold is determined by fire-assay fusion of a 50 g sub-sample
with atomic absorption spectroscopy (AAS). Samples that return
values >10 ppm gold from fire assay and AAS are determined by
using fire assay and a gravimetric finish. Various metals including
silver, gold, copper, lead and zinc are analyzed by
inductively-coupled plasma (ICP) atomic emission spectroscopy,
following multi-acid digestion. The elements copper, lead and zinc
are determined by ore grade assay for samples that returned values
>10,000 ppm by ICP analysis. Silver is determined by ore grade
assay for samples that returned >100 ppm.
The Company has a robust QAQC program that includes the
insertion of blanks, standards and duplicates.
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.
Neither 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 statements: This news release includes certain
“forward-looking information” within the meaning of Canadian
securities legislation and "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 (collectively “forward looking statements”).
Forward-looking statements include predictions, projections and
forecasts and are often, but not always, identified by the use of
words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”,
“forecast”, “expect”, “potential”, “project”, “target”, “schedule”,
“budget” and “intend” and statements that an event or result “may”,
“will”, “should”, “could” or “might” occur or be achieved and other
similar expressions and includes the negatives thereof. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
the Company’s currently ongoing drill program and pending assays
are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements are based on a number of material
factors and assumptions. Important factors that could cause actual
results to differ materially from Company’s expectations include
actual exploration results, changes in project parameters as plans
continue to be refined, results of future resource estimates,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
uninsured risks, regulatory changes, defects in title, availability
of personnel, materials and equipment on a timely basis, accidents
or equipment breakdowns, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to
remedy same, and other exploration or other risks detailed herein
and from time to time in the filings made by the Company with
securities regulators. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ from those described in forward-looking
statements, there may be other factors that cause such actions,
events or results to differ materially from those anticipated.
There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are cautioned not to
place undue reliance on forward-looking statements.
Table 1 – Munro-Croesus Project – Winter 2022 Drill Hole
Results for the new Argus Zone
Drill Hole
From (m)
To (m)
Length* (m)
Au (g/t)
Argus Prospect
MC22-109
2.40
39.80
37.40
0.27
Incl.
8.50
19.00
10.50
0.43
Incl.
8.50
9.20
0.70
1.12
And Incl.
17.40
19.00
1.60
1.83
And Incl.
37.50
38.50
1.00
2.04
MC22-110
8.00
44.20
36.20
0.43
Incl.
8.00
34.00
26.00
0.51
Incl.
8.00
13.00
5.00
0.97
Incl.
9.50
12.10
2.60
1.41
And Incl.
30.60
34.00
3.40
2.20
And
100.00
236.00
136.00
0.54
Incl.
83.00
85.50
2.50
1.26
Incl.
84.50
85.00
0.50
4.36
And Incl.
109.20
172.00
62.80
0.79
Incl.
109.20
110.00
0.80
13.15
And Incl.
167.50
172.00
4.50
4.88
Incl.
167.50
169.00
1.50
10.17
Incl.
168.00
168.50
0.50
16.30
*Note - Drill intercepts reported
as core lengths are estimated to be 70‐100% true width. Averages
are length weighted using a 0.2 g/t cut-off. Ian Cunningham-Dunlop,
P.Eng., Senior VP Exploration for HighGold Mining Inc. and a
qualified person as defined by Canadian National Instrument 43-101,
has reviewed and verified the information within this table
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220509005396/en/
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: information@highgoldmining.com.
Website: www.highgoldmining.com Twitter: @HighgoldMining
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