HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF)
(“HighGold” or the “Company”) is pleased to announce
plans for a US$9 million exploration program (the “Program”)
for the 2022 field season at the Johnson Tract polymetallic Gold
Project (“Johnson Tract”, “JT” or the
“Project”) in Southcentral Alaska, USA. The Project hosts
the high-grade JT Deposit with a 0.75moz indicated resource at 10.9
g/t gold equivalent (“AuEq”). An updated and expanded
mineral resource for the JT Deposit is expected to be delivered
before the end of the second quarter 2022 and will incorporate
27,000 meters of drilling from the 2020 and 2021 drill
programs.
2022 Johnson Tract Exploration Program Strategy
- A minimum of 13,000 meters of diamond drilling allocated to
test the following:
- JT Deposit (Approx. 35% of meters) – focused
step-out and infill drilling on the mineral resource footprint,
including follow-up on successful down-plunge and on strike
expansion drill holes completed in 2021 including. 4.3m grading
20.0 g/t AuEq (see Company press release dated September 14,
2022)
- DC Prospect Discovery in 2022 (Approx.
35% of meters) – follow-up drilling of the exceptionally
high-grade, late season drill discovery, of 6.4m grading 577.9
g/t Au and 2,023 g/t Ag (included 1.26m at 2,860 g/t Au
and 9,990 g/t Ag plus 1.5m at 60.7 g/t Au and 220 g/t Ag; see
Company press release dated October 6, 2021)
- Milkbone Prospect, Priority Target (Approx. 20% of
meters)– first time testing of high-grade soil geochemistry and
boulder samples (up to 8.3 g/t Au and 184 g/t Au
respectively) at the Milkbone Prospect and the 1.2 km long
northeast trending mineralized corridor between the Milkbone and DC
prospects
- Other Johnson District prospects (Approx. 10% of meters)
– including Kona, Easy Creek and South Valley.
- Preparations well underway to open camp mid-June with drilling
to commence shortly thereafter
- Commissioning of an onsite sample preparation facility for
crushing and pulverizing drill core samples, which will
significantly reduce assay turn-around time and enable more
efficient follow-up of positive results during the 2022 drill
program
- Preliminary engineering and environmental baseline studies to
support Project planning
- Geological mapping, prospecting, and soil & rock sampling
programs to follow-up and expand on the positive results generated
from the 2021 program and refine drill targets coupled with
Drone-Magnetic airborne surveying
“After drilling one of the best drill intersections globally in
2021*, we are poised to have drills turning to follow-up on our
exciting new high-grade discovery at the DC Prospect,” commented
Darwin Green, President and CEO. “Our priority objectives and
allocation of capital for the 2022 drill program are: i) continued
expansion of the JT Deposit; ii) definition of one or more new
deposits within the DC-Milkbone prospect area; and iii) make a
further discovery on one of the regional targets. We are
particularly excited about getting back to the new DC discovery
with additional drilling and to the Milkbone prospect where we had
the highest gold grade in soil samples anywhere on the property to
date. With C$19.5 million in working capital, HighGold is fully
funded for the planned program.” Click here for additional comments
from CEO Darwin Green.
2022 Program Details
Preparations are underway to open the JT camp mid-June and to
commence drilling shortly thereafter. The Program will start with
two (2) drill rigs, with plans to add a third should another drill
rig become available. The current drill plan contemplates
approximately one-third of the total meters dedicated to expansion
and infill of the JT Deposit and immediately surrounding targets,
and two-thirds dedicated to the DC-Milkbone Corridor and other
Johnson District prospects.
About the Johnson Tract Gold Project
Johnson Tract is a poly-metallic (gold, copper, zinc, silver,
lead) project located near tidewater, 125 miles (200 kilometers)
southwest of Anchorage, Alaska, USA. The 21,000-acre property
includes the high-grade Johnson Tract Deposit (“JT Deposit”)
and at least nine (9) other mineral prospects over a 12-kilometer
strike length. HighGold acquired the Project through a lease
agreement with Cook Inlet Region, Inc. (“CIRI”), one of 12
land-based Alaska Native regional corporations created by the
Alaska Native Claims Settlement Act of 1971. CIRI is owned by more
than 9,100 shareholders who are primarily of Alaska Native
descent.
Mineralization at Johnson Tract occurs in Jurassic-age
intermediate volcaniclastic rocks and is characterized as
epithermal-type with submarine volcanogenic attributes. The JT
Deposit is a thick, steeply dipping silicified body (20m to 50m
average true thickness) that contains a stockwork of
quartz-sulphide veinlets and brecciation, cutting through and
surrounded by a widespread zone of anhydrite alteration. The
Footwall Copper Zone is located structurally and stratigraphically
below JT Deposit and is characterized by copper-silver rich
mineralization.
The JT Deposit hosts an Indicated Resource of 2.14 Mt grading
10.93 g/t gold equivalent (“AuEq”) comprised of 6.07 g/t Au,
5.8 g/t Ag, 0.57% Cu, 0.80% Pb and 5.85% Zn. The Inferred Resource
of 0.58 Mt grading 7.16 g/t AuEq is comprised of 2.05 g/t Au, 8.7
g/t Ag, 0.54% Cu, 0.33% Pb, and 6.67% Zn. Reported mineral
resources are based on drill holes completed to the end of 2019.
Approximately 27,000 meters of new drilling have subsequently been
completed and a new resource estimate is anticipated Q2 2022. For
additional details see NI 43-101 Technical Report titled “Updated
Technical Report for the Johnson Tract Project, Alaska” dated
August 9, 2021 authored by Ray C. Brown, CPG, and James N. Gray,
P.Geo. Gold Equivalent is based on assumed metal prices and 90%
recovery for Au, Ag, Cu, Pb, and Zn. Assumed metal prices for the
Resource are US$1350/oz for gold (Au), US$16/oz for silver (Ag),
US$2.80/lb for copper (Cu), US$1.00/lb for lead (Pb), and
US$1.20/lb for zinc (Zn) and are based on nominal 3-year trailing
averages as of April 1, 2020. Historical metallurgical testing on
drill core samples has indicated that good gold and base metal
recoveries and marketable concentrates can be expected.
Prior to HighGold, the Project was last explored in the
mid-1990s by a mid-tier mining company that evaluated direct
shipping material from Johnson to the Premier Mill near Stewart,
British Columbia.
About HighGold
HighGold is a 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
accessible Southcentral Alaska, USA. The Company also controls one
of the largest junior gold miner land positions in the Timmins,
Ontario gold camp. This includes the Munro-Croesus Gold property,
which is renowned for its high-grade mineralization, 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.
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
*Drill hole DC21-010 from the DC Prospect was ranked as the
third best drill hole in 2021 amongst TSX listed companies by
Opaxe. Opaxe is an independent Australian mining database company
that compiles the best drill intersections reported around the
world and then ranks them based on gold equivalent grams per tonne
using prevailing metal prices. Visit www.opaxe.com for additional
information on AuEq parameters.
The Company has a robust QAQC program that includes the
insertion of blanks, standards and duplicates.
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 planned drill program 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220531005321/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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