HighGold Expands Timmins Land Position by 25% and Provides Ontario Exploration Update
HighGold Mining Inc. (TSX-V: HIGH, OTCQX: HGGOF) has increased its land holdings in the Timmins region by 25%, expanding to 335 square kilometers. This acquisition includes 255 mining claims in a prime area which borders Newmont's Dome mine. CEO Darwin Green stated this move signifies HighGold's aim to dominate the Timmins gold camp with underexplored properties. Current exploration efforts focus on defining drill targets, with past drill results showing promising high-grade gold occurrences. The company is also implementing disciplined capital allocation strategies.
- Acquired 255 mining claims covering 56 square kilometers in Timmins, expanding land holdings by 25%.
- Current exploration highlights include significant high-grade gold occurrences, notably at Bay Lake.
- Drilling results from Argus Zone reveal promising near-surface gold mineralization.
- Acquisition involves cash payment of C$80,000 and issuance of 160,000 common shares, potentially diluting existing shareholder value.
Figure 1 – HighGold’s
“This acquisition builds on HighGold’s vision of creating one of the most dominant land positions in the
Timmins Property Acquisition
Summary
The new Acquisition consists of 255 strategically located mining claims covering 56 square kilometers (22 square miles) in the heart of the
Additional mining claims have also been staked and acquired by the Company that expand its Golden Mile and Munro-Croesus properties. The claim staking and acquisitions are part of HighGold’s multi-year effort to consolidate large, underexplored sections of the greater
Agreement Terms
HighGold, through its wholly-owned subsidiary, entered into an agreement of purchase and sale (the “Agreement”) with an arm's length vendor (the “Vendor”) to acquire the Acquired Property. In consideration of the Acquisition and subject to
Timmins Exploration Update
Current Exploration
Current exploration plans for the Company’s
Modeling, inversion, and interpretation of data is ongoing for a 63-line km DCIP ground geophysical survey completed at Munro-Croesus during the winter. Preliminary results highlight multiple chargeability and resistivity anomalies that warrant follow-up work, including chargeability highs that are coincident with, and along trend from, the new
At the Company’s Golden Mile project, an 85-line km overwater seismic survey was recently completed on
Recap of 2022 Munro-Croesus Winter Drill Program and Final Drill Results
The 2022 Winter Drill Program at Munro-Croesus was completed in early April with a total of 7,401 meters drilled in 33 holes. Highlights include the discovery of near-surface bulk tonnage style gold mineralization at the new
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136m at 0.54 g/t Au, starting at a vertical depth of 70 meters, including 62.8m at 0.79 g/t Au, and including 4.5m at 4.88 g/t Au in MC22-110 (see Company news release dated
May 9, 2022 ).
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Five of six drill holes drilled at the
Argus Zone intersected significant intervals of mineralization which is open to expansion in multiple directions, including to the west toward the intersection of theArgus Zone trend with the regional Pipestone Fault.
Croesus Vein Extension
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13.40 g/t Au over 0.5m within a broader 4.80m interval grading 3.60 g/t Au (hole MC22-96) from an intersection of the Croesus Vein, 100m northeast of the
Croesus Mine (See Company new release datedMarch 20, 2022 ).
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14.00 g/t Au over 0.6m within a broader 2.60m interval grading 3.42 g/t Au (hole MC22-92) from a new quartz vein zone intersected 370m northwest of the
Croesus Mine .
- These discoveries are a ‘proof of concept’ of the Company’s geological and structural models which highlight the potential for the Croesus Vein system to continue to the northeast along a major regional structure, and also that the prospective Croesus Flow could host multiple analogues to the Croesus Vein along strike.
The Company has received all final assay results from the remaining 19 holes from the 2022 Munro-Croesus Winter Drill Program with encouraging results from the first-pass drilling of four other prospects. Highlights include:
Walhart Prospect
- 0.29 g/t Au over 26.30m (hole MC22-99)
- 6.00 g/t Au over 0.60m (hole MC22-100)
JM Prospect
- 0.51 g/t Au over 5.00m (hole MC22-101)
- 2.12 g/t Au over 1.50m (hole MC22-102)
- 1.92 g/t Au over 0.80m (hole MC22-103)
- 3.19 g/t Au over 0.30m (hole MC22-106)
- 4.98 g/t Au over 0.30m (hole MC22-107)
#4 Shaft Vein Extension
- 2.27 g/t Au over 0.3m (hole MC22-116)
- 2.27 g/t Au over 0.4m (hole MC22-117)
- 2.23 g/t Au over 0.5m within a broader ‘Argus-style’ 11.0m interval grading 0.69 g/t Au (MC22-119)
- 4.42 g/t Au over 0.7m within a broader 1.4m interval grading 2.42 g/t Au (hole MC22-122)
About the
About HighGold’s
HighGold owns
About HighGold
HighGold is a well-funded mineral exploration company focused on high-grade gold projects located in
Qualified Person and Quality Assurance
On Behalf of
“
President & CEO
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: MC22-99 (0/66/258m), MC22-100 (0/45/303m), MC22-101 (270/45/120m), MC22-102 (270/70/234m), MC22-103 (270/45/201m), MC22-106 (270/45/258m), MC22-107 (200/45/252m), MC22-116 (210/45/81m), MC22-117 (210/45/150m), MC22-119 (210/45/351m), and MC22-122 (300/75/102m).
Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individually 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
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-0coupled 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
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.
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For further information, please visit the
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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