HighGold Makes New Discovery at Munro-Croesus with Wide Intervals of Gold Mineralization Including 136 meters at 0.54 g/t Gold
HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) announced significant assay results from its 2022 Winter Drill Program at the Munro-Croesus project in Ontario, revealing near-surface bulk-tonnage gold mineralization at the newly discovered Argus Zone. Key intercepts include 136 meters at 0.54 g/t Au, with a high-grade sub-interval of 4.5 meters at 4.88 g/t Au. This discovery indicates potential for large-scale gold deposits in a region known for substantial gold resources. The company anticipates further results from additional drilling in the upcoming weeks.
- First-time intersection of near-surface bulk-tonnage gold mineralization at the new Argus Zone.
- Drill hole MC22-110 reported 136 meters at 0.54 g/t Au, including high-grade sub-intervals.
- Potential to host large bulk-tonnage deposits, expanding exploration opportunities.
- Location near established gold resources in the Timmins Gold Camp enhances project value.
- None.
Near-surface bulk-tonnage style gold mineralization intersected for first time at the new
Figure 1 – Location of
Highlight Drill Hole Results from the new
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
Discussion of Results for the
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
The new
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.
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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
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
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 –
Drill Hole |
From
|
To
|
Length*
|
Au
|
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‐ |
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