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Highgold Mining Inc
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Highgold drills 136 m of 0.54 g/t Au at Munro-Croesus

2022-05-09 09:20 ET - News Release

Mr. Darwin Green reports


Highgold Mining Inc. has released continuing assay results from the 2022 winter drill program at its Munro-Croesus project located in the Timmins gold camp, Ontario, Canada. First-pass drill testing by the company of the new Argus zone on the western side of the project, three kilometres 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.

Highlight drill hole results from the new Argus zone

Drill hole MC22-110:

  • Upper intersection of 26 metres at 0.51 gram per tonne gold, starting at a vertical depth of six metres;
  • Lower intersection of 136 metres at 0.54 g/t Au, starting at a vertical depth of 70 metres, including 62.8 metres at 0.79 g/t Au, including 4.5 metres at 4.88 g/t Au.

Drill hole MC22-109:

  • Near-surface intersection of 37.4 metres at 0.27 g/t Au, starting at a vertical depth of two metres.

"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 chief executive officer 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 (two million to 5.5 million ounces) 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. 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 square km (20 square miles) 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 million oz at 0.92 g/t Au and an inferred resource of 75,000 oz 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 million oz at 0.89 g/t Au indicated and 2.3 million oz at 0.89 g/t Au inferred from within a larger mineral resource that includes additional underground resources.

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 shallow holes (1,236 metres). 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 metres at 0.79 g/t within 136 metres 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 three kilometres west-northwest of the past-producing Croesus mine and immediately north of the Pipestone fault. 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 metres. 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 metres at 0.79 g/t within 136 metres at 0.54 g/t Au in addition to a second zone of 26 metres at 0.51 g/t gold. Higher-grade subintervals in MC2-110 include 0.5 metre at 16.30 g/t Au within 4.50 metres at 4.88 g/t Au. Results from five other drill holes completed along strike and at depth are currently pending.

2022 winter drill program

The 2022 winter drill program was completed in early April with a total of 7,401 metres drilled in 33 holes. Assay results have now been reported for nine drill holes with results for 24 drill holes currently pending.

About Highgold's Timmins properties

Highgold owns 100 per cent of each of its three Timmins properties. The Munro-Croesus gold project is located approximately 75 kilometres (47 miles) east of Timmins, proximal to the Porcupine-Destor and Pipestone faults, and approximately two kilometres (1.2 miles) northwest and along trend of Mayfair Gold's multmillion-ounce Fenn-Gib gold deposit. Mining occurred intermittently at Munro-Croesus between 1915 and 1936. The Golden Mile 89.5-square-kilometre (34.5 square miles) property is located nine kilometres (5.6 miles) northeast of Newmont's multimillion-ounce Hoyle Pond deposit in Timmins. The Timmins South (Golden Perimetre) 128-square-kilometre (49 square miles) property is located to the south and southeast of Timmins on the south edge of the Shaw dome structure.

About Highgold Mining Inc.

Highgold is a well-financed mineral exploration company focused on high-grade gold projects located in North America. Highgold's flagship asset is the high-grade Johnson Tract gold (zinc-copper) project located in south-central Alaska, United States. 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, PEng, senior vice-president, exploration, for Highgold Mining and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

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