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Highgold Mining Inc
Symbol HIGH
Shares Issued 44,451,677
Close 2020-11-17 C$ 2.34
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Highgold drills 17.4 m of 10.3 g/t AuEq at Johnson

2020-11-18 07:21 ET - News Release

Mr. Darwin Green reports

HIGHGOLD INTERSECTS 17.4 METERS AT 10.3 G/T GOLD EQUIVALENT IN STEP-OUT DRILLING AT JOHNSON TRACT PROJECT, ALASKA, USA

Highgold Mining Inc. has released new assay results from the 2020 exploration drilling program at its flagship Johnson Tract gold project in south-central Alaska. Results are reported for four drill holes, including additional stepouts to the JT deposit that extend high-grade mineralization down plunge. Drilling has concluded for the year with a total of 16,420 metres completed in 33 drill holes. Assay results are still pending for 23 drill holes and will be released in batches over the next few months as received.

"Today's results further extend mineralization to depth and down plunge of the main JT deposit. The results also highlight the opportunity to add high-tonnage/high-value mineralization with each new stepout hole," commented president and chief executive officer Darwin Green. "Observations of drill core from these and subsequent holes (for which assays are still pending) suggest the JT deposit remains open for continued expansion down plunge and that not all of it is faulted off at depth as was previously interpreted."

Successive incremental stepouts have significantly expanded the known extent of resource mineralization. The JT deposit has now been intersected over a strike length of 250 metres and a down-plunge distance of 315 metres and remains open for expansion to the northeast, southwest and at depth.

Drill highlights

Drill hole JT20-106, designed as a 20-metre stepout from drill hole JT20-95 (41.0 metres at 5.9 grams per tonne gold equivalent (g/t AuEq), successfully intersected three closely spaced mineralized intervals for a cumulative width of 40.4 metres:

  • 22.8 metres at 3.2 g/t Au, four g/t Ag, 0.4 per cent copper and 6.0 per cent zinc (8.2 g/t AuEq), including:
    • 17.4 metres at 3.9 g/t Au, five g/t Ag, 0.6 per cent Cu and 7.6 per cent Zn (10.3 g/t AuEq), including:
      • 7.4 metres at 8.6 g/t Au, eight g/t Ag, 0.7 per cent Cu and 10.2 per cent Zn (17.5 g/t AuEq);
  • 10.1 metres at 3.7 per cent Zn, 0.7 per cent Cu, four g/t Ag and 0.1 g/t Au (3.5 g/t AuEq);
  • 7.5 metres at 0.8 per cent Zn, 2.0 per cent Cu, 16 g/t Ag and 0.1 g/t Au (3.6 g/t AuEq).

Drill hole JT20-100, designed as a 20-metre stepout from drill hole JT20-96 (20.1 metres at 13.8 g/t AuEq), successfully intersected 17.3 metres of zinc-rich mineralization and yielded a separate 9.0-metre intersection from the deeper Footwall copper zone:

  • 17.3 metres at 6.1 per cent Zn, 0.1 per cent Cu, one g/t Ag and 0.2 g/t Au (4.1 g/t AuEq), including:
    • 7.3 metres at 11.1 per cent Zn, 0.1 per cent Cu, one g/t Ag and 0.2 g/t Au (7.1 g/t AuEq);
  • 9.0 metres at 1.4 per cent Cu, 2.8 per cent Zn, seven g/t Ag and 0.1 g/t Au (4.0 g/t AuEq; Footwall copper zone).

Commenting on the completion of the 2020 field program, Mr. Green added: "Highgold's exploration team is applauded for executing a large and successful program safely, efficiently and under budget during a challenging COVID-19 environment. Our first full-scale exploration program has contributed significantly to the understanding of the Johnson Tract mineral system and the project's exceptional exploration potential. With only a third of drill holes reported so far, we are looking forward to receiving the balance of the drill hole assay data along with the results from over 1,800 soil and rock samples collected as part of the concurrent regional field program."

Discussion of drill results

JT deposit

Of the 33 drill holes completed this drill program, 16 were at the JT deposit and Footwall copper zone, nine were at the Northeast offset target, four were at the North trend target, and four were at the DMZ target, located between the JT deposit and the Northeast offset target. Results reported in this news release are for the JT deposit and adjacent Footwall copper zone. A complete list of significant assays is presented in the associated table with drill hole pierce points presented on a longitudinal section in an image on the company's website.

Drill holes JT20-100, JT20-103 and JT20-106 were drilled on the same section and all intersected mineralization approximately 20 metres to the northeast of previously released stepout drill holes JT20-093, JT20-095 and JT20-096 (see company news releases dated Sept. 9, 2015, and Oct. 15, 2020). Drill hole JT20-098 was drilled approximately 25 metres updip of JT20-096. Collectively, along with JT20-092 (74.1 m grading 23.8 g/t AuEq) these JT deposit expansion drill holes have successfully intersected mineralization over an area measuring approximately 40 to 75 metres laterally by 150 metres vertically along the open northeast edge of the deposit. The potential to continue expanding the JT deposit along strike and down plunge is considered excellent.

FW copper zone

In addition to stepout intersections on the main JT deposit, several of the above-described drill holes were designed to also test the Footwall copper zone that is located structurally and stratigraphically below the main JT deposit mineralization. The Footwall copper zone is a newly discovered zone of mineralization (2019) characterized by copper-zinc-silver-rich mineralization that is beginning to take shape as a distinct zone demonstrating good continuity between holes suggesting high resource potential. It has now been intersected in four drill holes over a strike length of approximately 80 metres and remains open in all directions.

About the Johnson Tract gold project

Johnson Tract is a polymetallic (gold, copper, zinc, silver and lead) project located near tidewater in south-central Alaska. The project includes the high-grade Johnson Tract deposit and at least nine other mineral prospects over a 12-kilometre strike length. Mineralization 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 (20 m to 50 m 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 JT deposit hosts an indicated resource of 2.14 million tonnes grading 10.93 g/t gold equivalent (AuEq) comprising 6.07 g/t Au, 5.8 g/t Ag, 0.57 per cent Cu, 0.80 per cent Pb and 5.85 per cent Zn. The inferred resource of 580,000 tonnes grading 7.16 g/t AuEq comprises 2.05 g/t Au, 8.7 g/t Ag, 0.54 per cent Cu, 0.33 per cent Pb and 6.67 per cent Zn. For additional details see technical report titled "Initial Mineral Resource Estimate for the Johnson Tract Project, Alaska," dated June 15, 2020. Gold equivalent is based on assumed metal prices and 100-per-cent recovery and payabilities for Au, Ag, Cu, Pb and Zn. Assumed metal prices are $1,350 (U.S.) per ounce for gold (Au), $16 (U.S.)/oz for silver (Ag), $2.80 (U.S.) per pound for copper (Cu), $1 (U.S.)/lb for lead (Pb) and $1.20 (U.S.)/lb for zinc (Zn) and are based on nominal three-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, with concentrates that are low in deleterious elements.

About Highgold Mining Inc.

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 (zinc-copper) project, located in accessible south-central Alaska, United States, that contains an indicated resource of 2.14 million tonnes grading 10.93 grams per tonne gold equivalent (AuEq) for 750,000 ounces AuEq, and an additional inferred resource of 580,000 tonnes grading 7.16 g/t gold equivalent for 134,000 ounces AuEq (see technical report titled "Initial Mineral Resource Estimate for the Johnson Tract Project, Alaska," dated June 15, 2020) along with excellent exploration potential indicated by several other prospects over a 12-kilometre strike length. 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 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, PEng, vice-president, exploration, for Highgold Mining and a qualified person (QP) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

    JOHNSON TRACT PROJECT -- SIGNIFICANT NEW DRILL INTERSECTIONS FROM 2020 PROGRAM

Drill hole       From         To     Length     Au       Ag     Cu      Zn        Pb     AuEq
             (metres)   (metres)   (metres)  (g/t)    (g/t)    (%)     (%)       (%)    (g/t)

                                                                                less
                                                                                than
JT20-98         190.6      192.6        2.0   0.05      1.9   0.37    9.81      0.01      6.6
JT20-100        199.2      216.5       17.3   0.19      1.0   0.12    6.13      0.02      4.1
                                                                                less
                                                                                than
including       209.2      216.5        7.3   0.17      1.0   0.13   11.06      0.01      7.1
JT20-100        285.5      294.5        9.0   0.10      6.9   1.44    2.77      0.16      4.0
including       285.5      287.5        2.0   0.08     11.3   3.37    4.92      0.56      8.3
                                                                                less
                                                                                than
JT20-103        259.9      263.9        4.0   0.11      3.0   0.82    7.23      0.01      5.7
JT20-103        298.0      304.0        6.0   0.07     22.9   0.94    4.47      0.04      4.4
including       301.0      302.0        1.0   0.06     67.4   2.28   18.55      0.01     15.4
JT20-106        249.4      272.2       22.8   3.17      4.0   0.44    5.97      1.37      8.2
including       249.4      266.8       17.4   3.93      4.9   0.57    7.58      1.78     10.3
including       259.4      266.8        7.4   8.63      7.5   0.66   10.15      3.34     17.5
JT20-106        278.3      288.4       10.1   0.14      4.1   0.71    3.66      0.12      3.5
JT20-106        294.5      302.0        7.5   0.09     16.4   2.01    0.78      0.03      3.6

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