HighGold Mining Increases Johnson Tract (Alaska) Drill Program to 20,000 meters – Drills Now Turning
HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) ("HighGold" or the "Company") is pleased to announce that it has expanded the size of the planned drill program (the "Program") at the Johnson Tract polymetallic Gold Project ("Johnson Tract", "JT" or the "Project") in Southcentral Alaska, USA. The Program will be the largest in the Project's history with an increase of 25% to 20,000 meters from the previously announced 16,000-meter program. Proceeds raised from recently exercised warrants provided the impetus for expanding the Program and accelerating exploration efforts at Johnson.
Drilling began this week with two rigs positioned at the JT Deposit, and one rig positioned at the DC Prospect. Plans are for 50-70% of the Program meterage to be drilled at the JT Deposit area, and 30-50% at regional prospects.
"It feels great to have the drills turning again at Johnson," commented President and CEO Darwin Green. "During the off-season, our geological team developed and refined a large number of high-quality drill targets that we are eager to pursue. The upsized program allows us to more aggressively test these target areas, particularly amongst the regional prospects, most of which are being drill-tested for the very first time."
Drill Targets
In its 2021 drill program, HighGold will focus on expanding the JT Deposit and making new discoveries within the Johnson District. The Program will also include definition drilling and metallurgical work in support of a future mineral resource update and potential engineering studies. For more information on the Johnson Tract exploration program, join Darwin Green this Thursday for a live webinar with Adelaide Capital (click here for registration details)
At the JT Deposit area, priority targets to be tested include the:
- JT Deposit - Expansion along strike and down-plunge in nominal 100-meter step-outs from the 750koz at 10.9 g/t gold equivalent ("AuEq") indicated mineral resource;
- Footwall Copper Zone - Step-outs at depth from the copper-rich mineralized 'feeder' zone first discovered in 2019 (20.7 meters at 32 g/t Ag, 2.4% Cu, 4.9% Zn) in hole JT19-089, including 7.0 meters at 66 g/t Ag, 4.7% Cu, 9.7% Zn;
- Revised Fault Offset Target - testing the new interpretation of the JT Deposit fault displacement;
- GAP Target - widely-spaced fans of holes to test the poorly drilled area immediately along strike to the northeast from the JT Deposit and the inferred source of mineralized boulders grading up to 26 g/t Au, 4.1% Cu and 4.0% Zn; and
- New 2020 VMS zone - follow-up on the 2020 intercept, which returned 7.8 meters at 6.1% Zn, 1.6% Pb, 0.2% Cu, 0.7 g/t Au, 36 g/t Ag in hole JT20-114, including 3.9 meters at 9.1% Zn, 2.3% Pb, 0.3% Cu, 0.8 g/t Au, 47 g/t Ag.
Johnson District regional prospects to be tested include the:
- DC Prospect - characterized by a series of large gossan alteration zones similar in style to the JT Deposit and including a 500x1000 meter silver-rich New Vein Field discovered by HighGold geologists last season that consists of multiple sets of low-sulphidation epithermal crustiform quartz veins, vein swarms, and siliceous breccias;
- Milkbone Prospect - located 400m west of the silver-rich New Vein Field at the DC Prospect, this prospect is defined by a strong gold-in-soil anomaly (70 to 4,390 ppb Au) with supporting high-grade rock sample results from near-source boulders and subcrop (up to 184 g/t Au); and
- Kona Prospect - a large-scale alteration zone associated with a strong IP chargeability geophysical anomaly.
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. For additional details see NI 43-101 Technical Report titled "Initial Mineral Resource Estimate for the Johnson Tract Project, Alaska" dated June 15, 2020 authored by James N. Gray, P.Geo of Advantage Geoservices Ltd and Brodie A. Sutherland, P.Geo. Gold Equivalent is based on assumed metal prices and 100% recovery and payabilities 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 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, P.Eng., 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. For information on QA/QC procedures and other NI43-101 related disclosure for previously reported exploration results repeated herein, please refer to the Company's historical news releases and Johnson Tract NI 43-101 technical report.
On Behalf of HighGold Mining Inc.
"Darwin Green"
President & CEO
For further information, please visit the HighGold Mining Inc. website at www.highgoldmining.com.
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.
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Contact
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