HighGold Mining Provides Update on Exploration Program Completion at Johnson Tract, Alaska USA and Other Corporate Activities
All assays pending for 9-hole drill program at Johnson Tract
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2019) - HighGold Mining Inc. (TSXV: HIGH) ("HighGold" or the "Company") is pleased to announce the completion of the 2019 Exploration Program (the "Program") on the Company's flagship Johnson Tract Gold (Zn-Cu) property ("Johnson" or the "Property") in Southcentral Alaska. The Program included nine (9) boreholes for 2,247 meters of diamond drilling within the main Johnson Tract deposit ("JT deposit") as well as a comprehensive field program of prospecting, geological mapping and geochemical sampling on numerous regional targets in the vicinity of the JT deposit. Assay results are pending and will be released in batches.
The main objective of the Program was to confirm, better define and expand the JT deposit, which was drilled by previous operators from 1982 to 1993. HighGold plans to use the new drill data in combination with the validated historic drill data to generate an initial NI43-101 compliant mineral resource for Johnson. The Program was highly successful with all planned work accomplished safely, on time and on budget with a large and significant quantity of field data produced.
"We were able to hit the ground running and execute a highly productive program in a relatively short period of time," commented HighGold President & CEO Darwin Green. "The work completed has positioned us well to deliver a first-time resource estimate and has reinforced our conviction in the substantial exploration upside at Johnson Tract, which was last explored 25 years ago. We look forward to providing new assay results to the market in the coming weeks as they become available. HighGold was also fortunate to be able to integrate two members of the technical team who were directly involved in the 1980s field programs, providing for the transfer of important historical knowledge and data."
"After this foreshortened field season, we have come away with an even greater sense of excitement about the exploration potential and have solid exploration targets in hand. While the previous operator did careful and quality work, they were intensely focused on sourcing mill feed for their under-capacity Stewart, B.C mill with budgets that prioritized engineering studies over exploration. Because of this, the Property remains severely underexplored with significant upside exploration potential."
2019 Exploration Program
Key achievements of the six-week program included:
Completion of 2,247 meters of HQ diamond core drilling in nine (9) drill holes (JT19-082 to JT19-090), including the twinning of two historic holes for validation,
A total of 1586 drill core samples, 201 rock chip samples and 258 soil and silt samples collected and submitted for assay,
Significantly increased understanding of the geological setting and the style and tenor of precious and base metal mineralization and associated alteration and structural framework,
Multiple new targets identified for drill testing in 2020,
Geological mapping (1:5,000 scale) along the main Johnson Tract-Northeast Offset trend and at the North Alteration Zone, as well as Kona Creek and Difficult Creek prospects [see Figure 1],
Geochemical sampling (including rocks, contour soils and stream sediments) at the North Alteration Zone, Kona Creek and Difficult Creek prospects,
Review and infill sampling of drill core from ten (10) new and historic holes completed by previous operators, and
Collection of specific gravity ("SG") measurements to bolster the SG database for mineral resource estimation.
The Company plans to move towards an initial mineral resource estimation for the JT deposit once data from the Program has been received and interpreted. First steps will include 3D modeling of geological and mineralized domains and the development of a working geological model for the potential controls on the Au-Cu-Zn-Pb-Ag mineralization. The Company also plans to continue retrieving and compiling historic geological, geochemical and geophysical data collected from 1982 to 1995 by previous operators.
About Johnson Tract Property
The 21,000-acre Johnson Tract property is located near tidewater, 125 miles (200 kilometers) southwest of Anchorage. It includes the very high-grade Johnson Tract Gold (Zn-Cu) deposit along with excellent exploration potential indicated by several other prospects over a 12-kilometer strike length. This project was last explored in the mid-1990s by a mid-tier mining company that evaluated direct shipping ore from Johnson to the Premier Mill near Stewart, British Columbia. HighGold acquired Johnson through a lease agreement with Cook Region Inlet, Inc., an Alaska Native regional corporation that is the largest private landowner within the Cook Inlet region.
In addition to its recent listing on the TSX Venture Exchange (see news release dated September 23, 2019), HighGold is making progress toward completion of an application to the Over-the-Counter (OTC) platform in the U.S. While there is no firm timeline to successful completion of this process and quoting on this platform, it is a priority for HighGold's management team to better serve the existing U.S. shareholders and those who would like to purchase the shares in the United States.
Groundwork and permit applications are also underway to set the stage for drill programs on the Munro-Croesus and Golden Perimeter properties in the Timmins gold camp, Ontario. HighGold anticipates drilling during the first half of 2020 with results being released in meaningful batches throughout the winter and early spring. Additional details will be provided as exploration plans and budgets are finalized.
HighGold has begun a major corporate marketing campaign in North America and Europe, meeting with current and potential institutional shareholders who are focused on high-grade gold projects in safe jurisdictions. A list of upcoming events may be found at https://highgoldmining.com/investors/upcoming-events/.
HighGold is a mineral exploration company focused on premier high-grade gold projects located in North America. HighGold's flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project located in south-central Alaska, USA. The Company also controls an extensive 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 exceptionally high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. HighGold's experienced Board and senior management team, are committed to providing shareholder value through discovery, careful stewardship of capital, and environmentally and socially responsible mineral exploration activities.
On Behalf of HighGold Mining Inc.
President & CEO
For further information, please visit the HighGold Mining Inc. website at www.highgoldmining.com, or contact:
Darwin Green, President & CEO
Naomi Nemeth, VP Investor Relations
Phone: 1-604-629-1165 or North American toll-free 1-855-629-1165
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.
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.
The 2019 Johnson Tract Exploration Program is managed Brodie Sutherland, P.Geo. and a QP as defined by Canadian National Instrument 43-101, and is author of the technical report entitled "NI 43-101 Technical Report for the Johnson Tract Project" dated June 27, 2019.
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 expected commencement of trading on the Exchange, the intended use of proceeds from the Private Placement, the Johnson Tract and Canadian gold projects and other future plans, objectives or expectations of the Company 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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