HighGold Mining Inc. (TSX-V: HIGH) (OTCQX: HGGOF) is pleased to report additional assay results from the 15,000-meter diamond drill program (the “Program) that is ongoing at its flagship Johnson Tract Gold Project in Alaska, USA. This press release includes results for four new drill holes, highlighted by wide intervals of high-grade gold and polymetallic mineralization.
JT Deposit Step-Out Highlights
Footwall Copper Zone Highlights
“Resource expansion drilling at the main JT Deposit continues to deliver solid results of high-grade mineralization in these step-outs,” commented President and CEO Darwin Green. “We are equally pleased with the emergence of a significant thick zone of copper-silver rich mineralization in the footwall to the JT Deposit, in drilling done to follow up on last years late season discovery. With only 6 holes reported so far for the 2020 Program initial results reveal promising developments at each of the priority target areas, including at the earlier stage Northeast Offset target. Three drills continue to test these targets in addition to surface crews advancing our regional exploration prospects.”
Discussion of Drill Results
Approximately 14,500 meters in 28 drill holes have been completed to date with partial or complete assays now received and reported for six (6) of the 28 holes. Given the encouraging results to date, the Company has increased the scope of the Program from 15,000 meters to 17,000 meters with three drill rigs currently active on site.
Results reported in this news release are for new drill holes at the main JT Deposit, the deeper Footwall Copper Zone, and the Northeast Offset Target. The results are described below by target area with a complete list of significant assays presented in Table 1 including estimated true width information. A cross-section and longitudinal section are presented in Figures 1 and 2.
JT Deposit Expansion
Drill holes JT20-095 and JT20-096 successfully intersected mineralization in step-outs designed to expand the northeast side of the JT Deposit (see Figure 2).
The JT Deposit is open to further expansion with assay results pending for eight additional step-out drill holes. Drilling is ongoing at this target area.
Footwall Copper Zone
In addition to the high-grade gold mineralization intersected at the northeast margin of the JT Deposit, drill hole JT20-096 also encountered high-grade copper-silver-rich mineralization in the footwall to the JT Deposit. Two closely spaced intersections representing the Footwall Copper Zone mineralization were intersected in drill hole JT20-096 including:
These intersections in drill hole JT20-096 are a 45-meter step-out to the northeast of last years discovery intersection of the Footwall Copper Zone of 20.7 meters at 2.4% Cu, 4.9% Zn, and 32 g/t Ag in drill hole JT19-089. The mineralization consists of a stockwork of quartz-sulphide veins.
Northeast Offset Target
The Northeast Offset Target, located 500 to 800 meters northeast of the JT Deposit, is a focus for one-third of planned drill meters for the Program, with eight holes completed to date. Results have been received for the first two holes (JT20-091 and JT20-094) from the northernmost fan of drill holes, which intersected alteration and mineralization similar to that found in proximity to the JT Deposit. This includes anhydrite alteration and deeper, footwall style copper-silver rich veins, both of which provide vectors for the subsequent drill holes. Drilling is ongoing with holes testing the Northeast Offset target on nominal 50 to 100-meter spaced cross-sections. Significant assay results for drill hole JT20-094 include:
Drill hole JT20-091, a shallower up-dip hole on the same section as JT20-094, did not return any significant assays.
Regional Exploration Update
A large-scale regional reconnaissance program has been carried out across the 8,513-hectare Project, including geological mapping, prospecting, soil and rock sampling, and geophysical surveying. The objective of this work is to develop drill targets at other prospect areas for testing in 2021. These targets are separate to those present in the immediate JT Deposit area.
To date, approximately 1,200 soil & silt samples and 600 rock samples have been collected with results currently pending. A total of 23 line-kilometers of DC Induced Polarization geophysical surveying was also completed over the Difficult Creek and Kona Prospect areas. Preliminary geophysical results are encouraging, with additional data inversion and modelling work ongoing.
About the Johnson Tract Gold Project
Johnson Tract is a poly-metallic (gold, copper, zinc, silver, lead) project located near tidewater in Southcentral Alaska. The Project includes the high-grade Johnson Tract Deposit and at least nine other mineral prospects over a 12-kilometer 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 (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 JT Deposit hosts an Indicated Resource of 2.14 Mt grading 10.93 g/t gold equivalent 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 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% recovery and payabilities for Au, Ag, Cu, Pb, and Zn. Assumed metal prices are US$1350/oz for gold, US$16/oz for silver, US$2.80/lb for copper, US$1.00/lb for lead, and US$1.20/lb for zinc 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, with concentrates that are low in deleterious elements.
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 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, P.Eng., VP Exploration for HighGold Mining Inc. and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Table 1. Johnson Tract Project – Significant new drill intersections from 2020 Program
|JT20-091||No significant values|
Holes JT20-092 and JT20-093 reported previously (see Company news release dated Sept 9, 2020)
Notes: Estimated true width is the width of the mineralized interval measured perpendicular to average dip of the zone on cross section (where known); Length-weighted intervals are uncapped and calculated based on a 2 g/t gold equivalent cut-off. Gold equivalent is (effective date April 29, 2020) with metal prices of $1350/oz gold, $16/oz silver, $2.80/lb copper, $1.20/lb zinc, $1.00/lb lead and does not consider metal recoveries. calculated by the same formula and assumptions used to report the JT Deposit NI43-101 Resource
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