HighGold Mining Inc. (TSX-V:HIGH) (OTCQX:HGGOF) is pleased to report further assay results from the 2022 Winter Drill Program at its Munro-Croesus project located in the Timmins Gold Camp, Ontario, Canada (Figure 1). The Company completed an additional five drill holes on the new Argus Zone on the western side of the Project, 3 kilometers from the historic Croesus Mine, and continued to successfully intersect wide intervals of gold mineralization. These results reinforce the potential for bulk-tonnage style gold associated with the Pipestone Fault at Munro-Croesus.

The Argus Zone represents a very early-stage new discovery within the East Timmins area, a region that is host to over 15moz of undeveloped resources. The Argus Zone has now been defined over a strike length of 300 meters and a depth of 250 meters and remains open in all directions.

New Highlight Drill Hole Results from the new Argus Zone

Drill Hole MC22-111

• 52.3 meters at 0.48 g/t Au, including
  • 10.5 meters at 0.87 g/t Au, and
  • 9.8 meters at 1.09 g/t Au

Drill Hole MC22-112

• 68.0 meters at 0.40 g/t Au, including
  • 10.0 meters at 1.23 g/t Au

Drill Hole MC22-114

• 27.0 meters at 0.61 g/t Au, and
• 48.6 meters at 0.62 g/t Au, including
  • 14.6 meters at 1.07 g/t Au

Drill Hole MC22-115

• 6.5 meters at 0.62 g/t Au within the Pipestone Fault, and
• 8.6 meters at 0.50 g/t Au, and
• 44.0 meters at 0.25 g/t Au

See Table 1 for additional assay details and Figures 1, 2 and 3 for location maps and cross sections.

“With our first step-out drilling at the new Argus Zone, we are seeing the emergence of a new and potentially significant bulk-tonnage gold system,” commented President and CEO Darwin Green. “Broad widths of encouraging gold mineralization have been intersected in six out of seven holes with excellent promise for further expansion. The surrounding area is completely untested with no prior drilling and our next steps at this discovery will be exploring the extents of the gold system, including tracking it west toward the intersection of the Argus Zone trend with the regional Pipestone Fault.” Please CLICK HERE to hear CEO Darwin Green’s commentary on the significance of this new discovery in the context other known bulk-tonnage deposits in the East Timmins region.

Discussion of Results for the New Argus Zone

The first two drill holes reported by the Company at the new Argus Zone intersected wide zones of near-surface bulk-tonnage style gold mineralization highlighted by 62.8 meters at 0.79 g/t within 136.0 meters at 0.54 g/t Au in MC22-110 (see Company press release issued dated May 9, 2022).

Drill holes MC22-111/112/113/114/115 reported today tested the down-dip and strike extent of the new Argus Zone over a 400 meter by 400 meter area and returned encouraging values in four of five holes, including 52.3 meters at 0.48 g/t Au in hole MC22-111, 68.0 meters at 0.40 g/t Au in hole MC22-112, and 27.0 meters at 0.61 g/t Au, 48.6 meters at 0.62 g/t Au and 18.6 meters at 0.32 g/t Au (collectively 94.2 meters) in hole MC22-114. Hole MC22-113 was drilled 100 meters to the northeast across a north-south trending fault and is interpreted to have missed the faulted projection of the zone. Hole MC22-115 was drilled north through the Pipestone Fault into the southwest trend of the Argus Zone and intersected 6.5 meters at 0.62 g/t Au within a silicified zone with the Pipestone Fault and then 44.0 meters of 0.25 g/t Au, including 1.0 meters at 3.56 g/t Au lower in the hole.

Drill hole locations for the five (5) holes reported herein are shown in Figures 2 and 3 with Significant Assay Results summarized in Table 1. An aerial image of the drill rig from the winter program at the Argus Zone is presented in Photo 1.

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 (Figure 1). Extensive land consolidation by the Company in 2020-2021 unified the patchwork of patented and unpatented mining claims surrounding the Croesus Gold Mine and enhanced the exploration potential of the Project. The Project covers 51 km² (20 mi²) of highly prospective geology within the influence of major gold-bearing structural breaks, including control of approximately 8 kilometers strike length of the regional Pipestone Fault – an attractive setting for gold mineralization within the Timmins and Golden Highway Gold Camps. Multi-million-ounce bulk-tonnage (<1 g/t) gold deposits located in the immediate region include the Tower Gold Project being developed by Moneta Gold Inc. and the Fenn-Gib Gold Project being developed by Mayfair Gold Corp. The Black Fox underground gold mine operated by McEwen Mining is located 1.5 km southwest of the Munro Croesus property.

The new Argus Zone is located 3 kilometers west-northwest of the past-producing Croesus Mine (Figure 2). It is a broad zone of surface gold mineralization within the influence of the regional gold-bearing Pipestone Fault. The Argus Zone 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. Selective historical sampling during a small 1990s-era drill program yielded promising gold assays over narrow widths with large sections of core unsampled. HighGold’s recognition that mineralization may be more widespread provided the rationale to target the prospect, resulting in the discovery of bulk-tonnage style gold.

2022 Winter Drill Program

The 2022 Winter Drill Program was completed in early April with a total of 7,401 meters drilled in 33 holes. Assay results have now been reported for 14 drill holes with results for 19 drill holes currently pending.

About HighGold’s Timmins Properties

HighGold owns 100% of each of its three Timmins properties. The Munro-Croesus Gold Project is located approximately 75 kilometers (47 miles) east of Timmins, proximal to the Porcupine-Destor and Pipestone Faults, and approximately two kilometers (1.2 miles) northwest and along trend of the Mayfair Gold Corp multi-million ounce Fenn-Gib gold deposit. Mining occurred intermittently at Munro-Croesus between 1915 and 1936. The Golden Mile 89.5 square kilometer (34.5 square mile) property is located nine kilometers (5.6 miles) northeast of Newmont’s multi-million-ounce Hoyle Pond deposit in Timmins. The Timmins South (Golden Perimeter) 128 square kilometers (49 square mile) property is located to the south and southeast of Timmins on the south edge of the Shaw dome structure.

About HighGold

HighGold is a well-funded 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 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 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, P.Eng., Senior 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.

Figure 1 – Map of HighGold’s claims and gold deposits in East Timmins (Graphic: Business Wire)

Figure 2 – Munro-Croesus Project – Drill Hole Location Map for the New Argus Zone (Graphic: Business Wire)