HighGold Mining Inc (CVE:HIGH) (OTCQX:HGGOF) has said it plans to systematically explore and generate multiple drill targets at its Munro-Croesus gold project in Timmins, Ontario, having consolidated its ground in the area.
Recently acquired claims mean the firm's asset area now spans 32 square kilometres or 3,187 hectares in the 100-plus million ounce Timmins camp.
READ: HighGold Mining further consolidates ground at Munro-Croesus project with three more acquisitions
"Despite having the attractive features of: 1) ideal location in a mature mining district, 2) major regional gold-bearing fault structures, 3) historic Croesus mine production at an average grade of 95.3 g/t Au, and 4) neighboring multi-million-ounce deposits – the Munro-Croesus land package has seen very limited past exploration,” said HighGold CEO Darwin Green in a statement.
"HighGold is the first explorer to consolidate the claims into a single large property under one owner and we are excited to launch a systematic and methodical approach to exploration within this prospective underexplored segment of the east Timmins Gold camp. Our near-term objective is to generate multiple high-quality targets in preparation for a large drill program funded by the $3.7M flow through raise completed in December.”
Among work already completed at Munro-Croesus by the project is a property-wide airborne magnetic and electromagnetic survey (VTEM Survey) and geological mapping, sampling and mechanical trenching of known quartz veins.
Among programs now planned is a compilation of all geological and geochemical data across the new package and a ground IP geophysical survey, said HighGold.
The company also reported that it had received final assay results from its 2020 Fall drill program of 31 short drill holes totaling 2,645 meters completed in October. The work was designed as a preliminary test of targets adjacent to the historic Croesus mine underground workings and other vein targets within a 1km radius identified during last year's Fall trench sampling program.
"The 2020 Phase 1 orientation drill program successfully confirmed the near-surface continuity and orientation of both the #4 Vein and #2 Vein structures as well as the potential of the near-mine environment around the historic Croesus Gold Mine workings," noted HighGold.
"This information will be used to plan follow-up drilling in 2021 to identify potential zones of wider and higher-grade mineralization along strike and at depth of the known targets."
Shares added 4.63% on the day in Toronto to C$1.13 each.
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