HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining Inc has expanded its ground at the Munro-Croesus gold property in Timmins with the acquisition of claims spanning 320 acres, including two parcels of fee simple lands consisting of 8 patented mining claims (the acquired property).
The latter acquired property was held privately for many decades with no work reported there since the early 1930s, reported HighGold.
The deal is with an arm's length vendor of the acquired property and HighGold will make a cash payment of C$150,000 to the vendor and issue common shares with an aggregate cash value equal to C$200,000. The acquired property is subject to a net smelter returns (NSR) royalty in favour of the vendor, which may be bought back by HighGold.
READ: HighGold Mining expands drill area for Johnson Tract in Alaska
At its flagship poly-metallic Johnson Tract property in Alaska, the firm noted it had filed an updated NI 43-101 technical report, which replaces the previous technical report dated June 15, 2020 and incorporates new exploration completed since that report up to and including June 1, 2021.
HighGold also announced an update to its planned 20,000-metre (m) drill program, which started at Johnson Tract project in late June this year.
"Three drill rigs are active on site with approximately 10,000 meters of drilling completed to date. A first set of assay results is expected shortly and will be reported in a subsequent news release pending their receipt," said the company.
The firm's Munro Croesus property area in Timmins, Ontario is renowned for its high-grade mineralization, and HighGold also has the large Golden Mile and Golden Perimeter properties.
Contact the author at giles@proactiveinvestors.com