Highgold Mining Inc has announced the start of a Phase One, 3,000-meter (m) drill program at its Munro-Croesus project located in Ontario’s Timmins gold camp.
The company said the drill program will follow up on what it called “encouraging” results at vein targets identified peripheral to the historic Croesus Gold Mine.
“The Munro-Croesus project is the jewel in our Ontario portfolio with its location in the +100Moz Timmins Gold Camp, proximity to major gold-bearing breaks and neighboring multi-million-ounce gold deposits, and an average grade of 95.3 grams per tonne (g/t) gold from the historic Croesus Gold Mine,” Highgold Mining CEO Darwin Green said in a statement.
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“Most of the Project area has gone unexplored since the 1930s due to a legacy of fragmented mining claims which, until now, had never been unified under single ownership,” Green added.
Highgold noted that drilling is expected to continue into mid-December and planning is also underway for a larger, Phase Two drill program that will begin in January 2022.
The company also said it has acquired 10 single-cell mining claims and 14 boundary cell mining claims totaling about 269 hectares in the Timmins region, which are next to Highgold’s existing Munro Croesus property package.
The company will pay C$50,000 in cash and issue 100,000 of its common shares to purchase the claims.
Highgold Mining is a mineral exploration company focused on high-grade gold projects located in North America. The company's flagship asset is the high-grade Johnson Tract gold (zinc-copper) project located in Alaska.
The company also controls a portfolio of quality gold projects in the greater Timmins gold camp in Ontario, including the Munro-Croesus Gold property, which is renowned for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties.
Contact Sean at sean@proactiveinvestors.com