HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining Inc has reported more encouraging drill results from its Munro-Croesus project in Timmins, Ontario, which have potentially extended the historic high-grade Croesus vein.
The assays hail from the first seven holes of the firm's 2022 winter program, which is testing targets proximal and distal to the past-producing Croesus mine and other targets on the greater land position.
The drilling has hit the equivalent of the historic high-grade Croesus Vein in one hole, which generated 13.40 grams per ton (g/t) gold over 0.5 metres (m) from 31m depth, within a broader interval of 4.80m from 28.7m depth grading 3.60 g/t of the yellow metal. That hole was sunk 100m to the northeast of the former Croesus mine underground workings.
READ: HighGold Mining hits high-grade gold at its Munro-Croesus project in Ontario
Another hole uncovered a new parallel quartz vein, 370 meters to the northwest, in the prospective Croesus Flow which hit 14 g/t of gold over 0.6m from 92.9m depth within a broader 2.60m interval grading 3.42 g/t of the precious metal.
"These discoveries are a 'proof of concept breakthrough' of our current geological and structural models which highlight the potential for the Croesus Vein system to continue to the northeast along a major regional structure and also, as demonstrated in hole 92, that the prospective Croesus Flow could host multiple analogues to the Croesus Vein as we target this favourable host along strike," said HighGold Mining CEO Darwin Green in a statement.
"Step one was successful confirmation that key gold-bearing vein structures extend outside the immediate area of the historic Croesus mine. Step two will be systematic follow-up drilling, expanding the extent of these new intersections, and testing for the type of exceptionally high-grade gold mineralization that the Croesus Mine was known for," he added.
The company's 8,000m winter drill program is ongoing and continues the late Fall 2021 drill program. It is using one rig and is expected to run until mid-April.
The Munro-Croesus project lies in the heart of the Abitibi greenstone belt and covers 51 square kilometres (sq km) of highly prospective geology situated between the Black Fox Mine Complex operated by McEwen Mining Inc and the Fenn-Gib gold deposit being developed by Mayfair Gold Corp.
The former Croesus Gold mine is renowned for having produced some of the highest-grade gold mined in Ontario.
HighGold Mining's flagship asset is the high-grade Johnson Tract Gold (zinc-copper) project located in accessible southcentral Alaska.
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 and the large Golden Mile and Golden Perimeter properties.
Contact the author at giles@proactiveinvestors.com