HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining Inc has reported encouraging assay results from the 2022 Winter Drill Program at its Munro-Croesus project located in the Timmins Gold Camp, Ontario, Canada.
First pass drill testing of the new Argus Zone on the western side of the project successfully intersected wide intervals of gold mineralization in the first two drill holes, the company said, adding that the results are from immediately north of the regional gold-bearing Pipestone Fault and represent a new discovery of bulk-tonnage style gold at Munro-Croesus.
"We are excited to intersect such wide intervals of gold mineralization in our first two drill holes at the new Argus Zone discovery," the company's president and CEO, Darwin Green, said in a statement. "While best known for exceptionally high-grade gold at the historic Croesus Mine, the results released today clearly demonstrate that the Munro-Croesus Project also has potential to host large bulk-tonnage style gold deposits."
"This should come as no surprise given the presence of several large (2 to 5.5 Moz) low-grade development-stage gold deposits located nearby. It is also very positive that this new zone of gold mineralization comes right to surface. We look forward to seeing the remaining results from our initial drill test of this target in the upcoming weeks," he added.
READ: HighGold Mining continuing to advance a "great deposit" at Johnson Tract, Alaska
Highlights from the drill hole results from the new Argus Zone include:
Drill Hole MC22-110
- Upper Intersection of 26 meters at 0.51 grams per ton Gold (g/t Au), starting at a vertical depth of 6 meters
- Lower Intersection of 136 meters at 0.54 g/t Au, starting at a vertical depth of 70 meters, including 62.8 meters at 0.79 g/t Au, including 4.5 meters at 4.88 g/t Au
Drill Hole MC22-109
- Near-surface intersection of 37.4 meters at 0.27 g/t Au, starting at a vertical depth of 2 meters
Drill holes MC22-109 and 110 tested a broad zone of surface mineralization along an interpreted splay to the Pipestone Fault in an area of encouraging rock geochemistry, historical trenching and limited 1990s era drilling by a former operator.
The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone belt, Canada's premier gold mining jurisdiction, the company said.
It noted that 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 nine drill holes with results for 24 drill holes currently pending.
HighGold Mining is a 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 in Alaska and the company also controls a portfolio of quality gold projects in the greater Timmins gold camp, including the Munro-Croesus Gold property, which is renowned for its high-grade mineralization.
Contact the author at jon.hopkins@proactiveinvestors.com