HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining Inc has posted encouraging new drill results from the Argus zone discovery at its Munro-Croesus project in Timmins, which underscore the potential for mining bulk-tonnage gold mineralization.
The assays hail from five step-out holes at the zone, which sits on the western side of the project, 3 kilometers (km) from the historic Croesus mine.
The Argus Zone has now been defined over 300 m of strike and 250m depth and remains open in all directions.
"With our first step-out drilling at the new Argus Zone, we are seeing the emergence of a new and potentially significant bulk-tonnage gold system," said the company's CEO Darwin Green in a statement. "Broad widths of encouraging gold mineralization have been intersected in six out of seven holes with excellent promise for further expansion."
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"The surrounding area is completely untested with no prior drilling and our next steps at this discovery will be exploring the extents of the gold system, including tracking it west toward the intersection of the Argus Zone trend with the regional Pipestone Fault," he added.
Highlight results include a length of 26m at 0.51 g/t gold, starting from just 8m depth in one hole and 136m at 0.54 g/t of the yellow metal starting from 100m depth.
Another hole threw up an intersection of 52.3m at 0.48 g/t gold from 215.5m depth.
HighGold (TSX-V:HIGH, OTCQX:HGGOF) Mining said that the Argus Zone represented a very early-stage new discovery within the East Timmins area, a region that is host to over 15 million ounces of undeveloped resources.
Some sampling during a 1990s drill program yielded promising gold assays over narrow widths but large sections of core were unsampled, noted the firm.
HighGold Mining owns 100% of each of its three Timmins, Ontario properties. Munro-Croesus sits around 75 km east of Timmins, near the Porcupine-Destor and Pipestone faults and around 2km northwest and along trend of the Mayfair Gold Corp multi-million ounce Fenn-Gib gold deposit. Mining occurred intermittently at Munro-Croesus between 1915 and 1936.
The company's Golden Mile 89.5 sq km project is 9km northeast of Newmont's multi-million-ounce Hoyle Pond deposit in Timmins, while the Timmins South (Golden Perimeter) 128 sq km property sits to the south and southeast of Timmins on the south edge of the Shaw dome structure.
HighGold Mining's 2022 winter drill program was completed in early April this year, with a total of 7,401m drilled in 33 holes. Assays have been reported for 14m while 19 holes are currently pending.
CEO Green can be heard speaking on the significance of this new discovery in the context other known bulk-tonnage deposits in the East Timmins region HERE.
Contact the author at giles@proactiveinvestors.com