HighGold Mining Acquires Three Additional Gold Properties at Munro-Croesus Project, Timmins Region, Ontario
HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) (“HighGold” or the “Company”) announces the acquisition of three mineral properties (collectively, the “Acquisitions”) surrounding the Company’s Munro-Croesus Gold Project (“Munro-Croesus” or the “Project”) located in the greater Timmins region, Ontario. The Acquisitions are part of an ongoing effort by the Company to assemble and consolidate claims at Munro-Croesus (see news release dated December 14, 2020) that is now up to 32 km2 (3187 ha) in size. The Project is adjacent to Highway 101 in the heart of the Abitibi greenstone belt, Canada’s premier gold mining jurisdiction with over 200 million ounces of historical gold production.
“In the past year we have completed 10 separate property acquisitions surrounding Munro-Croesus for a ten-fold increase in the size of the Project area,” commented President and CEO Darwin Green. “The continuing assembly and consolidation of these claims has allowed HighGold to establish one of the dominant land holdings in this highly prospective and productive region of the greater Timmins gold camp.”
HighGold, through its wholly owned subsidiary, entered three separate agreements (the “Agreements”) with various arm's length vendors (the “Vendors”) to acquire an aggregate of 12 single-cell mining claims, three patented mining claims, one leasehold property consisting of four mining claims covering a total area of approximately 4 km2 (398 ha) in the Timmins region, Ontario (collectively, the “Acquired Properties”). In consideration of the Acquisitions and subject to TSX Venture Exchange (the “TSXV”) acceptance, as applicable, the Company has made, or agreed to make, cash payments in the aggregate amount of CAD$200,000 and USD$150,000 to the Vendors and issued an aggregate of 60,000 common shares of the Company to the Vendors. Pursuant to the Agreements, the Acquired Properties are subject to certain net smelter returns royalties, a portion of which royalties may be purchased back by the Company.
HighGold 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 located in accessible Southcentral Alaska, USA that contains an Indicated Resource of 2.14 Mt grading 10.93 g/t gold equivalent (AuEq) for 750,000 ounces AuEq and an additional Inferred Resource of 0.58 Mt grading 7.16 g/t gold equivalent for 134,000 ounces AuEq (see Technical Report titled “Initial Mineral Resource Estimate for the Johnson Tract Project, Alaska” dated June 15, 2020) along with excellent exploration potential indicated by several other prospects over a 12-kilometer strike length. 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, which is renowned for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. HighGold’s experienced Board and senior management team, are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.