HighGold step-out drilling near historic Croesus mine yields 25.8 g/t gold over 1.0 metre

Jackson Chen | March 10, 2022 | 11:49 am News Canada Gold 
Drilling in the Timmins area from 2020. Credit: HighGold Mining Inc.

HighGold Mining (TSXV: HIGH; OTC: HGGOF) has provided complete assay results for the 2021 fall drill program at its 100% owned Munro-Croesus project in Ontario. The property covers a total of 3,187 hectares within the Timmins gold camp and is host to the past-producing Croesus mine.

The historic Croesus mine is famous for yielding some of the highest-grade gold ever mined in the province, and the five Croesus mine gold specimens currently held by the Royal Ontario Museum in Toronto, which collectively weigh 85 pounds and contain 480.7 ounces of gold.

Part of the property is situated on highly prospective geology in the Abitibi greenstone belt between the Black Fox mine complex operated by McEwen Mining and the Fenn-Gib gold deposit being developed by Mayfair Gold.

The 4,321-metre fall program at Munro-Croesus was to evaluate the #2 vein and #4 vein targets, located about 1 km west of the historic mine. Results of this drilling have successfully established continuity of the #2 and #4 vein structures, both along strike and to depth, with gold mineralization intersected with a high 19/24 hit ratio in the drill holes.

The high-grade potential of these targets is highlighted by hole MC21-72, which returned 25.8 g/t gold over 1.0 metre in a 100-metre step-out along strike of the #4 vein surface exposure. Visible fine gold was present. Notable #2 vein intersections included 3.13 g/t gold over 3.0 metres, including 8.59 g/t gold over 0.5 metre; and 1.67 g/t gold over 3.7 metres, including 4.16 g/t gold over 0.5 metre.

“As we embark on a sustained, multi-phase exploration campaign at Munro-Croesus, it is very encouraging to have intersected widespread gold mineralization in this initial step-out drilling on two of the known vein systems,” HighGold president and CEO Darwin Green commented. “Our focus now is to continue systematic testing of these and the many other exciting prospects that surround the former Croesus mine for new high-grade zones of Croesus-style gold mineralization.”

An 8,000-metre Phase 2 drill program is currently underway, designed to follow-up on the results of the fall drilling, as well as to test multiple other priority targets across the consolidated Munro-Croesus property.

The Munro-Croesus project was originally part of the gold asset spinout by Constantine Metals to HighGold in July 2019. Prior to its acquisition by Constantine in 2007, the Croesus mine property had been in private hands since its discovery in 1914.

More information can be found at www.highgoldmining.com.

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