Yesterday, the expansion of the Timmins regional land holdings and the presentation of an exploration update on the Timmins properties were announced by HighGold Mining (TSXV:HIGH). The Company’s commanding land position has been increased by 25% thanks to recent claim staking and acquisition, bringing it to 335 square kilometres.
The new acquisition comprises of 255 strategically located mining claims covering 56 square kilometres (22 square miles), which connect to HighGold’s existing Timmins South mining claims and border Newmont’s Dome mine property, located seven kilometres to the northwest.
The Timmins South property is home to several high-grade gold occurrences. In the 1930s, a 12-meter shaft was sunk into a 1.37m wide quartz vein at the Bay Lake gold display, which produced composite samples of 150.8 g/t Au, 43.2 g/t Au and 35.17 g/t Au as well as historical grab specimens of 766.2 g/t Au and 229.7 g/t Au.
Drilling will be planned at a later date once the company’s exploration plans for the Timmins projects include low-cost field surveys to create and perfect drill targets. Under present market conditions, HighGold is taking a methodical capital expenditure approach with the goal of significantly advancing its understanding of prospects in preparation for drilling at a future date.
Geology mapping, prospecting, and rock sampling have been done at the Munro-Croesus and Timmins South projects. The emphasis has been on prospects with known historical exploration shafts and possible stratigraphy, as well as the findings achieved during the winter Munro Croesus drilling program.
At Munro-Croesus, a 63-line km DCIP ground geophysical survey was done during the winter, with modelling, inversion, and data interpretation continuing. Preliminary findings indicate numerous chargeability and resistivity anomalies that need to be investigated further, including chargeability highs that are close to, and in line with, the new Argus Zone.
An 85-line kilometre overwater seismic survey was recently completed on Frederickhouse Lake to map the depth of the sediment and bedrock, which will aid drill planning and interpretation of bedrock geology and structures. Frederickhouse Lake is a big, shallow (2-4 meters deep on average) man-made lake that straddles several promising geology prospects at the intersection of the Pipestone Fault and Timmins Mine trend. In summer or winter, drilling may be done by barge.
CEO of HighGold Darwin Green commented in a press release: “This acquisition builds on HighGold’s vision of creating one of the most dominant land positions in the Timmins gold camp. Our focus is underexplored portions of this world-class gold environment underpinned by high-potential geology. The Timmins assets provide shareholders with exposure to low-cost greenfield exploration in the shadow of headframes that is complimentary to the Company’s flagship Johnson Tract high-grade gold project, Alaska.”
Recap of 2022 Munro-Croesus Winter Drill Program and Final Drill Results
The 2022 Winter Drill Program at Munro-Croesus was completed in early April with a total of 7,401 meters drilled in 33 holes. Highlights include the discovery of near-surface bulk tonnage style gold mineralization at the new Argus Zone and the intersection of new high-grade quartz veins near the historic Croesus Gold Mine.
- 136m at 0.54 g/t Au, starting at a vertical depth of 70 meters, including 62.8m at 0.79 g/t Au, and including 4.5m at 4.88 g/t Au in MC22-110 (see Company news release dated May 9, 2022).
- Five of six drill holes drilled at the Argus Zone intersected significant intervals of mineralization which is open to expansion in multiple directions, including to the west toward the intersection of the Argus Zone trend with the regional Pipestone Fault.
Croesus Vein Extension
- 13.40 g/t Au over 0.5m within a broader 4.80m interval grading 3.60 g/t Au (hole MC22-96) from an intersection of the Croesus Vein, 100m northeast of the Croesus Mine (See Company new release dated March 20, 2022).
- 14.00 g/t Au over 0.6m within a broader 2.60m interval grading 3.42 g/t Au (hole MC22-92) from a new quartz vein zone intersected 370m northwest of the Croesus Mine.
- These discoveries are a ‘proof of concept’ of the Company’s 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 that the prospective Croesus Flow could host multiple analogues to the Croesus Vein along strike.
The Company has received all final assay results from the remaining 19 holes from the 2022 Munro-Croesus Winter Drill Program with encouraging results from the first-pass drilling of four other prospects. Highlights include:
- 0.29 g/t Au over 26.30m (hole MC22-99)
- 6.00 g/t Au over 0.60m (hole MC22-100)
- 0.51 g/t Au over 5.00m (hole MC22-101)
- 2.12 g/t Au over 1.50m (hole MC22-102)
- 1.92 g/t Au over 0.80m (hole MC22-103)
- 3.19 g/t Au over 0.30m (hole MC22-106)
- 4.98 g/t Au over 0.30m (hole MC22-107)
#4 Shaft Vein Extension
- 2.27 g/t Au over 0.3m (hole MC22-116)
- 2.27 g/t Au over 0.4m (hole MC22-117)
- 2.23 g/t Au over 0.5m within a broader ‘Argus-style’ 11.0m interval grading 0.69 g/t Au (MC22-119)
- 4.42 g/t Au over 0.7m within a broader 1.4m interval grading 2.42 g/t Au (hole MC22-122)
Source: HighGold Mining