Exploration Update On Recently Consolidated Munro-Croesus Land Position
VANCOUVER - HighGold Mining Inc. reported an update on the newly-assembled significant land position at its Munro-Croesus Project located in the +100Moz Timmins gold camp, Ontario, Canada. Included in this update are final drill results for the 2020 Timmins drill program. The Company recently announced the addition of three new mineral properties to the Project which now brings the strategic land position total size to 32 km2 (or 3,187 ha). This consolidation initiative is part of an ongoing strategy by the Company to tie-up the patchwork of patented and unpatented mining claims surrounding the historic Croesus Gold Mine into one contiguous package and enhance the exploration potential of the Project. The Company has completed ten separate land deals in pursuit of this goal. The Munro-Croesus Project is situated along Highway 101 in the heart of the Abitibi greenstone beltSystematic Exploration and Target Development.
With the land consolidation now largely complete, the Company plans to systematically explore the Project, starting with: i) the synthesis of comprehensive data sets to better understand the regional setting of the Project in the context of the main Porcupine-Destor, Pipestone and Munro Faults; ii) refine current drill targets, and; iii) develop new conceptual models for controls of the historic bonanza grade gold mineralization. Completed and planned studies include: Completed - Property-wide airborne magnetic and electromagnetic survey (VTEM Survey); Completed - LiDAR survey and drone imagery; Completed - Geological mapping, sampling and mechanical trenching of known quartz veins; Completed - First pass short-hole orientation drilling on the original core claim block; Planned - Compilation of all geological and geochemical data across the new land package; Planned - Property-wide structural study on fault and vein kinematics by SRK Consulting Inc.; and Planned - Ground IP geophysical survey
“Despite having the attractive features of: 1) ideal location in a mature mining district, 2) major regional gold-bearing fault structures, 3) historic Croesus mine production at an average grade of 95.3 g/t Au, and 4) neighboring multi-million-ounce deposits – the Munro-Croesus land package has seen very limited past exploration,” said, President and CEO, Darwin Green. “HighGold is the first explorer to consolidate the claims into a single large property under one owner and we are excited to launch a systematic and methodical approach to exploration within this prospective underexplored segment of the east Timmins Gold camp. Our near-term objective is to generate multiple high-quality targets in preparation for a large drill program funded by the $3.7M flow through raise completed in December.”
The Company also received final assay results from the 2020 Fall Drill Program at Munro-Croesus. The Program was designed as a preliminary test of targets adjacent to the historic Croesus Mine underground workings and other vein targets within a one-kilometer radius identified during the 2020 Fall trench sampling program. The drilling strategy targeted historic trenches with the objective of better understanding the geometry, continuity, and geological characteristics of exposed quartz veins that have seen no work for many decades, and in many cases no prior drilling.
The #4 Vein Target area is located one kilometer from the Croesus Gold Mine area and represents one of the new targets being evaluated by the Company on the greater Munro-Croesus property. The #4 Vein was developed during the 1916-1919 era with an inclined shaft to a reported depth of 100 feet. The quartz vein structure is exposed on surface and historic channel sampling from 1929 returned 5.14 g/t Au over 4.78 meters, including 10.62 g/t Au over 1.12 meters. Drilling has now extended the strike length of the #4 Vein to approximately 60 meters and to a depth of 25 meters where it remains open in all directions.
The #2 Vein is located 400 meters southeast of the #4 Vein and has been defined over a strike length of 480 meters through outcrop mapping and trenching, averages 1.5 metres in width, strikes northeast, and dips moderately to the southeast. No historic drilling has been identified on this target. The vein is part of a stacked quartz-carbonate vein zone (approximately 20 meters true thickness) within strongly quartz-albite-sericite-altered variolitic basalt. Vein #2 is set-up to systematically drill pending the results of a structural study.
The 2020 Phase 1 orientation drill program successfully confirmed the near-surface continuity and orientation of both the #4 Vein and #2 Vein structures as well as the potential of the near-mine environment around the historic Croesus Gold Mine workings. This information will be used to plan follow-up drilling in 2021 to identify potential zones of wider and higher-grade mineralization along strike and at depth of the known targets.