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HighGold Mining Intersects 49.9 g/t Gold over 2.2 Meters in 50-meter Step-Out at Ellis Zone, Johnson Tract Gold Project, Alaska, USA

06.09.2023 | 13:00 Uhr | Newsfile

Vancouver, September 6, 2023 - HighGold Mining Inc. (TSXV: HIGH) (OTCQX: HGMIF) ("HighGold" or the "Company") is pleased to announce initial assay results from its 2023 exploration and development program (the "Program") at the Johnson Tract polymetallic Gold Project ("Johnson Tract", "JT" or the "Project") in Southcentral Alaska, USA. The Project hosts the high-grade JT Deposit with a 1.05 Moz indicated resource at 9.39 g/t gold equivalent ("AuEq").

Today's results confirm the western extension of high-grade gold mineralization at the Ellis Zone. The Ellis Zone is located four kilometers northeast of the JT Deposit and was a major focus of drilling during the 2022 field season. These results are from the first two 50-meter step-out drill holes completed this year.

Highlights include:

  • 2.2 m at 57.0 g/t AuEq (49.9 g/t Au, 25 g/t Ag, 1.5% Cu, 8.4% Zn) in hole DC23-070, including

    • 1.1 m at 80.5 g/t AuEq, (71.40 g/t Au, 29.7 g/t Ag, 1.5% Cu, 11.7% Zn).

Additional assay highlights are presented below in Table 1 and Figure 1.

"The Johnson Tract project is synonymous with high-grade gold and these first results of our 2023 drill program do not disappoint," commented Darwin Green, CEO. "Hole DC23-070 is a near-surface 50-meter step out to the west of the Ellis Zone and is the 8th intersection to date from the recent discovery to yield a 'grade-thickness' greater than 100 gxm AuEq*. Two drill rigs are currently active on site, focused on the continued expansion of the Ellis Zone and JT Deposit as well as exploring for new discoveries."

Table 1. Significant Assay Intersections from the Ellis Zone, Johnson Tract Project

Drill Hole From To Length Au Ag Cu Pb Zn AuEq
(meters) (meters) (meters) (g/t) (g/t) % % % (g/t)
DC23-069 52.2 53.6 1.4 2.05 0.9 0.01 0.08 0.60 2.5
And 185.3 187.6 2.3 0.16 0.5 3.55 0.01 0.48 5.0
Incl 185.3 186.8 1.5 0.23 82.6 4.72 0.04 1.77 8.1
DC23-070 59.2 61.4 2.2 49.85 24.6 1.50 0.01 8.40 57.0
Incl 59.2 60.3 1.1 71.40 29.7 1.51 0.02 11.65 80.5
And Incl 60.3 61.4 1.1 28.30 19.5 1.50 0.00 5.14 33.5
And 71.4 72.9 1.5 0.34 2.3 0.07 1.17 2.92 2.5

*True thickness for the reported intersections in holes JT22-069 and JT-070 is estimated at 85% to 95% of the reported width. Gold Equivalent ("AuEq") based on assumed metal prices of US$1650/oz for Au, US$20/oz for Ag, US$3.50/lb for Cu, US$1.00/lb for Pb and US$1.50/lb for Zn and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn. Grade-thickness is the product of multiplying the drilled intercept length by the grade of the intercept.



Figure 1. Ellis Zone, Johnson Tract Project - Vertical Longitudinal Section with Drill Intersections

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6437/179646_93196dd9c41858ef_003full.jpg

Discussion of DC Prospect and Ellis Zone Drill Results

The DC Prospect is located four (4) kilometers northeast of the JT Deposit and is characterized by a series of large gossan alteration zones similar in style to the +1Moz AuEq JT Deposit that collectively extend over a 1.5 km x 3.0 km area in a broad northeasterly trend. Gold, silver, copper, zinc, and lead mineralization and associated alteration occur as epithermal- to VMS-style veins and breccia preferentially hosted in dacitic to rhyolitic volcanic and volcaniclastic rocks. Epithermal-style veins continue up stratigraphy into lesser altered andesitic to basaltic volcanic and volcaniclastic rocks.

The widespread extent of mineralization exposed in erosional windows through the capping andesite supports the potential for a large and partially blind mineralized system linking the various DC Prospect zones together over a strike length of three (3) km. Drilling in late 2021 within the DC Prospect area resulted in the discovery of near-surface bonanza-grade mineralization at the "Ellis Zone", which returned 577.9 g/t Au and 2,023 g/t Ag over 6.40 m in hole DC21-010.

Drilling in 2022 defined the Ellis Zone mineralization over a strike length of 125 m and from surface to a depth of 225 m, with the upper plunging core of the zone averaging 10 to 15 m true thickness. Mineralogy, veining, and alteration of the Ellis Zone resemble the main JT Deposit, which has been defined from surface to a vertical depth of more than 300 m, over a strike length of 600 m, and has an average true thickness of 40 m.

The first two holes of the 2023 season, DC23-069 and DC23-070, were drilled at -60- and -80-degree dips on the same cross-section, 50 m west of the westernmost cross-section drilled in 2022 (Figure 1). Both DC23-069 and DC23-070 intersected semimassive to massive pyrite-chalcopyrite-sphalerite vein- and replacement-style mineralization, 50 to 60 m below the surface. These intersections confirm the western extension of the Ellis Zone and highlight the very high concentrations of gold associated with the polymetallic mineralized zone (e.g. 2.2 m at 49.9 g/t Au, 25 g/t Ag, 1.5% Cu, 8.4% Zn in hole DC23-070, including 1.1 m at 71.40 g/t Au, 29.7 g/t Ag, 1.5% Cu, 11.7% Zn). Hole DC23-069 also intersected the deeper copper-silver zone identified in 2022 drilling and returned 1.5 m at 8.11 g/t AuEq (0.23 g/t Au, 83 g/t Ag, 4.7% Cu, 1.8% Zn), analogous to the deeper FW Copper Zone found beneath the JT Deposit. Drilling is ongoing at the Ellis Zone with additional step-outs along strike and down-dip of the reported intersections.

Locations of the new drillhole intersections are presented on a longitudinal section in Figure 1 with key assay intersections displayed in Table 1.

2023 Program Update

The Program includes 8,000 m of planned drilling to expand the known zones of mineralization at the Ellis Zone and the JT Deposit, test new high-potential prospects, and conduct geotechnical and hydrogeological studies to inform the design and permitting of an underground exploration ramp. The Program also includes an airborne Mobile MagnetoTellurics (MobileMT) geophysical survey, geological mapping and geochemical sampling, baseline data collection, and environmental studies.

To August 31st, a total of 5,283 m has been drilled in 23 holes (17 exploration holes and 6 geotechnical drillholes). Assays results will be released on an ongoing basis pending review and meeting Company quality assurance-quality control protocols.

About the Johnson Tract Gold Project

Johnson Tract is a polymetallic (gold, copper, zinc, silver, lead) project located near tidewater, 125 miles (200 kilometers) southwest of Anchorage, Alaska, USA. The 21,000-acre property includes the high-grade JT Deposit and at least nine (9) other mineral prospects over a 12-kilometer strike length. HighGold acquired the Project through a lease agreement with Cook Inlet Region, Inc. ("CIRI"), one of 12 land-based Alaska Native regional corporations created by the Alaska Native Claims Settlement Act of 1971. CIRI is owned by more than 9,100 shareholders who are primarily of Alaska Native descent.

Mineralization at Johnson Tract occurs in Jurassic volcaniclastic rocks and is characterized as epithermal type with submarine volcanogenic attributes. The JT Deposit is a thick, steeply dipping silicified body averaging 40 m true thickness that contains a stockwork of quartz-sulfide veinlets and brecciation, cutting through and surrounded by a widespread zone of anhydrite alteration. The Footwall Copper Zone is located structurally and stratigraphically below the JT Deposit and is characterized by copper-silver rich mineralization.

The JT Deposit hosts an Indicated Resource of 3.489 Mt grading 9.39 g/t gold equivalent ("AuEq") comprised of 5.33 g/t Au, 6.0 g/t Ag, 0.56% Cu, 0.67% Pb and 5.21% Zn. The Inferred Resource of 0.706 Mt grading 4.76 g/t AuEq is comprised of 1.36 g/t Au, 9.1 g/t Ag, 0.59% Cu, 0.30% Pb, and 4.18% Zn. For additional details see NI 43-101 Technical Report titled "Updated Mineral Resource Estimate and NI 43-101 Technical Report for the Johnson Tract Project, Alaska," dated August 25, 2022 (effective date of July 12, 2022) authored by Ray C. Brown, James N. Gray, P.Geo. and Lyn Jones, P.Eng. Gold Equivalent ("AuEq") is based on assumed metal prices and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn from metallurgical testwork completed in 2022. Assumed metal prices for the Resource are US$1650/oz for gold (Au), US$20/oz for silver (Ag), US$3.50/lb for copper (Cu), US$1.00/lb for lead (Pb), and US$1.50/lb for zinc (Zn).

About HighGold

HighGold is a mineral exploration company focused on advancing the high-grade Johnson Tract Gold-Zinc-Copper Project located in accessible Southcentral Alaska, USA. 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.

Ian Cunningham-Dunlop, P.Eng., Senior VP Exploration for HighGold Mining Inc. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

On Behalf of HighGold Mining Inc.

"Darwin Green"

President & CEO

For further information, please visit the HighGold Mining Inc. website at www.highgoldmining.com, or contact:

Darwin Green, President & CEO or Nicole Hoeller, VP Corporate Communications
Phone: 1-604-629-1165 or North American toll-free 1-855-629-1165
Email: information@highgoldmining.com.
Website: www.highgoldmining.com
Twitter : @HighgoldMining

Additional Notes:

Starting azimuth, dip and final length (Azimuth/-Dip/Length) for the two drillholes reported today are noted as follows: DC23-069 (180/60/323.0m) and DC23-070 (180/80/155.0m),

Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individual sealed polyurethane bags and the remaining half of the cut core placed back in the original core box for permanent on-site storage. Sample lengths range from a minimum of 0.5-meter to a maximum of 2.0-meter intervals, with an average sample length of 1.0 to 1.5 meters. The half-cut core samples are then dried for 1-2 days at 50-60 degrees Celsius, crushed to 2mm (>70%) and pulverized to 75 microns (>85%) at the Company's onsite sample preparation facility. The preparation facility was designed under the guidance of expert third-party consultant, Dr. Barry Smee, P.Geo. Sample pulps are individually packaged in paper envelopes and weigh approximately 250 grams each, the sample pulps are then placed inside security-strapped plastic totes in batches of 80-100 samples per tote with each tote weighing about 22-23 kilograms. The samples are then shipped by DHL air freight directly to ALS Geochemistry Analytical Lab facility in North Vancouver, BC for analysis.

Gold is determined by fire-assay fusion of a 50-gram sub-sample with atomic absorption spectroscopy (AAS). Samples that return values >10 ppm gold from fire assay and AAS are determined by using fire assay and a gravimetric finish. Various metals including silver, gold, copper, lead and zinc are analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements copper, lead and zinc are determined by ore grade assay for samples that return values >10,000 ppm by ICP analysis. Silver is determined by ore-grade assay for samples that return >100 ppm. ALS Geochemistry meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. ALS Global operates according to the guidelines set out in ISO/IEC Guide 25.

The Company maintains a robust QA/QC program that includes the collection and analysis of duplicate samples and the insertion of blanks and standards (certified reference material). The Company's database and QAQC data have been audited by two independent, external experts, Chris Brown of Oriented Target Solutions LLC and Barry Smee of Smee and Associated Consulting Ltd

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward-looking statements"). Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned drill program and advanced exploration plans are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly, readers are cautioned not to place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179646


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