HighGold acquires additional properties and consolidates large strategic land position at Munro-Croesus Timmins
"Consolidation of Munro-Croesus has created a single large property package in a highly prospective region of the greater Timmins gold camp; this strategic land position has received almost no contemporary exploration due to the historically fractured land ownership," commented President and CEO Darwin Green. "This represents a rare opportunity in a mature and productive gold jurisdiction and we are excited to initiate the first modern, systematic exploration of the greater Project area. Central to our exploration thesis is a high conviction that the exceptional tenor of gold grades produced from the Croesus mine near the turn of the last century does not occur in isolation and is indicative of a highly fertile gold environment."
HighGold Mining Inc. has announced the acquisition of three mineral properties surrounding the Company's Munro-Croesus Gold Project east of Timmins. These new property acquisitions increase the size of the project by more than 40%, creating a single contiguous property with an area of 28 km2 (2,787 ha). The Project is adjacent to Highway 101 in the heart of the Abitibi greenstone belt, Canada's premier gold mining address with +200moz of gold production.
The Company has commenced a detailed airborne magnetic-EM geophysical survey of the Project area with plans to have drills turning again in February.
Consolidation Activities in 2020
In the past 12 months, the Company has completed seven separate transactions to consolidate a patchwork of mining claims held by many different landowners. Most are patented mining claims that were originally established in the early to mid-1900s and have seen no modern exploration work. HighGold's historic Croesus mine property, renowned for its high-grade gold mineralization has been the nucleus to the land consolidation effort and HighGold is the first company to assemble the surrounding claims under single ownership. The Royal Ontario Museum (ROM) holds five Croesus ore specimen samples that collectively weigh 85 pounds and contain 480.7 ounces of gold or 11,310 oz. gold per short ton (387,727 g/tonne). In addition to the past producing Croesus mine, the Project hosts numerous other gold prospects that include pits, trenches and exploration shafts developed early in the last century. Several +1,000,000-ounce gold deposits are located within a 2-to-7-kilometer radius of the Project, including the currently operating Black Fox Mine complex, the former producing Ross Mine, and the development stage Fenn-Gib deposit.
Readers are cautioned that the Company has no interest in or right to acquire any interest in the Black Fox Mine complex, the Ross Mine or the Fenn-Gib deposit, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.
Tags: Northern Ontario / Exploration / Gold / All Articles