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Be the first with the news that moves the market- HighGold Mining (HIGH) has resumed a 3,500-metre drill program at its Munro-Croesus and Golden Mile properties in the Timmins gold camp region
- The program was suspended in mid-March as a result of the COVID-19 pandemic
- Prospecting and mapping was previously completed at Munro-Croesus, followed by mechanical stripping, power washing and channel sampling
- Previous drilling at Munro-Croesus returned significant results, including 11.24 grams per tonne of gold over 1.85 metres
- HighGold Mining (HIGH) is currently up 0.35 per cent and is trading at C$2.89 per share
HighGold Mining (HIGH) has resumed a 3,500-metre drill program at its Munro-Croesus and Golden Mile properties in the Timmins gold camp region.
The program was suspended in mid-March this year at the outbreak of the COVID-19 pandemic, having completed 12 diamond drill holes over a total of 2,524 metres.
At the time, Darwin Green, CEO of HighGold Mining, said the temporary hiatus was an unfortunate but prudent and responsible course of action under the circumstances.
“We believe the fundamentals for gold to be positive over the next 12 to 24-months and HighGold, with its combination of quality gold assets and healthy treasury, will be well positioned when markets emerge from the current global crisis,” he added.
At the Munro-Croesus property, located roughly 75 kilometres east of Timmins, Ontario, HighGold recently completed a program of prospecting and mapping. This was followed by mechanical stripping, power washing and channel sampling of gold-bearing quartz vein systems.
A number of these vein systems, which are developed in regions beyond the historic Croesus mine complex, will be drill tested for the first time as part of the current program.
An initial batch of assays from previously completed drilling returned significant results, including 11.24 grams per tonne of gold over 1.85 metres, as well as 17.05 grams per tonne over 0.8 metres and 8.42 grams per tonne of gold over 1.5 metres.
In addition to the exploration work, HighGold has continued to expand its Munro-Croesus holding through property purchases and staking. This work, collectively, has resulted in a five-fold increase in property size to a total of 20 square kilometres.
The acquisitions and staking have also consolidated what was previously a fragmented and under-explored package of prospective ground within the Pipestone Break, which is thought to host a number of significant gold deposits throughout the Timmins gold camp.
HighGold Mining (HIGH) is currently up 0.35 per cent and is trading at C$2.89 per share at 11:01am EDT.
