- HighGold Mining (HIGH) has revealed it has entered into three agreements to purchase land in the Timmins gold camp
- High gold acquired 38 patented mining claims, three single cell mining claims, one boundary cell mining claim and four mining leases
- All the claims border the company’s Munro-Croesus gold project, taking the total project size to 12 square kilometres of exploration lease
- HighGold will issue 200,000 common shares to the vendors, along with cash considerations of C$475,000
- HighGold Mining (HIGH) is down 1.6 per cent and is trading at $1.82 per share
HighGold Mining (HIGH) has entered into three separate agreements to acquire several parcels of land in Ontario.
The Vancouver-based junior explorer purchased 38 patented mining claims, three single cell mining claims, one boundary cell mining claim and four mining leases that cover a total of eight square kilometres.
All of the claims surround HighGold’s Munro-Croesus gold exploration project and bring its land holdings in the region to approximately 12 square kilometres.
In order to acquire the property, HighGold has issued 200,000 common shares to the vendors of the properties, alongside cash payments of C$475,000.
The former owners will retain net smelter royalties for the properties, which come with buy-back options. There is also an offtake right on base metals concentrates for a portion of the property.
HighGold has stated that due to fractured land ownership that dated back to the early 1900’s, while the Croesus mine was still operating, the majority of the land surrounding the mine has never been explored.
HighGold’s exploration team has begun preliminary surface exploration work, with the company planning on resuming drilling work in the fall.
CEO and President of HighGold, Darwin Green said Munro-Croesus was a renowned high-grade historic gold mineralization and was the jewel of the company’s exploration properties.
“These acquisitions, the company has now consolidated a sizeable land package of highly prospective ground along the pipestone break within the Timmins Gold camp,” he said.
HighGold Mining (HIGH) is down 1.6 per cent and is trading at $1.82 per share at 2:00 pm EDT.
