HighGold Mining Inc. announced 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).

Discussion of DC Prospect and Ellis Zone Drill Results: The DC Prospect is located four 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 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. 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. 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.