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    HIGH   CA42984V1031

HIGHGOLD MINING INC.

(HIGH)
  Report
Delayed Bourse de Toronto  -  09:57 2022-11-28 am EST
0.7000 CAD   -2.78%
11/07Highgold Mining : Investor Presentation November
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11/02Highgold Mining : Earnings Release
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10/19Highgold Mining : Investor Presentation October
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HighGold Mining Intersects 21.7 g/t Gold over 11.9 Meters at DC Prospect, Johnson Tract Project, Alaska

09/13/2022 | 10:37am EST

VANCOUVER, British Columbia - HighGold Mining Inc. (TSX-V:HIGH, OTCQX:HGGOF) ('HighGold' or the 'Company') is pleased to announce the first drill results of the 2022 field season from the Difficult Creek Prospect ('DC'), located four (4) km northeast of the Company's 1.05 Moz indicated at 9.4 g/t gold equivalent ('AuEq') JT Deposit (3.0 g/t AuEq cut-off grade). Difficult Creek is one of several district-scale prospects being explored by HighGold on the Johnson Tract project ('Johnson Tract', 'JT' or the 'Project') in Southcentral Alaska, USA.

Initial diamond drilling in 2022 has focused on the Difficult Creek prospect and the long-awaited follow-up to the exceptional grade intersection returned in hole DC21-010 drilled late last season which included 577.9 g/t Au and 2,023 g/t Ag over 6.40 meters (See HighGold news release dated October 6, 2021). New drilling in 2022 has been completed along strike to the east, west and down-dip from hole DC22-010 in fans of short, shallow step-out holes. Results to date are very encouraging and highlights from the first eight (8) holes for which assays have been received are detailed below (true thicknesses 70-90% of reported intersection length).

Drill Highlights of the Ellis Zone, DC Prospect

11.9m @ 21.68 g/t Au, 30 g/t Ag, 0.61% Cu, 4.20% Zn (25.3 g/t AuEq), in hole DC22-043, including

3.9m @ 54.20 g/t Au, 71 g/t Ag, 1.26% Cu, 8.29% Zn (61.6 g/t AuEq), including

1.4m @ 92.75 g/t Au, 138 g/t Ag, 2.22% Cu, 19.80% Zn (109 g/t AuEq)

42.8m @ 3.4 g/t Au, 23 g/t Ag, 0.21% Cu, 2.06% Zn (5.4 g/t AuEq), in hole DC22-036, including

18.4m @ 7.29 g/t Au, 50 g/t Ag, 0.44% Cu, 3.92% Zn (11.2 g/t AuEq) including

3.7m @ 18.00 g/t Au, 87 g/t Ag, 0.91% Cu, 4.05% Zn (22.9 g/t AuEq)

14.7m @ 4.0 g/t Au, 18 g/t Ag, 0.27% Cu, 4.18% Zn (7.3 g/t AuEq), in hole DC22-034, including

5.6m @ 7.8 g/t Au, 36 g/t Ag, 0.49% Cu, 9.17% Zn (14.6 g/t AuEq)

'A priority of our 2022 drill program was to follow up on last year's late season discovery at the DC Prospect to determine if the mineralization continued to depth and laterally along strike. This has been confirmed in our initial step-outs which have returned multiple intersections of high-grade mineralization, including subintervals of multi-ounce grade,' commented Darwin Green, CEO. 'This emerging new zone of high-grade mineralization has been named the Ellis Zone in honor of the late Bill T. Ellis, who played a key role in the initial discovery and advancement of the Johnson Tract project and was a major force in the Alaska exploration community. We look forward to receiving the balance of the assays from the initial 25-hole detailed grid drilling program and completing additional larger step-outs along strike and to depth. We anticipate drilling through to the end of October as we continue to grow, what is shaping up to be, a potentially significant new zone at the Johnson Tract project.'

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 mineralization and pervasive clay/anhydrite alteration are preferentially developed within dacitic to rhyolitic fragmental rocks that are capped by a shallowly-dipping sequence of lesser altered andesite volcanics that are host to a gold- and silver-rich epithermal vein field at higher elevations. The widespread extent of mineralization exposed in erosional windows through the capping andesite supports potential for a large and partially blind mineralized system linking the various DC Prospect zones together over a strike length of 3 km.

Drilling in late 2021 resulted in the discovery of near-surface bonanza-grade mineralization, which returned 577.9 g/t Au and 2,023 g/t Ag over 6.40 meters in hole DC21-010. Subsequent geological modeling during the off-season inferred an east-west striking, steeply north-dipping trend to the mineralization that became the focus for the initial 2022 drill program at what is now referred to as the 'Ellis Zone'.

Two (2) drill rigs have been targeting the Ellis Zone at the Difficult Creek prospect since the beginning of July with 3,017 meters completed in 25 drill holes to date. Drill hole lengths typically range from 75 to 150 meters and have been completed as fans of holes in a close-spaced 12.5 to 25-meter grid pattern with the objective of further refining the geometry, geological controls, and grade distribution of this promising new mineralized zone. The drilling has now successively delineated an east-west striking zone of quartz-carbonate-sulfide veining and brecciation at shallow depths (70%) and pulverized to 75 microns (>85%) at the Company's new 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 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 QAQC 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

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 further 2022 drill plans and future results at the Johnson Tract Project 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.

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 - - -
Net income 2021 -2,02 M -1,51 M -1,51 M
Net cash 2021 23,2 M 17,3 M 17,3 M
P/E ratio 2021 -38,6x
Yield 2021 -
Capitalization 52,8 M 39,5 M 39,5 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 98,6%
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Number of Analysts 2
Last Close Price 0,72 CAD
Average target price 2,38 CAD
Spread / Average Target 230%
Managers and Directors
Darwin Green President, Chief Executive Officer & Director
Aris P. A. Morfopoulos Chief Financial Officer & Secretary
Michael Gray Independent Director
Anne Labelle Independent Director
Michael Cinnamond Independent Director
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