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    HIGH   CA42984V1031

HIGHGOLD MINING INC.

(HIGH)
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HighGold Mining : Announces $10 Million Alaska Johnson Tract 2021 Exploration Program

05/06/2021 | 08:57am EDT

VANCOUVER - HighGold Mining Inc. (TSX-V: HIGH, OTCQX: HGGOF) ('HighGold' or the 'Company') reports that an initial C$10 million exploration budget has been approved for its 0.75 million ounce 10.9 g/t gold equivalent ('AuEq') Johnson Tract polymetallic Gold Project in Southcentral Alaska, USA.

2021 Exploration Program Plans & Strategy

Minimum 16,000 meters of drilling with three drill rigs

Drilling to target both: Expansion and infill to upgrade of the JT Deposit plus adjacent target areas; First-time testing of other Johnson District prospects, including the new 1 km x 0.5 km High-Grade Ag-Au Vein Field discovered by prospecting in 2020 at the DC Prospect 4 km northeast of the JT Deposit

Property-wide magnetic-electromagnetic ('VTEM') airborne geophysical survey totalling 1,100 line-km to identify major fault structures and prospective areas of subsurface mineralization

Detailed IP-Resistivity ('DCIP') ground geophysical surveys over several Johnson District regional prospects to detect prospective mineralized trends

Geological mapping, prospecting, and soil & rock sampling programs to follow-up and expand on the positive results generated from the 2020 program and refine drill targets

'Our exploration team's mandate in 2021 includes both establishing critical mass at the JT Deposit and making new discoveries,' commented President and CEO Darwin Green. 'The JT Deposit is open to expansion and a priority for this program is to continue tracking and expanding the deposit farther down-plunge. We have high conviction in the potential to define a multi-deposit district at Johnson Tract and are excited to be drill testing several of the priority regional prospects for the first time ever. With C$17 million in working capital, HighGold is fully funded for the planned program.'

Program Details

Preparations are underway to begin opening the JT camp and to commence the VTEM airborne geophysical survey in late May. Three drill rigs were secured on site at the end of the 2020 field season and are scheduled to be up and running in early June. The current drill plan contemplates approximately two-thirds of the total 16,000 meters dedicated to the JT Deposit and adjacent targets, and one-third dedicated to the surrounding Johnson District prospects.

Initial plans are for all three drill rigs to start in the JT Deposit area, completing systematic step-outs down-plunge and along strike to the deposit, as well as testing the Footwall Copper Zone, Gap, revised Fault Offset, and new VMS Zone targets. Drilling at JT District regional prospects is expected to commence in July with a minimum of one drill rig dedicated for the remainder of the program. All the necessary permits are in hand to drill at each of the planned target areas. DCIP ground geophysical surveying will also start in July.

About the Johnson Tract Gold Project

Johnson Tract is a poly-metallic (gold, copper, zinc, silver, lead) project located near tidewater, 125 miles (200 kilometers) southwest of Anchorage, Alaska, USA. The 21,000-acre property includes the high-grade Johnson Tract Deposit ('JT Deposit') and at least nine (9) other mineral prospects over a 12-kilometer strike length. HighGold acquired the Project through a lease agreement with Cook Inlet Region, Inc. ('CIRI'), one of 12 land-based Alaska Native regional corporations created by the Alaska Native Claims Settlement Act of 1971. CIRI is owned by more than 9,100 shareholders who are primarily of Alaska Native descent.

Mineralization at Johnson Tract occurs in Jurassic-age intermediate volcaniclastic rocks and is characterized as epithermal-type with submarine volcanogenic attributes. The JT Deposit is a thick, steeply dipping silicified body (20m to 50m average true thickness) that contains a stockwork of quartz-sulphide veinlets and brecciation, cutting through and surrounded by a widespread zone of anhydrite alteration. The Footwall Copper Zone is located structurally and stratigraphically below JT Deposit and is characterized by copper-silver rich mineralization.

The JT Deposit hosts an Indicated Resource of 2.14 Mt grading 10.93 g/t gold equivalent ('AuEq') comprised of 6.07 g/t Au, 5.8 g/t Ag, 0.57% Cu, 0.80% Pb and 5.85% Zn. The Inferred Resource of 0.58 Mt grading 7.16 g/t AuEq is comprised of 2.05 g/t Au, 8.7 g/t Ag, 0.54% Cu, 0.33% Pb, and 6.67% Zn. Assumed metal prices for the Resource are US$1350/oz for gold (Au), US$16/oz for silver (Ag), US$2.80/lb for copper (Cu), US$1.00/lb for lead (Pb), and US$1.20/lb for zinc (Zn) and are based on nominal 3-year trailing averages as of April 1, 2020. Historical metallurgical testing on drill core samples has indicated that good gold and base metal recoveries and marketable concentrates can be expected.

Prior to HighGold, the Project was last explored in the mid-1990s by a mid-tier mining company that evaluated direct shipping material from Johnson to the Premier Mill near Stewart, British Columbia.

About HighGold

HighGold is a mineral exploration company focused on high-grade gold projects located in North America. HighGold's flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project located in accessible Southcentral Alaska, USA. The Company also controls one of the largest junior gold miner land positions in the Timmins, Ontario gold camp. This includes the Munro-Croesus Gold property, which is renowned for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. HighGold's experienced Board and senior management team, are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.

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 planned drill program 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.

Contact:

Darwin Green

Tel: 1-604-629-1165

Email: information@highgoldmining.com

Web: www.highgoldmining.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 - - -
Net income 2020 -0,74 M -0,60 M -0,60 M
Net cash 2020 18,3 M 14,9 M 14,9 M
P/E ratio 2020 -137x
Yield 2020 -
Capitalization 84,4 M 68,4 M 68,5 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 95,6%
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Number of Analysts 1
Last Close Price 1,45 CAD
Average target price 3,00 CAD
Spread / Average Target 107%
Managers and Directors
NameTitle
Darwin Green President, Chief Executive Officer & Director
Aris P. A. Morfopoulos Chief Financial Officer, Secretary & Director
Michael Gray Independent Director
Anne Labelle Independent Director
Michael Cinnamond Independent Director
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