HighGold Mining Inc. reported further assay results from the 2022 Winter Drill Program at its Munro-Croesus project located in the Timmins Gold Camp, Ontario, Canada. The Company completed an additional five (5) drill holes on the new Argus Zone (“Argus”) on the western side of the Project, 3 kilometers from the historic Croesus Mine, and continued to successfully intersect wide intervals of gold mineralization. These results reinforce the potential for bulk-tonnage style gold associated with the Pipestone Fault at Munro-Croesus.

The Argus Zone represents a very early-stage new discovery within the East Timmins area, a region that is host to over 15moz of undeveloped resources. The Argus Zone has now been defined over a strike length of 300 meters and a depth of 250 meters and remains open in all directions. 52.3 meters at 0.48 g/t Au, including 10.5 meters at 0.87 g/t Au, and 9.8 meters at 1.09 g/t Au.

Drill Hole MC22-112 68.0 meters at 0.40 g/t Au, including 10.0 meters at 1.23 g/t Au Drill Hole MC22-114 27.0 meters at 0.61 g/t Au, and 48.6 meters at 0.62 g/t Au, including 14.6 meters at 1.07 g/t Au Drill Hole MC22-115 6.5 meters at 0.62 g/t Au within the Pipestone Fault, and 8.6 meters at 0.50 g/t Au, and 44.0 meters at 0.25 g/t Au. The first two drill holes reported by the Company at the new Argus Zone intersected wide zones of near-surface bulk-tonnage style gold mineralization highlighted by 62.8 meters at 0.79 g/t within 136.0 meters at 0.54 g/t Au in MC22-110. Drill holes MC22-111/112/113/114/115 reported tested the down-dip and strike extent of the new Argus Zone over a 400 meter by 400 meter area and returned encouraging values in four of five holes, including 52.3 meters at 0.48 g/t Au in hole MC22-111, 68.0 meters at 0.40 g/t Au in hole MC22-112, and 27.0 meters at 0.61 g/t Au, 48.6 meters at 0.62 g/t Au and 18.6 meters at 0.32 g/t Au (collectively 94.2 meters) in hole MC22-114.

Hole MC22-113 was drilled 100 meters to the northeast across a north-south trending fault and is interpreted to have missed the faulted projection of the zone. Hole MC22-115 was drilled north through the Pipestone Fault into the southwest trend of the Argus Zone and intersected 6.5 meters at 0.62 g/t Au within a silicified zone with the Pipestone Fault and then 44.0 meters of 0.25 g/t Au, including 1.0 meters at 3.56 g/t Au lower in the hole. The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone belt, Canada's premier gold mining jurisdiction (Figure 1).

Extensive land consolidation by the Company in 2020-2021 unified the patchwork of patented and unpatented mining claims surrounding the Croesus Gold Mine and enhanced the exploration potential of the Project. The Project covers 51 km2 (20 mi2) of highly prospective geology within the influence of major gold-bearing structural breaks, including control of approximately 8 kilometers strike length of the regional Pipestone Fault - an attractive setting for gold mineralization within the Timmins and Golden Highway Gold Camps. Multi-million-ounce bulk-tonnage (<1 g/t) gold deposits located in the immediate region include the Tower Gold Project being developed by Moneta Gold Inc. and the Fenn-Gib Gold Project being developed by Mayfair Gold Corp.

The Black Fox underground gold mine operated by McEwen Mining is located 1.5 km southwest of the Munro Croesus property. The new Argus Zone is located 3 kilometers west-northwest of the past-producing Croesus Mine. It is a broad zone of surface gold mineralization within the influence of the regional gold-bearing Pipestone Fault.

The Argus Zone is characterized by silicified mafic variolitic volcanic cut by northeast-trending pyritic veinlet's within a broader halo of carbonate alteration and local development of specular hematite. Selective historical sampling during a small 1990s-era drill program yielded promising gold assays over narrow widths with large sections of core unsampled. HighGold's recognition that mineralization may be more widespread provided the rationale to target the prospect, resulting in the discovery of bulk-tonnage style gold.

The 2022 Winter Drill Program was completed in early April with a total of 7,401 meters drilled in 33 holes. Assay results have now been reported for 14 drill holes with results for 19 drill holes currently pending.