HighGold Mining has added three mineral properties around its Munro-Croesus gold project near Timmins, Ont. These additions expand the project grounds by over 40%, to a contiguous 28 sq. km. The project lies within the Abitibi greenstone belt.
“Consolidation of Munro-Croesus has created a single large property package in a highly prospective region of the greater Timmins gold camp; this strategic land position has received almost no contemporary exploration due to the historically fractured land ownership,” Darwin Green, HighGold’s president and CEO, said in a release. “This represents a rare opportunity in a mature and productive gold jurisdiction and we are excited to initiate the first modern, systematic exploration of the greater project area. Central to our exploration thesis is a high conviction that the exceptional tenor of gold grades produced from the Croesus mine near the turn of the last century does not occur in isolation and is indicative of a highly fertile gold environment.”
In order to complete this transaction, HighGold has entered into three agreements with vendors to acquire 8 sq. km of ground. In exchange for the purchase, the company is paying the vendors a total of $100,000 and issuing 424,976 common shares.
Over the past year, HighGold has completed seven transactions to consolidate the project grounds. The historic Croesus mine at the site is known for high-grade gold mineralization. The site also includes several gold prospects, pits, trenches and exploration shafts.
The company has started an airborne geophysical survey over the project and plans to start drilling again in February. This fall, HighGold drilled 2,645 metres in 31 shallow holes at Munro-Croesus, the assay results are pending.
For more information, visit www.HighGoldMining.com.