HighGold Mining (TSXV: HIGH, US-OTC: HGGOF) has reported assay results from four infill and expansion drill holes completed at the JT deposit, part of the company's Johnson Tract polymetallic project in south-central Alaska that holds an indicated resource of 1 million gold-equivalent oz. at 9.4 grams per tonne.
The latest drilling focused on gaps between inferred resource domains and step-outs at depth. Drill hole JT22-152 delivered the best intersection drilled to date at the JT deposit, returning 120.5 metres at 18.76 grams gold per tonne, 0.55% copper, 3.86% zinc, 0.93% lead and 6 grams silver (for 22.1 grams gold equivalent). This intersection demonstrates exceptional continuity of very high-grade mineralization, with gold grades locally exceeding the resource block model that it intersects.
In addition to documenting higher grade gold, the northeast orientation of drill hole JT22-152 has also allowed HighGold to test - and confirm - that the southern edge of the JT deposit is bounded by a cross-fault. This opens up the potential for additional displaced mineralization to continue further to the south than previously thought.
"The exceptional results of drill hole JT22-152 underscore the highly attractive combination of large intervals of high-grade mineralization that characterize the JT deposit, which consists of a thick, oblate body of stockwork veining and breccia," commented president and CEO Darwin Green.
Results from the other holes including JT22-148, which intersected 9.3 metres at 7.18 grams gold, 0.22% copper and 5.57% zinc (10.9 grams gold equivalent), also demonstrate potential additions to the mineral resource between the known inferred resources.
The JT deposit currently hosts inferred resources of 706,000 tonnes grading 4.76 grams gold equivalent (1.36 grams gold, 9.1 grams silver, 0.59% copper, 0.3% lead and 4.18% zinc). The larger indicated resource is estimated at 3.5 million tonnes grading 9.39 grams gold equivalent (5.33 grams gold, 6 grams silver, 0.56% copper, 0.67% lead and 5.21% zinc).
HighGold is focused on both expanding the JT deposit and generating new discoveries along the 12-km strike length of the Johnson Tract project.
Shares of HighGold surged 23.2% by 11:00 a.m. in Toronto following the new drilling results, pushing its market capitalization to $62.3 million.