“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 C$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.
Midday Monday, HighGold’s stock was up 3.9% on the TSXV. The company has a C$83 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
