HighGold Mining Inc. (CVE:HIGH) has reported encouraging assay results for the first two holes of a nine-hole drill program completed at the company's flagship Johnson Tract Gold property in Southcentral Alaska.
In a statement, HighGold said that the assays show exceptional widths of continuous high-grade gold and base metal mineralization have been intersected.
HighGold CEO Darwin Green commented: "What makes the mineralization even more impressive is the occurrence of high-grade copper and zinc along with the gold."
Investors responded well, with the stock soaring 11.7% to $1.38 a share midday Tuesday.
The Johnson Tract deposit was drilled by previous operators from 1982 to 1993.
Hole JT19-082, drilled by HighGold, is the first new drill hole completed on this property in 25 years and was designed as a twin of historic drill hole JT93-065 for validation purposes for future resource estimation.
The group noted that the entire Johnson Property is underexplored with significant exploration upside.
HighGold Mining controls an extensive portfolio of quality gold projects in the greater Timmins gold camp, in Ontario that includes the Munro-Croesus Gold property, and the large Golden Mile and Golden Perimeter properties.
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