HighGold Mining temporarily suspends winter drilling at Timmins area, Ontario

HighGold says it aims to restart operations and complete the remainder of the work later this year

HighGold -
So far, HighGold has sunk 12 holes for 2,524 meters of diamond drilling out of the planned 5,000 meter winter program

HighGold Mining Inc (CVE:HIGH) (OTCMKTS:HGGOF), the North America-focused explorer, told investors it has temporarily suspended drilling at its Timmins area gold properties in Ontario in the light of the coronavirus outbreak.

The resource firm aims to restart operations and complete the remainder of the planned meters later this year when it is appropriate, it said in a statement.

READ: HighGold Mining kicks off 5,000m drill program at its Timmins, Ontario assets

"While it is unfortunate to take a temporary hiatus at the Timmins drill program, it is the prudent and responsible course of action under the circumstances," the firm's president and chief executive Darwin Green said.

"The company is in strong financial condition with $12 million in cash, no debt, and low overhead. We believe the fundamentals for gold to be positive over the next 12 to 24-months and HighGold, with its combination of quality gold assets and healthy treasury, will be well-positioned when markets emerge from the current global crisis," he added.

So far, HighGold has sunk 12 holes for 2,524 meters (m) of diamond drilling out of the planned 5,000m winter program.

At the famous Timmins gold camp, where HighGold's assets are located, a particular focus is on the Munro-Croesus property and its historically mined, high-grade gold mineralization.

Past diamond drilling by a previous owner here in 2011 hit 18.79 grams per ton (g/t) of gold over 4.1m in the hanging wall to the mined Croesus vein.

"The proximity of the drilling operations to Timmins area logistics help mitigate the costs of shutdown and re-mobilization," added the firm in the statement.

"Results from the drill holes completed to date will be disclosed in due course, with potential for nationwide workplace disruptions to delay analytical turnaround times."

Contact the author at giles@proactiveinvestors.com

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Price: 2.26 CAD

Market: TSX-V
Market Cap: $110.97 m

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