The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Explorer increases financing, scope of Alaska gold exploration North of 60 Mining News – July 10, 2020
A barge loaded with drill and supplies needed to support HighGold Mining's expanding exploration program crosses Cook Inlet on its way to Johnson Tract gold property in Alaska.
HighGold Mining Inc. July 8 announced that it has raised C$12 million to fund an expanded drill program at its Johnson Tract gold project in Southcentral Alaska.
Situated on Cook Inlet Region Inc., or CIRI, land on the west side of Cook Inlet, Johnson Tract hosts high-grade gold mineralization that is further enriched by associated silver, copper, zinc, and lead.
According to a calculation earlier this year, the JT deposit at Johnson tract hosts 2.14 million metric tons of indicated resource averaging 6.07 grams per metric ton (417,000 ounces) gold, 5.8 g/t (397,000 oz) silver, 5.85% (275.3 million pounds) zinc, 0.57% (26.8 million lb) copper, and 0.71% (37.6 million lb) lead.
Including the value of the silver and base metals, this comes to 10.93 g/t (750,000 oz) gold-equivalent.
This deposit and the wider potential of the Johnson Tract property has attracted prominent resource investors such as Franklin Gold Fund, Sprott, Rob McEwen, and a yet to be named senior gold producer.
The investor interest in HighGold is so high that on the day the company announced plans to complete an C$8 million private placement, it raised the financing to C$12 million to meet demand.
With the money raised through the financing, which is scheduled to close on July 28, plus the C$11 million HighGold had at the end of June, the company plans to increase the scope of its 2020 exploration at Johnson Tract.
In late June, HighGold announced the start of a phase-1 exploration program that will primarily involve 7,000 to 10,000 meters of drilling to investigate five targets surrounding the property's JT deposit – JT Deposit Expansion, Northeast Offset, North Trend, Footwall Discovery, and Southwest Extension.
Further details on these targets and the 2020 Johnson Tract phase-1 exploration program can be read at HighGold drilling at Johnson Tract begins in the July 3 edition of North of 60 Mining News.
It is anticipated that the second phase of 2020 exploration at Johnson Tract will be similar in scale as phase-1.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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