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Wednesday, January 19, 2022

What Caused The HighGold Mining (HGGOF) Stock To Skyrocket?

HighGold Mining Inc. (OTCQX:HGGOF) closed Wednesday at $1.3600, gaining 67.90 percent on the day. HGGOF stock has traded in a price range of $1.6500 to $1.0800. With more than 16.34K shares traded on average during the month, HGGOF stock prices rose more than 28.30%. A look at HGGOF’s performance over the last three months indicates a gain of 16.74% with an average volume of 13.14K. In the past year, HGGOF stock price decreased by over 34.43% with a high of $2.2600 and a market cap of $83.11 million. In response to encouraging drill results, HGGOF stock gained a lot of traction.

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What HGGOF observations were encouraging?

Located in North America, HighGold is engaged in the exploration of gold projects with high-grade quality. HGGOF maintains a portfolio of high-grade gold projects in the greater Timmins gold camp, Ontario, Canada, including the highly rated Munro-Croesus Gold property, as well as the larger Golden Mile and Golden Perimeter properties. The HGGOF Board of Directors and senior management are committed to maximizing shareholder value through discovery, prudent capital allocation, and environmental and social responsibility.  

A new drill result from HighGold’s Difficult Creek Prospect (“DC”), a district-scale resource estimated to contain 10.9 g/t gold equivalent, has shown exceptionally high grades.

  • In South-Central Alaska, HGGOF is exploring several prospects in the Johnson Tract (JT) project, including Difficult Creek.
  • The DC Prospect has now been proven as a second source of high-grade mineralization and supports HGGOF’s belief that JT offers multi-deposit potential.
  • There have been multiple excellent drill intersections made previously in the main JT deposit area, so the bonanza grade intersection in hole DC21-010 is a significant achievement.
  • The assay results from additional step-out drilling and the additional exploration of this promising early-stage project are pending.
  • As part of a regional geological mapping and geochemical sampling program, both air-borne and ground-based geophysical surveying, and a Phase I metallurgical sampling plan, three (3) diamond drill rigs are currently operating on the Project.
  • A variety of targets are being drilled including the DC Prospect, the JT Deposit, and regional targets.

HGGOF’s mineral estimation:

HighGold Mining (HGGOF) has drilled 34 holes in the JT Deposit area and 17 in regional targets to date. HGGOF quality assurance-quality control protocols will be followed in releasing the results of the tests on an ongoing basis. Upon completion of the 2021 drill program and receipt of all assays, an updated mineral resource estimate for JT Deposit is expected in early 2022. Input from new drilling completed in 2020 and 2021 will be taken into account in the updated estimate.

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