The transaction will be subject to shareholder, court and stock exchange approval, and the Company aims to close it in time to take advantage of the summer exploration season.

HighGold Mining Inc. will convert gold assets in Ontario and Yukon into a new exploration company.

The transaction will be subject to shareholder, court and stock exchange approval, and the Company aims to close it in time to take advantage of the summer exploration season.

“Since launching HighGold in 2019, we have made great strides in advancing our flagship Johnson Tract Au-(Zn-Cu) project in Alaska,” said Chairman and CEO Darwin Green.

He also noted that “with an indicated resource now in excess of 1 Moz grading 9.4 g/t gold equivalent at an average true thickness of 40 meters and a significant new satellite discovery in the Ellis Zone, the Johnson Tract project is in an excellent track record.”

He added that “the Spin-Out allows HighGold to focus 100% of its management efforts on the next major stages of advanced exploration and aggressive exploration drilling in the Johnson Tract to continue to expand the resource base. alongside initial permitting activities”.

At the same time, the Spin-Out is expected to increase the daylight value of its Ontario and Yukon gold assets, which have been overshadowed and underexplored due to its focus and success in the Johnson Leaflet.

“With over 500 square kilometers of land in two of Canada’s premier mining and exploration jurisdictions – Timmins, Ontario and the new reduced intrusion related (Snowline) gold district of east central Yukon – Onyx Gold will offer current shareholders from HighGold exposure to a new discovery-focused exploration company with an exciting portfolio of Canadian assets.

The intention is for Onyx to continue to maintain a partnership with HighGold, leveraging the strength and efficiency of their in-house technical teams under one roof.

About the Ontario and Yukon projects

Gold projects in Ontario

HighGold controls a 100% interest in three major properties in the Timmins Goldfield, Ontario, Canada’s leading gold jurisdiction by total ounces produced. The 34,300 hectare (343 square kilometer) land package includes the Munro-Croesus, Golden Mile and Timmins South properties ( Figure 1 ).

The Munro-Croesus property hosts the historic Croesus mine (production 1915-1936) which reported an average production grade of 95.3 g/t gold.

Over the past three years, HighGold has executed a strategy of consolidating large under-explored sections of the Timmins goldfield that have high geological potential, followed by systematic exploration and selection.

On the Munro-Croesus property, this work led to the discovery of preliminary drilling of new bulk tonnage-type gold mineralization on the Argus zone, as well as high-grade vein-style mineralization on other targets. Munro-Croesus is located in the eastern half of the great Timmins goldfield, in an area that has recently seen an upsurge in exploration activity and public notoriety.

Major drilling campaigns and resource upgrades by neighboring exploration and mining companies include those of Moneta Gold Inc. at the Tower Gold Project, McEwen Mining Inc. at the Black Fox Mine and Gray Fox Deposit, and Mayfair Gold Corp. at the Fenn-Gib deposit.

The recently completed merger between Agnico Eagle Mines Limited and Kirkland Lake Gold Inc. (with neighboring HighGold properties) underscores the strategic importance of this region as a preferred gold mining jurisdiction.

Yukon Gold Properties

HighGold controls a 100% interest in four separate properties in the Selwyn Basin region of the Yukon Territory, with a total of 1,075 claims and 21,000 hectares (210 square kilometers) (Figure 2).

The most attractive of the properties is King Tut, which is located in the heart of the New Reduced Intrusion Gold District (“RIRG”) in eastern Yukon.

Snowline Gold Corp. made one of the largest Canadian gold discoveries of 2022 in the Valley Zone, rapidly defining a broad RIRG system with gold grades several times higher than a typical RIRG system.

Previous exploration work on HighGold’s King Tut property has described underground gold anomalies several kilometers in length, including an open kilometer-by-kilometer high-grade gold anomaly associated with the upper shell of an unprepared intrusive body. drilling

HighGold’s four properties (King Tut, RGS, Canol and Stan) are located a reasonable distance from North Canol Road, the main access road to this area of ​​the Yukon.

About the Johnson Tract Gold Project

The Johnson Tract is a polymetallic (gold, copper, zinc, silver, lead) project located near the tide, 200 kilometers southwest of Anchorage, Alaska, United States.

The 21,000 acre property includes the high grade JT deposit and at least nine other mining prospects over a length of 12 kilometres.

HighGold acquired the project through a lease agreement with Cook Inlet Region, Inc. (CIRI), one of 12 regional Alaska Native corporations created by the Alaska Native Claims Resolution Act of 1971. CIRI is owned by more than 9,100 shareholders who are primarily of Alaskan Native ancestry.

About HighGold

HighGold is a mining exploration company specializing in high-grade gold projects located in North America.

HighGold’s principal asset is the high-grade Johnson Tract Gold-Zinc-Copper project located in accessible south-central Alaska, United States.

The Company also controls one of the largest junior gold mining positions in the Timmins Goldfield, Ontario. This includes the Munro-Croesus Gold property, renowned for its high-grade mineralization, and the extensive Golden Mile and Timmins South properties.

HighGold also owns 100% ownership of a group of properties in the new gold district associated with a reduced Selwyn Basin intrusion in the Yukon.