Source: HighGold Mining
  • HighGold Mining (HIGH) announced plans to spin out its Ontario and Yukon exploration properties into a new company
  • The proposed new Canadian-focused exploration company will be named Onyx Gold Corp
  • The company hopes to complete the spin-out by way of a plan of arrangement (POA) and apply for the listing of Onyx Gold on the TSX Venture Exchange
  • At the same time of the listing, it is intended that Onyx Gold will complete a non-brokered private placement to fund work programs and for general working capital
  • HighGold is a mineral exploration company focused on high-grade gold projects located in North America
  • HighGold Mining Inc. (HIGH) opened trading at C$0.71 per share

HighGold Mining (HIGH) has set plans in motion to spin out its Ontario and Yukon exploration properties into a new company.

The proposed new Canadian-focused exploration company will be named Onyx Gold Corp.

The company hopes to complete the spin-out by way of a plan of arrangement (POA) and apply for the listing of Onyx Gold on the TSX Venture Exchange.

At the same time of the listing, it is intended that Onyx Gold will complete a non-brokered private placement to fund work programs and for general working capital.

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

“With an indicated resource that now exceeds 1 Moz at 9.4 g/t gold equivalent at an average true thickness of 40 metres, and a significant new satellite discovery at the Ellis Zone, the Johnson Tract Project is on an excellent trajectory.

The spin-out will give HighGold the chance to dedicate 100 per cent of management’s effort on the important next steps at Johnson Tract of advanced exploration and aggressive exploration drilling to continue expanding the resource base along with initial permitting-related activities.

HighGold controls a 100-per-cent interest in three large properties in the Timmins, Ontario gold camp, Canada’s top gold jurisdiction based on total ounces produced. The 34,300 hectares (343 sq km) land package includes the Munro-Croesus, the Golden Mile, and the Timmins South properties.

It also controls a 100-per-cent interest in four separate properties in the Selwyn Basin area of the Yukon Territory, totalling 1075 claims and 21,000 hectares (210 sq. km).

HighGold is a mineral exploration company focused on high-grade gold projects located in North America.

HighGold Mining Inc. (HIGH) opened trading at C$0.71 per share.


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