High times for High Gold
A brand-new spin out company brings a new listing focused on high grade gold in North America. We can all fall prey to new shiny things, but High Gold Mining is structured, managed and positioned to succeed and build upon a discovery decade from the past. HIGH.V is a spin-out company from Constantine Metals and is a selectively known company with a big upside. Back in September 19, HIGH got securities approval and started trading with the announcement of a private placement of $7.6 million and a strategic investment by Rob McEwen. Mr. McEwen has an incredible career starting with Goldcorp among other incredible investments and producing mines.
High Gold is focused on two locations: the flagship property of the Johnson Track Project in Alaska, USA and Ontario, Canada. All eyes are on the Johns Track Property but lie all prudent and effective teams the company also positioned several projects and a portfolio of assets in Timmins, Ontario host to the Abitibi Greenstone Belt and the likes of Kirkland Lake. These are exceptionally safe jurisdictions with paths to proven success if discoveries are made. We can see this success in the historic discoveries along the Abitibi and highlighted in the article Abitibi Rising. On top of that is the long-standing settlement of native claims in Alaska with the USA back in 1972.
The mission: ‘to promote economic and social well being and Alaska Native Heritage of our shareholders, now and into the future through prudent stewardship of the company’s resources, while furthering self-sufficiency among CIRI shareholders and their families.’The Alaska Native Claims Settlement Act (ANCSA)was signed into law by President Richard Nixon on December 18, 1971. This Act was, at that time the largest land claims settlement in United States history. ANCSA was intended to resolve long-standing issues surrounding aboriginal land claims and encourage economic growth. The Act transferred title to 13 regional corporations and some 200 local village corporations. One of those corporations was CIRI.
This was the ideal way to deal with native people’s issues by the USA. It empowered the people of the land a voice, a share both literally and figuratively in the creation of wealth, jobs, industry and a future for each shareholder. The arduous work by Constantine Metals with CIRI culminated with the approval of a 10 year lease on the Johnston Tract back in June 19, 2018.“CIRI is pleased to work with Constantine on the Johnson Tract project,” said CIRI President and CEO Sophie Minich. “CIRI prides itself on projects that deliver economic benefits to our shareholders while respecting and preserving the land. With Constantine’s excellent reputation for responsible mineral exploration and development activities, as well as its established track record in Alaska, we know we have chosen the ideal partner.”
One of the biggest concerns is organizations like Greenpeace and other activist that try to block industry. Despite trying to promote green and clean initiatives the Obama administration had stopped the development of the Alaska Pebble Mine. Pebble has the potential to supply as much as 25 percent of the United States’ copper needs over the next century—a critical metal used in everything from refrigerators and smart phones to the electric cars and wind turbines so beloved by environmentalists. The current Trump administration understands the need for mining as it is the foundation, the building blocks for all technology. I met with Ernest Schreyder a reporter for Reuters back in New York last year and on June 26, 2019 he wrote a piece about the EPA breathing new life in Alaskan mining.
Back on October 16, 2019 the company announced completion of its Johnson Tract Project exploration project, an advanced stage 21,000-acre gold, copper, zinc, silver, lead project located near tidewater with tremendous exploration potential over a 12-kilometer strike length. As mentioned before there was a discovery here and that original discovery was back in 1982 by Anaconda Minerals and newly created Cook Inlet Region Inc (CIRI). They reported 108.6 meters grading 10.39 g/t gold, 7.64% zinc, 0.71% copper, 8.1 g/t silver, including 48 meters grading 21.1 g/t gold, 9.93% zinc, 0.88% copper, 2.86% lead and 12.3 g/t silver.
The project changed hands, had much more work done on it in the 1990’s. Westmin Resources drilled 88 holes and calculated that Johnson Tract had 1.04 million metric tons of resource averaging 10.05 grams per metric ton gold. The project landed with Constantine Metals re-confirmed historical data in an industry compliant NI 43-101 technical report confirmed that the “re-sampling program replicated similar assay values as historic data, indicating that the historic assay results can be considered accurate and representative of the mineralization observed.”
The project has widespread alteration and mineralization on a 12 km trend which requires definition and expansion. High Gold will generate further targets by detailing, re-examining and analyzing historic data with mapping, sampling and modern geological modelling to generate first NI43-101 compliant Resource Estimate.
Timmins Gold Camp
High Gold has three 100% owned properties within the geological trend of the Porcupine-Destor & Pipestone Faults:
- Munro Croesus Property (355 hectares) includes past producing Croesus mine that yielded some of the highest grade gold mined in Ontario.
- Golden Mile Property (8,600 hectares)
- Golden Perimeter Property (12,000 hectares) ~10,000 m of past drilling in the 1980.
This is an incredible region to hold up their sleeve. It is not the focal point but to have promising projects with past production and historical data is valuable.
Naturally the management of High Gold would come from Constantine Metals and founder Darwin Green brings over 20 years of mining experience knowledge and a successful business history in Alaska to the role of President and CEO. He has a proven record of identifying opportunities, making discoveries and executing complex advanced exploration. He was Vice President, Exploration for Constantine Metal Resources advancing the Alaska Palmer zinc/copper deposit to the Preliminary Economic Assessment stage. Before Constantine he managed the expansion/underground development programs at the Niblack deposit on Prince of Wales Island. That great effort resulted in Mr. Green being awarded the Commissioner’s Award for Project Excellence by the State of Alaska.
Ian Cunningham-Dunlop takes up the position of VP, Exploration and brings a wealth of experience as a mining executive and professional engineer with more than 35 years’ experience in mineral exploration. Mr. Cunningham-Dunlop came from Constantine Metal Resources’ Alaska Palmer zinc/copper project with Darwin on this exciting venture. One of the standout experiences is that he led the surface exploration team at the Eskay Creek mine in British Columbia, Canada (Homestake Mining/Barrick Gold) from 1997-2003 giving him a strong understanding of systems similar in style and age to HighGold’s flagship Johnson Tract deposit. He was awarded the BC & Yukon Chamber of Mines E.A. Scholz Award in October 2003 for “Outstanding Contribution to a Mining Development Project in B.C. and the Yukon”.
The team also host two directors that add specific expertise. Michael Gray is a proven leader with successful track record in capital markets and the global mining sector. He has spent the past 14 years as a Mining Analyst with Macquarie Capital Markets and most recently as their Team Head, Canada and Managing Director. Lance Miller is another vital advisor because he is the VP Natural resources NANA, one of the 12 Alaskan regional corporations. He brings a long list of contacts, relationship and experience in the mining industry.
As mentioned, the initial raise was $7.8 million which came from several key investors including Rob McEwen, the Sprott Partnership Fund, an anonymous NA gold producer, PE Fund and about 16% from management and close associates. The stock has made a big move while writing this article as more and more people realize what the potential is with this company.
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Securities Disclosure: I, Andrew O’Donnell, hold no direct investment interest in any company mentioned in this article. Also, I was not paid for this article
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