HighGold reported additional assaysfour new drill holes highlighted by wide intervals of high-grade gold and polymetallic mineralizationfrom its ongoing 15,000-meter diamond drill program at its flagship Johnson Tract Gold Project in Alaska.

The highlight (stepout) interval from this round of assays is right in the (Oct. 15th) headline…

HighGold Drills 11.5 g/t Gold over 20.1 Meters in Step-Out Drilling at Johnson Tract Project, Southcentral Alaska, USA

For those new to this high-grade exploration/development play, Johnson Tract (JT) is located in a very accessible part of Alaska, near tidewater.

The project boasts a high-grade resource just shy of 900k gold equivalent (AuEq) ounces.

What sets JT apart from most high-grade deposits is a rare combination of grade and thickness. JT boasts (narrow) vein-type grades with widths you normally associate with low-grade bulk-tonnage deposits.

JT  boasts intervals (true width) between 20 and 50-plus meters.

With an orebody this thick, well mineralized stepout holes will build tonnage, and add to the ounce count, FAST.

And of course, the wider the high-grade zone, the more robust the economics.

Back to the October 15th headline

The Company states that approximately 14,500 meters in 28 drill holes have been completed with partial or complete assays now received and reported from 6 of the 28 holes.

The positive results received to date prompted the Company to increase the scope of the program from 15,000 meters to 17,000 meters. This is the 2nd time the company has expanded the meterage of this 2020 drilling campaign.

There are currently three drill rigs active on site.

These fresh results cover new drill holes from the main JT Deposit, the deeper Footwall Copper Zone, and the Northeast Offset Target.

JT Deposit Expansion

Drill holes JT20-095 and JT20-096 represent successful step-outs on strike, intersecting mineralization along the northeast side of the JT Deposit.

Drill hole JT20-095 intersected 41.0 meters at 5.9 g/t AuEq (including 4.2 meters at 16.6 g/t AuEq) approximately 50 meters northeast from previously released drill hole JT20-92 that returned 74.1 meters at 23.8 g/t AuEq (see Company news release dated Sept. 9, 2020).

Drill hole JT20-096 intersected 20.1 meters at 14.1 g/t AuEq (including 4.0 meters at 45.2 g/t AuEq) approximately 65 meters vertically above previously released drill hole JT20-93 that intersected 43.5 meters at 9.9 g/t AuEq (also Company news release dated Sept. 9, 2020).

The JT Deposit is open to further expansion with assays pending for eight additional step-out holes (note the drill hole locationsgreen dots on the map further up the page).

Drilling is ongoing at this target area as winter slowly creeps down in elevation.

Footwall Copper Zone

This is a separate zone that is emerging in the footwall to the JT deposit, a zone that is proving extremely rich in copper (I’d like to see pics of that core).

“In addition to the high-grade gold mineralization intersected at the northeast margin of the JT Deposit, drill hole JT20-096 also encountered high-grade copper-silver-rich mineralization in the footwall to the JT Deposit.”

Two closely spaced hits representing the Footwall mineralization were intersected in drill hole JT20-096, including:

  • 14.2 meters at 2.7% Cu, 1.0% Zn, 34 g/t Ag (including 7.1 meters at 4.4% Cu, 1.9% Zn, 59 g/t Ag);
  • 11.9 meters at 1.8% Cu, 0.9% Zn, 38 g/t Ag.

These intervals in JT20-096 represent a 45-meter step-out to the northeast of last year’s discovery hole of 20.7 meters at 2.4% Cu, 4.9% Zn, and 32 g/t Ag in drill hole JT19-089.

The mineralization in this zone consists of a stockwork of quartz-sulphide veins.

Northeast Offset Target

This is a compelling target.

The following is a passage from a Highballer pieceHighGold Mining (HIGH.V) tags thick interval of high-grade gold at Johnson Tract Project, Alaskapublished one month back…

This is a fat target. Located approximately 500 to 800 meters to the northeast of the JT deposit, it represents the interpreted fault-displaced continuation of the 900k AuEq resource. Significantly, limited wide-spaced historic drilling has documented the same distinct alteration and metal signature that is associated with mineralization at the main deposit. Holes drilled into this high-priority target will go deeper than most—some may exceed 500 meters in length.

This target is the focus of one-third of the planned drill meters for this 2020 campaign.

Eight holes have been completed on the Northeast Offset Target to date.

“Results have been received for the first two holes (JT20-091 and JT20-094) from the northernmost fan of drill holes, which intersected alteration and mineralization similar to that found in proximity to the JT Deposit. This includes anhydrite alteration and deeper, footwall style copper-silver rich veins, both of which provide vectors for the subsequent drill holes. Drilling is ongoing with holes testing the Northeast Offset target on nominal 50 to 100-meter spaced cross-sections.”

Significant assay results for JT20-094, in 3 separate intervals:

  • 1.2 meters at 15.2% Cu, 173 g/t Ag, and 0.8 g/t Au (24.5 g/t AuEq);
  • 4.3 meters at 0.2 g/t Au, 7 g/t Ag, 1.2% Cu, 0.4% Zn (2.2 g/t AuEq);
  • 1.0 meters at 3.5 g/t Au, 3 g/t Ag, 1.2% Cu, <0.1% Zn (5.2 g/t AuEq).

The Company notes that drill hole JT20-091, a shallower up-dip hole on the same section as JT20-094, did not return any significant assays.

Regional Exploration Update

A large-scale regional reconnaissance program has been carried out across JT’s 8,513-hectares, including geological mapping, prospecting, soil and rock sampling, and geophysical surveying.

The objective of this field campaign is to generate drill targets, along new areas property, for when the exploration window opens in 2021.

Approximately 1,200 soil & silt samples, and 600 rock samples, have been collected to date. Results are pending.

A total of 23 line-kilometers of DC Induced Polarization (“DCIP”) geophysical surveying was also completed over the Difficult Creek and Kona Prospect areas. Preliminary geophysical results are encouraging, with additional data inversion and modelling work ongoing.”

CEO Darwin Green:

Resource expansion drilling at the main JT Deposit continues to deliver solid results of high-grade mineralization in these step-outs. We are equally pleased with the emergence of a significant thick zone of copper-silver rich mineralization in the footwall to the JT Deposit, in drilling done to follow up on last years late season discovery. With only 6 holes reported so far for the 2020 Program initial results reveal promising developments at each of the priority target areas, including at the earlier stage Northeast Offset target. Three drills continue to test these targets in addition to surface crews advancing our regional exploration prospects.”

The following video is a very recent interview with CEO Green, on site at Johnson Tract, discussing these recent results and how things are progressing as the exploration season slowly winds down…

There is a large volume of assay related newsflow due over the balance of 2020 from Johnson Tract.

We’ll likely see JT assays flow right on through Q1 of 2021.

And as reported on September 22ndHighGold Recommences Drill Program at Timmins Area Gold Projects, Ontario, Canadaassays will soon begin to flow out of the Timmins camp in Ontario…

… where drilling can carry on all through the winter months.

Forum Energy Metals (FMC.V)

Investor presentation

  • 118.43 million shares outstanding
  • $16.58M market cap based on its recent $0.14 close

Forum’s 38,250-hectare Janice Lake project located in north-central Saskatchewan along the Wollaston Domain, “a northeasterly-trending belt of metamorphosed lower Proterozoic supracrustal rocks deposited upon Archean granitoid basement” is the company’s flagship project.

The district-scale copper potential of Janice Lake (note the scale on the map below) attracted Rio Tinto in a JV deal worth $30M, where the mining colossus stands to earn 80% of the project by spending $30M.

Forum entered into an agreement granting Rio Tinto Canada a four year option to acquire a 51% interest in the Janice Lake Project by spending $10 million in exploration, making $490,000 in cash payments, and servicing the remaining $200,000 in underlying cash payments to Transition Metals Corp. Rio can earn a further 29% interest (total 80%) by spending a further $20 million in exploration over a three years (total $30 million) and making further cash payments of $150,000 to Forum (total $640,000).”

Rio spent over $3M on the project in less than a year. They plan to spend another $7M on a multiple phase drilling campaign, one that began with RAB drilling earlier this summer.

Assays from this RAB campaign are pending.

A good overview of Janice Lake, the Rio deal, and historical exploration completed on the property to date can be found by tapping the following link…

Read: Drilling commences at Forum’s (FMC.V) district-scale Janice Lake copper project in Saskatchewan

Forum has multiple irons in the fire.

On October 13th, the company dropped the following headline concerning its highly prospective Ni-Cu-PGM Love Lake project:

Forum Announces Whole Rock Geochemical Results at Its 100% Owned Nickel-Copper-Palladium Project, Saskatchewan

The following summary of events was offered by Forum CEO Rick Mazur during a recent interview and email exchange:

Forum has taken an empirical approach to exploration of the Love Lake Mafic/Ultramafic Complex for deposits of nickel, copper, platinum, and palladium. We are ticking off all the boxes:

  1. An airborne magnetic survey has identified three potential feeder zones.

  2. Geochemical investigation of almost 200 outcrop samples collected in the field has determined that these are olivine-rich rocks which are prospective for magmatic nickel/copper/PGM deposits.

  3. Surface samples are generally high in sulphides and depleted in nickel and PGMs. Where did all the nickel go? Has it segregated from the magma and settled as nickel sulphides in feeder zones?

An electromagnetic survey over these potential feeder zones, one which measures conductance, will help Mazur and crew zero in on the highest priority drill targets.

These depleted nickel and PGM values at surface, as noted by CEO Mazur above, and contrary to what one might think, actually represents a hugely positive indicator as the company pushes towards a maiden Love Lake drilling campaign.

Here’s John Kaiser regarding the significance of these depleted metal values at surface…

Note that Forum normally employs the prospect generator business model. But with Love Lake, they’re holding onto 100% of the project with plans to go it alone.

Forum will be mobilizing a drill rig to Love Lake in the coming weeks.

To facilitate this plan, the company announced a non-brokered FT private placement on October 14th:

Forum Announces $1 Million Non-Brokered Flow-Through Private Placement for Exploration at Its 100% Owned Love Lake Nickel-Copper-Palladium Project, Saskatchewan

The following link will take you to an updated Love Lake presentation dated October 13, 2020…

LOVE LAKE – Copper Nickel Palladium Project

Keep an eye on the Road Anomaly when drilling begins.

Between Janice Lake (Rio Tinto JV), Fir Island (Orano Canada JV), and Love Lake (100% Forum), we should see three (3) aggressive concurrent drilling campaigns launched in the coming months.

This just in…

Forum Closes Flow Through Private Placement

We also have assays to report out of Minnova (MCI.V), Skeena (SKE.T), and White Gold (WGO.V)I’ll be updating those developments in the coming days.


Greg Nolan

Full disclosure: HighGold and Forum are Highballer clients. The author owns shares in both companies, so…. color me biased.

Subscribe to my free weekly reports

Disclaimer - Legal Notice

Highballerstocks.com (Greg Nolan) is not a licensed financial advisor and does not give investment advice.

The content of this report is for information purposes only.

Nothing contained herein should be construed as a recommendation or solicitation to buy or sell any security.

Always consult a licensed qualified investment advisor in your legal jurisdiction before making any investment decisions.

Though Highballerstocks.com (Greg Nolan) believes its sources to be credible, and the statements contained herein to be true, readers must conduct their own thorough due diligence, and or consult with a qualified investment advisor before important investment decisions are made.

Highballerstocks.com (Greg Nolan) accepts no responsibility or liability for the accuracy of the contents of this report.

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.