17 Mar 2020 07:00
HIGHLAND GOLD MINING LIMITED
17 March 2020
Highland Gold Receives Exploration Licence for Krasnaya Gorka
Highland Gold Mining Limited ("Highland Gold" or the "Company", AIM: HGM) is pleased to announce that its wholly-owned subsidiary AO Mnogovershinnoye ("MNV") has received an exploration licence for the Krasnaya Gorka deposit, a greenfield site located in the Nikolaevsk district of Russia's Khabarovsk region. The licence was issued for a period of seven years by the Far Eastern District Department for Subsoil Use.
The Krasnaya Gorka licence covers an area of 96.7 square kilometres and is situated on the main road that connects the district administrative centre, Nikolaevsk-na-Amur, to Highland Gold's Belaya Gora and MNV mines. The site is also about halfway along the ~40 km distance between Belaya Gora and the Company's Blagodatnoye licence. Like Blagodatnoye, Krasnaya Gorka is being targeted to provide additional resources for processing at the Belaya Gora mill.
According to the licence, Krasnaya Gorka contains Russian-standard P2 category prognosticated resources of gold, silver, lead, zinc, copper and molybdenum that will need to be confirmed and updated by Highland Gold's geologists. The Company will prepare an exploration programme over the course of this year and carry out preliminary preparations for the work, which is expected to commence in 2021.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Highland Gold Mining Ltd. | John Mann, Head of Communications + 7 495 424 95 21 Duncan Baxter, Non-Executive Director + 44 (0) 1534 814 202
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Numis Securities Limited (Nominated Adviser and Joint Broker) | John Prior, James Black, Paul Gillam +44 (0) 207 260 1000
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BMO Capital Markets Limited (Joint Broker) | Tom Rider, Pascal Lussier Duquette, Neil Elliot +44 (0) 207 236 1010
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Peat & Co (Joint Broker) | Charlie Peat +44 (0) 207 104 2334 |
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Glossary:
Russian Standard: Gosstandart of Russia (GOST), the national Russian standard on mining and minerals as published by the National Certification Body of the Russian Federation.
Category P2: Prognosticated resources representing possible mineral structures in known mineral deposits, estimated based on geophysical and geochemical data. The morphology, composition, and size of the mineralisation is estimated by analogy with similar mineralised geological structures in the area. It does not have a JORC-standard equivalent, but is described as Reconnaissance Mineral Resource under the UNFC code.