Plan To Spin-Out Ontario And Yukon Gold Assets Into New Exploration Company

VANCOUVER - HighGold Mining Inc. has initiated plans to spin-out (the "Spin-Out") its Ontario and Yukon exploration properties into a new Canadian-focused exploration company, to be named Onyx Gold Corp. The Company intends 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 Exchang.

"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 meters, and a significant new satellite discovery at the Ellis Zone, the Johnson Tract project is on an excellent trajectory. The Spin-Out allows HighGold to dedicate 100% 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.

"At the same time, the Spin-Out is expected to daylight value for our Ontario and Yukon gold assets, which have been overshadowed and underexplored due to our focus and success at Johnson Tract. With more than 500 sq. km of land holdings in two of Canada's top mining and exploration jurisdictions - Timmins, Ontario and east-central Yukon's new Reduced Intrusion-Related (Snowline) Gold district - Onyx Gold will provide existing HighGold shareholders with exposure to a new discovery-focused exploration company with an exciting portfolio of Canadian assets. The intention is for Onyx to continue to maintain an association with HighGold, leveraging the strength and efficiency of our in-house technical teams under one umbrella."