Vancouver, British Columbia – TheNewswire - April 8, 2021 - Harvest Gold Corporation (TSXV:HVG) (OTC:HVGDF) (“Harvest Gold” or the “Company”) announces that, further to previous announcements focusing on the Gold prospects at Emerson, the Company’s Emerson, Goathorn, and Jacobite properties have geological characteristics analogous to the large New Prosperity, Bell, and Granisle porphyry Cu-Au-Mo deposits in the region*.
These deposits and Harvest Gold’s properties occur within a larger regional Late Cretaceous to Eocene porphyry belt shown in Figure 1. The presence of these significant deposits anchors these porphyry belts and speaks to the underexplored value of this age of porphyries in British Columbia.
Harvest Gold CEO Rick Mark states: “In August 2020 we chose to build our Company on these three projects for two main reasons. First and foremost, we believe in the detailed investigation done by the property vendors, Henry Awmack and David Caulfield, as to the tremendous potential to discover more than one large scale Gold and/or Copper-Gold Porphyry ore body. Second, was the agreement that allows our shareholders to earn 100% of each by the end of 2021.
Equity Exploration Consultants Ltd.’s lead consultant for Harvest, Daniel Lui, P.Geo. states “Harvest’s recent releases have been focused on the near-term drill opportunity for gold at Emerson, today Harvest wants to update the market on the initial targeting results from their recent airborne magnetic survey over Emerson. This release is specific to the copper potential at Emerson as well as the Goathorn, and Jacobite projects.”
The Goathorn property covers a 1.6 km x 2.7 km magnetite skarn cut by multi-phase porphyry dykes, one of which contains copper mineralization with a high Au:Cu ratio. The magnetite skarn indicates proximity to a potential copper-gold porphyry system.
On the Jacobite property, soil samples taken in 2019 identified an area with anomalous geochemistry with maximum values of 1170 ppm Cu and 19 ppm Mo. The anomalous soil samples are in an area with strong and complex chargeability patterns in a historic induced polarization survey.
Further to previous announcements on gold targets at the Emerson property, historical work at the Emerson target defined a 725 m x 340 m Cu-Au-Ag-Mo soil anomaly that is open to the southeast shown in Figure 2. This geochemical anomaly overlies a late Cretaceous porphyry at surface and drilled in historical drill holes. This intrusion is partially demagnetized to the northwest where the Emerson gold target mentioned in previous announcements lays (Figure 2).
Dan Core of Fathom Geophysics’ final report on their processing and interpretation of the Emerson airborne magnetic survey defined three porphyry targets. These porphyry targets, shown in Figure 2, are magnetic radially symmetric anomalies. Previous work by Amax and Lornex did not test these new target areas. These magnetic features have a complex footprint and size comparable to other significant porphyry copper prospects in the region. Harvest Gold looks forward to following up on these newly defined porphyry targets this coming field season.
Harvest Gold’s Porphyry ambitions are to find orebodies analogous to the New Prosperity or the Bell and Granisle deposits nearby. Equity plans to carry out induced polarization surveys, geological mapping, and geochemical sampling over each of these properties this summer. This work, along with the recently completed airborne magnetic surveys over the Emerson and Jacobite properties, will lead to development of porphyry targets for future drilling.
* The New Prosperity deposit, located 400 km southeast of Emerson and Goathorn, has a one billion tonne measured and indicated resource containing 2.4 million tonnes of copper and 13.3 million ounces of gold**. The Bell mine produced 303,277 tonnes (668.6 million lbs) copper, 12,794 kg (411,336.7 troy oz) gold and 27,813 kg (894,208.7 troy oz) silver from 77.2 million tonnes of ore, while the Granisle mine produced 214,300 tonnes (472.5 million lbs) copper, 6833 kg (219,686.1 troy oz) gold and 69,753 kg (2.2 million troy oz) silver from 52. 7 million tonnes of ore.
** based on a Technical Report entitled “Technical Report on the 344 Million Tonne Increase in Mineral Reserves at the Prosperity Gold – Copper Project” issued December 17, 2009 with an effective date of November 2, 2009. Readers are cautioned that the Prosperity Technical Report has not been updated since 2009 and accordingly, caution needs to be advised when assessing its conclusions in light of current operating and capital costs, appropriate technologies, metals price outlooks, and like matters. A number of mineral resources or significant occurrences disclosed herein relate to nearby properties owned by other companies, and the data presented have been extracted from these companies’ press releases and websites. A Qualified Person has been unable to verify this information from the adjacent properties, and such results are not necessarily indicative of potential quantities or grades of mineralization on the Company’s properties.
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Figure 1. Harvest Gold projects shown relative to significant Late Cretaceous to Eocene deposits, including New Prosperity, Blackwater, Huckleberry, Bell, and Granisle.
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Figure 2. Porphyry Cu±Au±Mo targets defined by magnetic intrusions defined by Fathom Geophysics’ radial symmetry analysis of airborne magnetic survey flown on the Emerson project by Precision Geosurveys.
Qualified Person Statement
The disclosure of technical or scientific information in this press release has been reviewed and approved by Warren Bates, P.Geo. Director of Property Investigations for Harvest Gold. Mr. Bates serves as a Qualified Person under the definition of National Instrument 43-101.
About Harvest Gold Corporation
Harvest Gold is focused on the Interior Plateau of British Columbia exploring for near surface Gold deposits and Copper Gold Porphyry deposits. Harvest’s Board of Directors, management team and technical advisors have collective geological and financing experience exceeding 400 years.
Harvest Gold acknowledges that the Emerson and Goathorn Projects are situated in the traditional territory of the Wet’suwet’en Nation while the Jacobite Project is situated in the traditional territory of the Lake Babine Nation. Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark
President and CEO
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata
@ 604.737.2303 or info@harvestgoldcorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold Corporation (the “Company”) expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
This news release includes technical information that was generated prior to the introduction of National Instrument 43-101. Details of the sampling methods, handling, and quality control methods used in the generation of this historical technical data are unknown to Harvest Gold, and the drill material, assay results, true width of intercepts herein cannot be and have not been verified by the Company’s Qualified Person for the purposes of National Instrument 43-101.
A number of mineral resources or significant occurrences disclosed herein relate to nearby properties owned by other companies, and the data presented have been extracted from these companies’ press releases and websites. A Qualified Person has been unable to verify this information from the adjacent properties, and such results are not necessarily indicative of potential quantities or grades of mineralization on the Company’s properties.
Relating to exploration, the identification of exploration targets and any implied future investigation of such targets on the basis of specific geological, geochemical and geophysical evidence or trends are future-looking and subject to a variety of possible outcomes which may or may not include the discovery, or extension, or termination of mineralization. Further, areas around known mineralized intersections or surface showings may be marked by wording such as “open”, “untested”, “possible extension” or “exploration potential” or by symbols such as “?”. Such wording or symbols should not be construed as a certainty that mineralization continues or that the character of mineralization (e.g. grade or thickness) will remain consistent from a known and measured data point. The key risks related to exploration in general are that chances of identifying economical reserves are extremely small.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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