Harvest Gold Corporation (HVG – TSX.V)
November 22,
2007 (the “Company”) is near completion of its internal compilation of
available
data for the Rosebud gold mine project in Nevada. This internal study
has three
objectives and is designed to assist the company in determining whether
the next
phase of development drilling should be done through a Joint Venture
arrangement
or by the Company. The objectives are:
-
assess the potential for the historic mine
area
and its geochemical footprint to host a multi-million ounce gold and
silver
deposit with a threshold grade greater than one gram gold per tonne
that
could enable the development of an open pit style mining operation
centered
on the historic mine workings;
-
develop exploration targets in areas with
known
mineralization in historic drillholes;
-
conduct and analyze geochemical surveys
designed
to assess the potential for gold and silver mineralization in
under-explored
areas of the property.
HISTORIC DATA:
The historic data includes pre-mining soil and rock geochemistry,
airborne and
ground geophysics, surface geological mapping, structural interpretation
of
fault patterns and data from available drill logs. As disclosed in the
Hecla
Mining Company’s 1999 annual report (10K SEC Filing)… “gold
mineralization in
the South, North and East zones, as in many other volcanic hosted gold
deposits,
is erratically distributed with numerous low-grade drill hole intercepts
interspersed with higher-grade drillhole intercepts over an area
approximately
1,000 feet east west by 1,000 feet north south. Drilling has also
intersected
further mineralization proximal to the mine.”
In 1996, information published in the Hecla Mining Company’s annual
report (10K
SEC filing) quotes a Rosebud resource of 1,276,634 tons grading 0.392
ounces
gold and 2.70 ounces silver per ton containing 500,441 ounces of gold
and
3,446,912 ounces of silver at a cut-off grade of 0.18 ounce (5.2 grams)
gold per
ton. This pre-mining resource (1996) was not 43-101 compliant but was
based on
over 260,000 feet of surface and underground drilling in and around the
mine
area. The deposit was mined by a Hecla-Newmont joint venture between
1997 and
2000 and 1,003,390 tons were milled, which recovered 385,450 ounces of
gold and
1,253,604 ounces of silver. The ore from the mine was processed in a
conventional carbon-in-leach circuit, which produced a high-quality
gold-silver
dore. Recoveries for gold were in the 95% range and 58% for silver.
NEW EXPLORATION TARGETS:
In addition to the possibility of establishing an open-pit style
resource, the
Rosebud gold mine area is considered to have excellent exploration
potential for
higher-grade gold and silver mineralization in several areas that were
not
included previously in the historic mine workings or resource
calculations. This
is supported by available data from historic drillholes in the Dreamland
(1.9
metres of 25.4 g/t gold) and Northwest Corridor (5.1 metres of 13.8 g/t
gold,
3.9 metres of 16.2 g/t gold) areas, as well as other locations on the
property.
GEOCHEMICAL SURVEYS:
In the summer of 2007, the Company completed an enzyme leach soil
survey.
Approximately two hundred samples were taken from a 100 metre by 100
metre grid
covering the majority of the property and centered on the Rosebud
historic mine
workings. Results of gold values, as determined by the enzyme leach
method,
indicate potential for extensions of Rosebud mine mineralization to the
northwest and east of the historic mine workings.
The enzyme leach data have also identified a new target in the
northeastern part
of the property with dimensions and orientation similar to that of the
geochemical footprint of the Rosebud mine. The Company believes that
this is a
compelling exploration target in an area that has not been previously
drill
tested.
The Company has recently received the drill logs with assays from 25
historical
drill holes in the mine area and expects to incorporate that information
in a
final report that outlines the Company’s strategic options. The plan
should be
presented to the board for decision in December before the AGM in
Vancouver, BC.
Harvest Gold holds an option to acquire a 100% interest in the Rosebud
Project
subject to a 3% net smelter return royalty 50% of which can be purchased
for
US$2,250,000. The Rosebud Project consists of the Rosebud mine and the
54 claims
covering approximately 1,115 acres surrounding the mine. The property
package is
in northwest Nevada approximately 58 miles west of Winnemucca and five
miles to
the south of the Hycroft mine, which produced more than 1,000,000 oz
gold and
2,000,000 oz silver.
A Qualified Person has not done sufficient work to classify the
historical
estimate as current mineral resources, the issuer is not treating the
historical
estimate as current mineral resources and the historical estimate should
not be
relied upon.
The Qualified Person responsible for the preparation of information of a
scientific and technical nature contained herein is Mr. Greg Hill,
M.Sc., CPG,
and president Harvest Gold Corp (US).
Harvest Gold Corporation is a gold focused exploration company working
in
Nevada, USA and Manitoba, Canada. In Nevada, the Company is exploring a
large
generative gold property at Garcia Flats in the South Carlin Trend, an
advanced
property with a gold-silver resource at the Longstreet Mine, in Northern
Nye
County, and the Rosebud Mine Project, a past producing mine in northwest
Nevada.
Harvest is also exploring claims in Manitoba, Canada at the Rice Lake
Gold Belt,
the Rocky Ridge Gold property in the Lac du Bonnet mining district, and
is Joint
Ventured with Canadian Gold Hunter Corp (CGH.TSX) at the Assean Lake
Gold
Project.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark
CEO & Chairman
For
more
information about Harvest Gold Corporation, please review the Company’s
website
www.harvestgoldcorp.com
or speak with a
Company representative at
1-866-816-0118 or
604-986-2020.
The
TSX
Venture Exchange has not reviewed this press release and does not
accept
responsibility for the adequacy or accuracy of this release.
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