News-Release

Harvest Gold Signs Drill Contract: First Phase Drilling to begin at Rosebud Gold Mine Property

05/10/2010

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Vancouver, B.C., May 10, 2010. Harvest Gold Corporation (TSX.V: HVG) (the “Company”) is pleased to announce that it has contracted Envirotech Drilling LLC to complete a Phase I drilling program at the Rosebud Gold Mine project in north western Nevada, USA. Drilling is expected to commence within three weeks.  All Phase I drilling activities have been permitted and bonded.

 

A minimum of nine reverse circulation drill holes, totaling approximately 10,500 feet (3,200 m), are planned to test six target areas.  The drilling is designed to test new high-grade targets developed through the Company’s reinterpretation of geology near the previously mined ore bodies at Rosebud.

 

Greg Hill, president of Harvest Gold Corp. (US) states: “We are excited to begin this long-awaited drill program.  Rosebud represents an excellent opportunity to discover additional high-grade mineralization within a system that hosted one of the highest-grade past-producing gold mines in Nevada.  Our goal in the Phase I drill program is to expand the known mineralization in the ground and to find more high-grade ounces within the deposit area.”

 

Certain historical high-grade drill intercepts that have been encountered by previous operators are listed below (originally reported by Harvest on August 5, 2009).  These intercepts are peripheral to the underground mine workings that produced 396,842 oz Au from 1997-2000.  True widths of these intercepts are unknown.

 

Highlights of past drilling in zones that have not been mined, include:

 

Far East Zone:

RL-217, 210 ft @ 0.101 oz Au/T (64 m @ 3.46 g/tonne)

RL-273, 220 ft @ 0.097 oz Au/T (67.1 m @ 3.33 g/tonne)

 

Southern Extension Target:

RL-179, 310 ft @ 0.034 oz Au/T (94.5 m @ 1.17 g/tonne)

 

Northwest Corridor:

RS-D345-99c, 102.5 ft @ 0.148 oz Au/T (31.2 m @ 5.07 g/tonne)

 

Drill holes were completed by Lac Minerals (RL series) between 1989 and 1992, Hecla (WW-1 and 96-356) in 1994 and 1996, and a Hecla/Newmont joint venture (RS series, collared underground) between 1997 and 2000.  Diamond drilling core holes are denoted by a “c”; except for WW-1, which was a water well completed by rotary drilling, all others are reverse circulation drill holes.

 

 

Far East Zone Target

 

DH ID

From (ft)

To    (ft)

intercept (ft)

Au   (oz/T)

From (m)

To   (m)

intercept (m)

Au (g/tonne)

RL-217

615

825

210

0.101

187.5

251.5

64.0

3.46

incl.

720

745

25

0.447

219.5

227.1

7.6

15.33

RL-220

250

275

25

0.614

76.2

83.8

7.6

21.05

incl.

255

265

10

1.176

77.8

80.8

3.0

40.32

RL-273

280

285

5

0.375

85.4

86.9

1.5

12.86

RL-273

480

700

220

0.097

146.3

213.4

67.1

3.33

 

 

Northwest Corridor Target

 

DH ID

From (ft)

To    (ft)

intercept (ft)

Au   (oz/T)

From (m)

To   (m)

intercept (m)

Au (g/tonne)

96-356

1340

1390

50

0.122

408.4

423.7

15.2

4.18

incl.

1340

1350

10

0.357

408.4

411.5

3.0

12.24

RS-D345-99c

601.2

634

32.8

0.124

183.2

193.2

10.0

4.25

RS-D345-99c

665

767.5

102.5

0.148

202.7

233.9

31.2

5.07

RS-D345-99c

785

811

26

0.257

239.3

247.2

7.9

8.81

 

 

Nym Target

 

DH ID

From (ft)

To    (ft)

intercept (ft)

Au   (oz/T)

From (m)

To   (m)

intercept (m)

Au (g/tonne)

RL-272

360

395

35

0.181

109.7

120.4

10.7

6.21

incl.

375

380

5

0.676

114.3

115.8

1.5

23.18

RL-282

345

355

10

0.062

105.2

108.2

3.0

2.13

incl.

345

350

5

0.103

105.2

106.7

1.5

3.53

RS-453Ac

805.7

813.7

8

0.107

245.6

248.0

2.4

3.67

 

 

Southern Extension Target

 

DH ID

From (ft)

To    (ft)

intercept (ft)

Au   (oz/T)

From (m)

To   (m)

intercept (m)

Au (g/tonne)

RL-179

665

975

310

0.034

202.7

297.2

94.5

1.17

RL-257

430

490

60

0.069

131.1

149.4

18.3

2.37

incl.

440

450

10

0.254

134.1

137.2

3.0

8.71

RL-69A

775

885

110

0.063

236.2

269.7

33.5

2.16

RL-8

445

510

65

0.036

135.6

155.4

19.8

1.23

 

 

Valley Target

 

DH ID

From (ft)

To    (ft)

intercept (ft)

Au   (oz/T)

From (m)

To   (m)

intercept (m)

Au (g/tonne)

RL-56

55

105

50

0.014

16.8

32.0

15.2

0.48

RL-56

285

295

10

0.046

86.9

89.9

3.0

1.58

WW-1

200

210

10

0.122

61.0

64.0

3.0

4.18

 

 

North Zone Feeders Target

 

DH ID

From (ft)

To    (ft)

intercept (ft)

Au   (oz/T)

From (m)

To   (m)

intercept (m)

Au (g/tonne)

RL-106c

1162

1212

50

0.065

354.2

369.4

15.2

2.23

incl.

1167

1172

5

0.125

355.7

357.2

1.5

4.29

incl.

1187

1202

15

0.114

361.8

366.4

4.6

3.91

 

 

The Rosebud property is an advanced exploration project consisting of 54 unpatented mining claims centered on the former Rosebud underground mine, which produced nearly 400,000 oz gold and 2,300,000 oz silver between 1997 and 2000.  The underground operation mined three high-grade ore zones, with an average production grade of 0.416 oz Au/t (14.2 g/tonne), 2.42 oz Ag/t (83 g/tonne).  Due to falling gold prices, the cut-off grade was increased from 0.15 oz Au/t (5.1 g/tonne) to 0.18 oz Au/ton (6.2 g/tonne) over the life of the mine, and mineralized material below the cutoff was not mined.  An in-place, non-43-101-compliant Measured and Indicated Global resource of 242,000 oz Au, 2,130,000 oz Ag (6.81 million t @ 0.036 oz Au/t, 0.31 oz Ag/t), was calculated by Hecla at the close of mining in 2000. (This historical resource estimate was made by a source believed to be reliable, however the Company has not yet independently verified the estimate according to CIM standards and thus this historical estimate should not be relied upon.) The Harvest Gold 43-101 report on Rosebud can be accessed on the website at: http://www.harvestgoldcorp.com.

 

The Rosebud deposit is a high-grade low-sulfidation volcanic-hosted precious metals deposit, similar in origin, geologic setting, and mineralization style to other low-sulfidation gold deposits in northern Nevada, including the high-grade multi-million-ounce Sleeper and Midas deposits.  The property is located in a highly mineralized portion of the Lovelock-Austin Mineral Belt, about 5 miles south of Allied Nevada’s Hycroft mine.

 

The company has an option to acquire a 100% interest in the property, subject to a net smelter royalty.

 

Greg Hill, Certified Professional Geologist, the President of Harvest Gold Corp. (US), is the Qualified Person that has reviewed the contents of this news release.

 

Harvest Gold is also pleased to announce the receipt of final TSX Venture Exchange approval of the recent non-brokered private placement. All securities issued in that placement are subject to a 4 month hold, which will expire on August 24, 2010.

 

Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company is exploring the 100% optioned Rosebud Mine property, and a generative gold property at Garcia Flats in the South Carlin Trend. In Manitoba, Harvest is exploring one group of claims in the Rice Lake Gold Belt of south eastern Manitoba and at Assean Lake, Manitoba.

 

 

On behalf of the Board of Directors,

John Roozendaal
President
Harvest Gold Corporation

 

 

This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties.  Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, uncertainties of resource and reserve estimations, and others are forward-looking.  Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements.  Fluctuations in metals prices, availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.

 

For More Information please contact :

Keith Patey

Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118

 


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