Vancouver, B.C., August 25,
2010. Harvest Gold Corporation (TSX.V: HVG) (the “Company”) is pleased to
announce gold and silver assay results from the two reverse circulation drill
holes that tested the Valley target. HGR-9 and HGR-10 were completed during the
Company’s first phase drill program at its Rosebud Mine property in Pershing
County, Nevada.
Greg Hill, President of Harvest
Gold Corp. (US) states: “We are very pleased to have drilled shallow, multi-gram
gold mineralization at the Valley target, adjacent to the Rosebud Mine. The
uppermost gold intercept in HGR-10 is among the best to have ever been drilled
at the Valley target and is within 17 metres (55 feet) of surface. The Valley
target is largely unexplored and is open in all directions.”
HGR-10 contains intercepts of:
12.2 metres of 1.81 g Au/t
and 20.9 g Ag/t (2.13 g AuEq/t)
Including:
3.0 metres of 4.26 g Au/t
and 15.3 g Ag/t (4.49 g AuEq/t)
and
1.5 metres of 3.53 g Au/t
and 58.6 g Ag/t (4.42 g AuEq/t)
HGR-9 contains an intercept of:
3.0 metres of
1.16 g Au/t and 7.7 g Ag/t (1.28 g AuEq/t)
The top intercept in HGR-10
begins approximately 17 metres (55 feet) from surface and is one of the highest
grade and thickest intercepts drilled at the Valley target to date. There is
mineralization in historical drill holes 40 metres (130 feet) to the east and 65
metres (215 feet) to the west of the HGR-10 intercepts. This begins to define a
new mineralized zone, open in all directions.
The Valley target has been
tested by approximately 20 drill holes, including HGR-9 and HGR-10, and is
spread over an area approximately 700 metres (2300 feet) by 500 metres (1600
feet). Many of the historic holes contain ore grade or anomalous
mineralization.
All of the intercepts in the
Valley target are within Tertiary volcanic or volcaniclastic rocks.
TABLE 1; SUMMARY OF HOLES HGR 1 – HGR 10
|
FROM |
TO |
INTERVAL |
Au |
Ag |
AuEq |
|
metres |
metres |
metres |
g/t |
g/t |
g/t |
*HGR-1 |
77.7 |
85.3 |
7.6 |
0.74 |
11.1 |
0.90 |
*HGR-2 |
259.1 |
269.7 |
10.6 |
0.61 |
13.1 |
0.81 |
*HGR-3 |
315.5 |
350.5 |
35.1 |
0.82 |
238.1 |
4.43 |
including |
318.5 |
330.7 |
12.2 |
1.58 |
564.3 |
10.13 |
including |
323.1 |
327.7 |
4.6 |
2.47 |
1235.1 |
21.19 |
including |
324.6 |
326.1 |
1.5 |
1.00 |
2159.8 |
33.72 |
and
|
326.1 |
327.7 |
1.6 |
6.24 |
473.5 |
13.42 |
*HGR-4 |
79.2 |
93.0 |
13.8 |
0.28 |
4.0 |
0.34 |
|
342.9 |
347.5 |
4.6 |
0.10 |
14.6 |
0.32 |
|
349.0 |
352.0 |
3.0 |
0.07 |
12.1 |
0.26 |
|
406.9 |
410.0 |
3.1 |
0.53 |
4.9 |
0.61 |
*HGR-5 |
97.5 |
211.8 |
114.3 |
0.49 |
4.7 |
0.56 |
including |
106.7 |
108.2 |
1.5 |
2.59 |
3.8 |
2.65 |
and |
129.5 |
134.1 |
4.6 |
2.16 |
3.9 |
2.22 |
and |
163.1 |
172.2 |
9.1 |
1.40 |
4.6 |
1.47 |
*HGR-6 |
140.2 |
204.2 |
64.0 |
0.48 |
2.9 |
0.52 |
including |
163.1 |
167.6 |
4.6 |
1.31 |
5.5 |
1.39 |
and |
195.1 |
199.6 |
4.6 |
1.64 |
2.6 |
1.68 |
*HGR-7 |
42.7 |
56.4 |
13.7 |
0.12 |
25.4 |
0.50 |
including |
50.3 |
54.9 |
4.6 |
0.13 |
60.7 |
1.05 |
*HGR-8 |
129.5 |
137.2 |
7.6 |
0.69 |
1.4 |
0.71 |
|
202.7 |
219.5 |
16.8 |
0.21 |
21.9 |
0.54 |
|
234.7 |
266.7 |
32.0 |
0.27 |
2.4 |
0.30 |
|
289.6 |
301.8 |
12.2 |
0.39 |
3.4 |
0.44 |
|
367.3 |
374.9 |
7.6 |
0.92 |
16.8 |
1.18 |
|
403.9 |
405.4 |
1.5 |
0.93 |
5.1 |
1.00 |
HGR-9 |
13.7 |
16.8 |
3.0 |
1.16 |
7.7 |
1.28 |
HGR-10 |
19.8 |
32.0 |
12.2 |
1.81 |
20.9 |
2.13 |
including |
21.3 |
24.4 |
3.0 |
4.26 |
15.3 |
4.49 |
and |
27.4 |
29.0 |
1.5 |
3.53 |
58.6 |
4.42 |
|
48.8 |
50.3 |
1.5 |
2.77 |
12.2 |
2.96 |
|
61.0 |
77.7 |
16.8 |
0.21 |
31.5 |
0.69 |
|
129.5 |
138.7 |
9.1 |
0.20 |
8.3 |
0.32 |
Gold equivalent (AuEq) values
calculated using a Ag:Au ratio of 66:1, based on a gold price of US$1160/oz and
a silver price of US$17.60/oz. No Ag or Au recovery factors have been applied
due to a lack of appropriate metallurgical data. All holes are inclined except
for HGR-1. True widths are not known and additional modeling and drilling will
be required to determine true widths. *Intervals for HGR-1 through HGR-8
previously reported 5 Aug 2010 and 11 Aug 2010.
Drill samples were collected at
the drill site, transported to Sparks, NV and assayed by Inspectorate America of
Reno, following standard industry practice. Gold results were determined using
standard fire assay techniques on a 30 gram sample with an atomic absorption
finish. Samples returning assays exceeding 10 grams Au per tonne were re-assayed
using a gravimetric finish. Silver results were determined by ICP. Samples
returning assays exceeding 200 grams Ag per tonne were re-assayed using a
gravimetric finish. Rigorous QA/QC was employed including the insertion of
standards and blanks into the sample stream.
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,
2.42 oz Ag/t. Due to falling gold prices, the cut-off grade was increased from
0.15 oz Au/t to 0.18 oz Au/ton 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/Rosebud_43101l_10Sept08.pdf
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 who has reviewed the contents of this news release.
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.
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.
On behalf of the Board of
Directors,
John Roozendaal
President
Harvest Gold Corporation
For More Information please
contact :
Keith Patey
Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118 |
Andrew Mugridge or
Benjamin Curry
Progressive Investor Relations
Telephone: 604-689-2881 |
The TSX Venture Exchange does not
accept responsibility for the
adequacy or accuracy of this News
Release.
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