On December 18, 2023 Harvest Gold Corporation announced that it had entered
into an Option Agreement (the “Agreement”) with Vior Inc.
(“Vior”) (TSXV: VSR). Pursuant to the Agreement, Harvest Gold can
earn up to a 100% interest in the Mosseau Gold Project (“Mosseau”
or the “Mosseau Gold Project”), subject to TSX Venture Exchange
(the “TSXV”) approval.
Mosseau spans 147 claims totaling 7265.88 hectares (72.66 km2),
which includes a 17.7 km long gold-bearing structure running through the
length of the property. Mosseau adjoins the Urban Barry Greenstone Belt of the
Abitibi Region of Quebec (Figure 1). Vior is a Montreal based, Quebec-focused
mineral exploration company and is owned 14.1% by Osisko Mining Inc.
(“Osisko Mining”) (TSX: OSK).
Rick Mark, President and CEO of Harvest Gold stated: “I am very pleased
to inform our shareholders that our year-long search for a new, high quality
gold exploration project in a mining-friendly jurisdiction is complete and,
further, we can earn 100% of this opportunity. Mosseau has only recently been
consolidated by Vior, so it has not undergone any extensive, systematic
exploration in over 35 years, enhancing our chances for discovery.”
Figure 1: Regional Location of Mosseau and the Urban-Barry Greenstone
Belt
The Mosseau Gold Project
Mosseau lies at the western boundary of the prolific Urban Barry Greenstone
Belt, an area renowned for both historic and current mining activities,
including the Windfall deposit. Notably, Osisko Mining and the well-known
prospector, Shawn Ryan, hold neighboring claims. Recent wildfires and logging
activities have fortuitously improved access to the property and revealed
numerous new outcrop exposures, which further enhance exploration prospects.
Mosseau has been amalgamated under single ownership for the first time by
Vior. It is 100% owned by Vior, with the majority of the claims not subject to
any underlying royalties or encumbrances.
Mark Fedosiewich, President and CEO of Vior commented: “Vior is pleased
to announce the execution of this definitive Agreement with the experienced
and proven team at Harvest Gold. Our recently consolidated district-scale
Mosseau Gold Project warrants the resources and commitment that Harvest Gold
will dedicate to unearth a significant new discovery at Mosseau.”
Short Term Plans
Harvest Gold will begin a thorough compilation of all historical exploration
data and is planning to conduct a high-resolution airborne magnetics survey
during the winter over previously unsurveyed areas and selected surveyed
sections of the property. The geological team will interpret the airborne
survey results in conjunction with the consolidated historical data to
establish priorities for an intensive field season in spring 2024. The field
program will consist of detailed mapping, prospecting, and soil sampling aimed
at accurately delineating priority drill targets. Harvest is also
contemplating drilling the historical Morono deposit this summer.
Harvest Gold has had several meetings with the Vior geological team and will
continue that collaboration. Vior’s extensive regional knowledge and
their experience within Quebec are invaluable to Harvest Gold as the Company
begins work on Mosseau.
The Property
Warren Bates, Director of Property Investigation for Harvest Gold states:
“We believe that with the distinct geological characteristics defined
below, and on a more local property scale, the presence of ultramafic rocks
plus Cu-Ni mineralization, we are looking at an area representing deep seated
structures. This ground has also undergone significant uplift and movement as
indicated by an interpreted sedimentary basin, all features that are common to
many of the more important gold camps.”
The Mosseau Gold Project exhibits several geological characteristics common to
significant orogenic gold deposits, including:
-
Major Greenstone Belt within the Abitibi region with significant known gold
deposits (Urban-Barry)
-
Regional large scale deformation zone (Toussaint and Kiask River fault
zones)
-
Geological framework including variable intrusives (felsic to ultramafics),
bi-modal volcanism and sedimentary basins
-
Demonstrated continuity of property scale mineralized zones (Morono Shear
Zone)
-
Favourable gold environment with the presence of polymetallic mineral
showings (Au, Cu, Ni)
Mosseau hosts numerous gold showings and prospects, as well as copper and
nickel occurrences (Sigeom), both explored and underexplored.
Field investigations and drill core review by Harvest Gold have verified the
presence of shear-hosted gold mineralization. The property contains multiple,
parallel shear zones consisting of quartz-sericite schist, which further
underscores its potential for gold discovery.
Figure 2: Location of gold showings and prospects overprinted on the
geology map of Mosseau
Qualified Person Statement
The disclosure of technical or scientific information in this project
description has been reviewed and approved by Phillip Terrence Coyle, P.Geo.
(OGQ 2079) for Harvest Gold. Mr. Coyle serves as a “Qualified
Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has not been able verify the
data disclosed, including sampling, analytical and test data, underlying the
technical information in this news release since such data was historical and
the majority of the original drill core is not readily available.
Option Terms
Pursuant to the Agreement, which is subject to TSXV approval and completion of
a formal Option and Joint Venture Agreement, Harvest Gold can earn a 100%*
interest in the Mosseau Gold Project by completing the following:
Notes:
(1) All dollar amounts referred to are stated in Canadian Dollars.
(2) All work in excess of the yearly minimum amount will be applied to the
following year’s Work Commitment.
(3) Subject to varying 0.5 to 2.0% net smelter returns royalties (the
“NSR”) due to underlying vendors of claim located
over the historic Morono resource and Soquem claims located in the northwest
corner of Mosseau.
(4) Subject to a 1% NSR royalty to Vior of which 0.5% maybe purchased by
Harvest Gold for $1,000,000 at anytime after the publication of a 43-101
compliant mineral resource.
(5) If Harvest Gold does not elect to earn a 100% interest, either by failing
to complete the required $1,000,000 payment on or before June 30, 2028 or by
notifying Vior in writing of its intent prior to such deadline, Harvest Gold
and Vior will form a joint venture pursuant to which Harvest Gold and Vior
will respectively hold an undivided 80% and 20% interest (the “Joint Venture”). Thereafter, Harvest Gold and Vior will each fund all work
expenditures on Mousseau in proportion to their respective interests in
Mosseau and, if either party fails to pay its share of funding, a standard
dilution calculation will apply.