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Harvest Gold Exploration Update, Rosebud
Mine, Nevada
February 8, 2007
Harvest Gold Corporation (HVG – TSX.V) February 8,
2007 (the “Company”) is pleased to announce that it has begun its exploration
program at the Rosebud Mine Project. The Company has reviewed much of the
available data and reports from previous operators of the property, and has
hired a geologist with previous experience at Rosebud to compile this
information. The compilation and review of all available data are now underway
and should be completed within the next 90 days. Concurrently, the Company is
planning to conduct, as soon as weather permits, a detailed soil grid covering
the entire property package. It is anticipated that samples will be collected
and analyzed within 120 days. The final results from the compilation and soil
survey will be used to plan a drill program at Rosebud.
Harvest Gold’s Rosebud Mine Project covers the
Rosebud Mine property and 54 claims covering approximately 1,115 acres. The
property package is in northwest Nevada approximately five miles to the south of
the Hycroft mine which produced more than 1,000,000 oz of gold and 2,000,000 oz
of silver.
Rosebud was mined by a Hecla-Newmont (previously
Santa Fe Pacific Gold Corp.) joint venture. According to the Nevada Bureau of
Mines and Geology, 2005, Special Publication MI-2004 the Rosebud mine produced
386,247 oz of gold and 1,254,942 oz of silver between 1997 and 2000. The
production was from a proven and probable reserve of 538,000 oz Au and 3,275,000
oz Ag (1996 Hecla annual report). The reader is cautioned that the historic
production of the mine and its historic reserves as quoted from the Nevada
Bureau of Mines and Geology, 2005, Special Publication MI-2004 and the 1996
Hecla annual report are not NI 43-101 compliant and should not be relied on. In
addition, the Company is not aware of the existence of a current feasibility
study that supports the reserve referred to in the 1996 Hecla annual report. As
such, the historic reserves reported in the 1996 Hecla annual report would not
be considered a reserve under current CIM definitions.
The Company’s plan is to focus on 3 areas:
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Evaluation of historic gold mineralization that may
remain on the property;
-
Exploration for near surface, high-grade gold
mineralization similar to that which has been discovered on the property in the
past; and
-
Exploration for large bodies of gold-silver
mineralization at depth.
Gold and Silver Mineralization within the Mine
Perimeter
The Rosebud mine was discovered in 1989 by the LAC
Minerals - Equinox Resources joint venture (Walck et al., 1993). Mineralization
was indicated by drill intercepts as strong as 178 feet @ 0.72 opt Au (Northern
Miner, 6-24-91). One of the better intercepts in the East zone, in hole 198C,
was 30 feet @ 1.89 opt Au (Mining Record, 7-24-91). Mineralization occurs in
tabular zones associated with the South Ridge fault and cross-cutting high-angle
faults. Quartz-calcite-clay veins cut clay altered, silicified, and/or
sericitized Tertiary rhyolitic volcanic host rocks.
Two mineralized zones, subsequently mined by the
Rosebud joint venture, were defined by LAC – Equinox as the Main zone and the
East zone. They delineated the Main zone as 1800-2000 feet long, with an
average width of 250-300 feet, and a thickness of 25-45 feet (Walck et al.,
1993). The Main zone trended northeast and plunged 20-25 degrees to the
northeast. The East zone was defined as a northwest trending tabular body,
approximately 400 by 600 feet in plan view and 15-45 feet thick (Walck et al.,
1993).
Gold and Silver at the Mine Perimeter
The company is also currently investigating gold and
silver zones located at or near the periphery of the mined area. To the
northwest of the mine, the “Northwest Corridor” contains numerous
high-grade drill intercepts (described below).
Northwest Corridor
According to a September 2000 Hecla Report, numerous
drill intercepts have been encountered to the northwest of the Rosebud mine in
what is called the Northwest Corridor. Drill results in this area include: 10
feet @ 0.357 opt Au, 3.8 feet @ 0.249 opt Au, 5 feet @ 0.311 opt Au, 12.5 feet @
0.169 opt Au, 3.1 feet @ 0.635 opt Au, 5.6 feet @ 0.888 opt Au, 7 feet @ 0.334
opt Au, 12 feet @ 0.522 opt Au, 16 feet @ 0.446 opt Au, and 9 feet @ 0.522 opt
Au. Most of these intercepts occur between 600 and 800 feet down hole.
Gold and Silver Occurrences outside of the
Mine Perimeter
Outside of the mined area, several other gold zones
have been intersected by previous operators. Some of the best drill intercepts
described in a September 2000 Hecla Report is as follows.
Dreamland
The September 2000 Hecla Report describes the
following drill intercepts in the East Dreamland area: 5.9 feet @ 0.819 opt Au
including 2.9 feet @ 1.394 opt Au at a depth of 1,660 feet from surface and 2.2
feet @ 0.1 opt Au at a depth of 1208 feet. This mineralization is still
undefined. Limited follow up drilling has not defined the geometry of the
mineralized zone and no resource estimate was published.
Motherlode
The Hecla 2000 Report also states that the
Motherlode area contains a drill intercept of 15 feet @ 7.34 opt Ag within a
vein. Limited follow up drilling has not defined the geometry of the mineralized
zone and no resource estimate was published.
South Ridge Fault Northeast
To the northeast of the mine, alluvium and talus
cover the South Ridge fault, a major mineralization controlling feature. Very
limited drilling has been undertaken in this target area. One hole drilled in
this area in 2000 intersected 145 feet of stockwork veinlets containing drusy
quartz, marcasite, and anomalous gold within metamorphic rocks that form the
basement beneath the Tertiary volcanic host rocks at the mine (September 2000
Hecla report).
The reader
should not rely on any of the reported drill intervals with gold values quoted
from the Hecla 2000 Report. Harvest Gold has not conducted any drilling on the
Rosebud property and has no data to confirm any of the reported Hecla
intercepts.
New Gold and Silver Targets
In addition to the historical gold and silver target
areas, Harvest Gold is systematically analyzing the potential of the entire
property to identify new target areas. The company is compiling, reviewing, and
interpreting a large volume of project data generated by previous operators.
These data include geologic mapping, rock chip geochemistry, soil geochemistry,
geophysical data, and drilling data.
The Harvest Gold geological crew will begin its own
detailed soil sampling grid utilizing modern geochemical techniques to assess
the potential of the property to host new zones in areas with no outcrop.
Harvest Gold plans to complete this entire review by
the end of April, 2007 with the intention of creating specific targets ready for
summer 2007 drilling. The Company expects to generate additional gold and silver
anomalies, which may have potential to develop into drill targets from the soil
sampling program over the Rosebud grid.
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 vice-president Harvest Gold USA.
Please visit
www.harvestgoldcorp.com to learn more
about Rosebud and the Company’s other gold and gold/silver projects.
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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