VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 08/05/10 --
Harvest Gold Corporation (TSX VENTURE: HVG) (the "Company") is pleased to announce gold and silver assay results from the first five reverse circulation drill holes, HGR-1 through HGR-5, completed during the Company's first phase drill program at its Rosebud Mine property in Pershing County, Nevada. The drill program has been completed with twelve reverse circulation drill holes totaling 4,574 metres (15,005 feet). Final assay results from all remaining holes are expected within two weeks.
Greg Hill, President of Harvest Gold Corp. (US) states: "Results from these early holes demonstrate that significant zones of mineralization remain undiscovered at the Rosebud Mine. We are very pleased to have drilled two important zones of mineralization in the first five holes. The first is a gold intercept in HGR-5, reported below. It is near surface, has substantial thickness and extends the bulk tonnage halo to the south. It is open to the north, east, south and at depth in a sparsely drilled area approximately 100 metres south of the nearest underground mine workings. The second is a high grade silver zone in HGR-3, reported below. It is in one of our unconformity targets and is open to the north, east, and at depth."
Drill hole HGR-5 contains an intercept of:
114.3 metres of 0.49 g Au/t,
Including:
9.1 metres of 1.40 g Au/t. and
4.6 metres of 2.16 g Au/t.
Mineralization intersected in HGR-5 occurs in a sparsely drilled area within Chocolate formation volcanic flows and begins at approximately 97 metres (320 feet) downhole. This mineralized zone is open to the north, east, south, and at depth and extends toward mineralization intersected in historic drill holes approximately 150 metres (500 feet) to the west. Mineralization may also extend toward the Far East Zone, approximately 250 metres (800 feet) to the east. This intercept opens a large new area of near surface bulk tonnage mineralization with grades comparable to average grades at Allied Nevada's (ANV: TSX, ANV: AMEX) producing Hycroft Mine, five miles to the north.
Drill hole HGR-3 contains an intercept of:
35.1 metres of 238.1 g Ag/t and 0.82 g Au/t (4.43 g AuEq/t)
Including:
12.2 metres of 564.3 g Ag/t and 1.58 g Au/t (10.13 g AuEq/t)
Including:
4.6 metres of 1235.1 g Ag/t and 2.47 g Au/t (21.19 g AuEq/t)
The intercept, characterized by quartz vein and stockwork material, was drilled to the northeast of the North Zone, approximately 30 metres (100 feet) from the nearest underground mined workings. The highest silver values encountered in HGR-3 are among the richest ever drilled at Rosebud, ranking in the top one percent of all previous Rosebud silver intercepts. Mineralization is open to the north, to the east, and at depth. This mineralization occurs at, and below, the unconformity between Tertiary volcanics and Triassic-Jurassic phyllites. It confirms the presence of high-grade mineralization within, and near, the unconformity, which is largely untested by previous drilling.
----------------------------------------------------------------------
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
----------------------------------------------------------------------
Table of significant drill hole intercepts for drill holes HGR-1 through HGR-5. 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. Au intervals are uncut.
The Company is seeking out an engineering firm to complete a NI 43-101 resource estimate.
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 technical report on Rosebud can be accessed on the website at: http://www.harvestgoldcorp.com/pdfs/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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Harvest Gold Corporation
Keith Patey
Director of Communications
604-986-2020 or Toll Free: 1-866-816-0118
604-986-2021 (FAX)
www.harvestgoldcorp.com
Progressive Investor Relations
Andrew Mugridge
604-689-2881
Progressive Investor Relations
Benjamin Curry
604-689-2881
|