News-Release

Harvest Gold Updates its Review of Known Gold Mineralization in Relation to its High Resolution Magnetic Survey over the Mosseau Project in Quebec

05/08/2024

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Vancouver, British Columbia / May 8, 2024 - Harvest Gold Corporation (TSXV: HVG) (“Harvest Gold” or the “Company”) is pleased to report on the relationship between the historical gold showings on the property and the magnetic and structural study derived from its high-resolution magnetic survey of its flagship Mosseau Project located in the Urban Barry region of Quebec. 

The compilation of all historical gold showings from diamond drilling, channel sampling and grab samples by previous operators on Mosseau back to 1949 is complete. This has now been incorporated with the structural study incorporating high-resolution magnetics, LiDAR, digital elevation models and geological field structural measurements. 

Since the Company can now observe the key shear zones and important cross cutting fault zones at Mosseau, it is able to identify the mineralized shear zones and structural features important for hosting gold mineralization (Figure 1).

Three important styles of mineralization have been identified on the property in relation to the magnetic patterns observed. 

Large dilation zones have been identified by the recognition of a change in magnetic domains (Figure 2). Within these dilation zones, several secondary structural features are interpreted, including the historical Morono deposit that has been traced for 1 km along strike.

Intersecting NE and NW trending magnetic features located in the NW corner of the property appear to be important sites in focusing the gold mineralization (Figure 3). Numerous gold showings are located at many of these sites, possibly representing intersections of NW trending stratigraphic shear zones and NE trending fault structures.

Liner NW-SW trending magnetic high features in the central part of the property were observed that corresponded to shear zones identified in the field. Figure 4 illustrates the strong correlation between the known gold mineralization and the magnetic high features. Numerous other targeted shear zones are also identified by similar, parallel magnetic features.

Harvest Gold Senior Technical Consultant Louis Martin states: “The incorporation of the previous gold showings with the recent structural interpretation, and now the high-resolution magnetics has highlighted several structural features and trends important for hosting gold mineralization. This combination provides us with much better clarity on the key elements of the geological stratigraphy, shear zones and intersecting faults which will prove useful in identifying both prospecting and drilling targets.” 

Ongoing compilation work will include assessing the potential strike extension of these promising horizons, updating the property scale geology map and selecting priority prospecting targets for this summer. 

Among other things, the Company is planning a geochemical survey on key parts of the Mosseau Property and has forwarded work tenders to several companies specializing in carrying out geochemical programs. 

Figure 1: Magnetic (TMI) coverage of Mosseau Project with Gold Showings

Figure 2: Magnetics and Gold Showing – Morono Area

Figure 3: Magnetics and Gold Showing – NW Area

Figure 4: Magnetics and Gold Showing – Central Area

Qualified Person Disclosure

The disclosure of technical or scientific information in this press release has been reviewed and approved by Louis Martin, P.Geo. (OGQ 364), Qualified Person for Harvest Gold. Mr. Martin serves as a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Harvest Gold Corporation

Harvest Gold is focused on exploring for near surface gold deposits and copper-gold porphyry deposits in politically stable mining jurisdictions. Harvest Gold’s board of directors, management team and technical advisors have collective geological and financing experience exceeding 400 years. 

Harvest Gold has three active gold projects focused in the Urban Barry area, totalling 329 claims covering 17,539.25 ha, located approximately 45-70 km west of Osisko-Gold Fields Windfall Deposit. 

Harvest Gold acknowledges that the Mosseau Gold Project straddles the Eeyou Istchee-James Bay and Abitibi territories. Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark
President and CEO
Harvest Gold Corporation

For more information please contact:

Rick Mark or Jan Urata
@ 604.737.2303 or info@harvestgoldcorp.com

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. 

Forward Looking Information

This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. 

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.