(TheNewswire)
Vancouver, British Columbia - TheNewswire - December 19, 2023 - Harvest Gold Corporation (TSX.V:HVG) (“ Harvest Gold ” or the“ Company ”) is pleased to announce that it hasentered into an Option Agreement (the “ Option Agreement ”)with EGR Exploration Ltd. (“ EGR ”) to acquire 100% of the Urban BarryProperty (“ UrbanBarry ”) in the Ralleau and Wilson townships inthe Eeyou Istchee James Bay/Abitibi region of Quebec. The transactionis pending TSX Venture Exchange (the “ TSXV ”) approval.
The Urban Barry property straddles the southern marginof the under-explored Urban Barry Greenstone Belt which is host toOsisko/Gold Fields’ Windfall deposit which, today, holds nearly 4million ounces of gold* (Figure 1). Urban Barry encompasses an areaof 6,789 hectares within 122 claims, covering approximately 19kilometres of favourable strike in the Urban Barry Greenstone Belt.The property directly adjoins the large land package of the OsiskoMining Inc./Gold Field’s (50/50 JV) Windfall property, whichincludes the Windfall Deposit (approximately 43 km to the east)(Figure 2) .
Rick Mark, President and CEO of Harvest Gold states:“We are pleased to announce our agreement with EGR to earn 100% of asecond gold property in the Abitibi region of Quebec. As shown inFigure 1, it is close to our recently acquired Mosseau Gold Projectand it sits on the SW edge of the Urban Barry Greenstone Belt. One ofthe many things that attracted us to Urban Barry was the confidenceGold Fields had in this greenstone belt, as indicated in Osisko’sMay 2, 2023 announcement that said their partner Gold Fields will sole fund expenditures for regionalexploration up to a maximum of C$75 million. This mining centricregion in Quebec is gaining renewed attentionworldwide.”
* Source: Osisko Mining Inc.website: 11,061 MT at 11.4 g/t Au Measured & Indicated mineralresource with cut-off grade of 3.5 g/t Au https://www.osiskomining.com/projects/windfall
Figure 1: Location of the UrbanBarry project
Daniel Rodriguez, CEO and Director of EGR noted “Thisis an accretive transaction for EGR shareholders. Harvest Gold, nowa Quebec focused exploration company, will move our Urban Barryproperty forward. This mining district is heating up with recenttransactions, led by the 50/50 JV of Osisko’ s Windfall propertywith Gold Fields Limited and infrastructure announcements withHydro-Quebec. Harvest Gold, whose management team is motivated,experienced, and very strong, technically is more than capable ofmaking a new discovery in the Abitibi region. We look forward totheir success with both their Quebec acquisitions.”
Figure 2: Location of the UrbanBarry project in relation to the Windfall deposit
Prior work on the Urban BarryProperty
From November 2019 to March 2020, Canadian EnergyMaterials Corp. (now EGR Exploration Ltd.) flew an airborne dronemagnetic geophysical survey over the Urban Barry property. Resultsfrom this survey confirm the presence of the northwest extension ofrock units and fault structures hosting the nearby Windfall golddeposit.
The Short Term Plan
Harvest Gold will fly magnetics over the remainder ofthe property in the winter ahead of a prospecting, mapping and tillsampling program in the late spring designed to determine prioritydrill targets.
Transaction Detail Summary
1) Harvest Gold will pay a total of $90,000 in cashpayable in three tranches:
-
First cash payment of $15,000 upon signing of theOption Agreement and TSXV approval
-
Second cash payment of $30,000 on/before July 2,2024
-
Third cash payment of $45,000 on/before July 2,2025
2) Harvest Gold to issue 2,750,000 shares in threetranches:
-
First share issuance of 1,000,000 shares upon updatedclaims status with Ministère des ressources naturelles et desforêts
-
Second share issuance of 500,000 shares on December 15,2024
-
Third share issuance of 250,000 shares on December 15,2025
-
Final share issuance of 1,000,000 shares if there is anNI 43-101 inferred resource estimate of 1,000,000 oz AuEq orgreater.
3) EGR will retain a 2.0% NSR Royalty on the UrbanBarry Property subject to a 1% (50% of Royalty) buyback for$1,000,000.
4) Harvest Gold will expend $100,000 on the propertywithin one year of the date of TSXV approval and an additional$200,000 on or before the second anniversary of TSXV approval of theOption Agreement.
5) Harvest Gold is to complete two years of workcommitments prior to returning any claims.
Qualified Person Statement
The disclosure of technical or scientific informationin this press release has been reviewed and approved by PhillipTerrence Coyle, P.Geo. (OGQ 2079) for Harvest Gold. Mr. Coyle servesas a “Qualified Person” as defined inNational Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. A number of mineral resources or significant occurrencesdisclosed herein relate to nearby properties owned by other companies,and the data presented have been extracted from these companies’press releases and websites. A Qualified Person has been unable toverify this information from the adjacent properties, and such resultsare not necessarily indicative of potential quantities or grades ofmineralization on the Company’s properties.
About Harvest Gold Corporation
Harvest Gold is focused on exploring for near surfacegold deposits and copper-gold porphyry deposits in politically stablemining jurisdictions. Harvest Gold’s board of directors, managementteam and technical advisors have collective geological and financingexperience exceeding 400 years.
Harvest Gold acknowledges that the Urban Barry GoldProject straddles the Eeyou Istchee-James Bay and Abitibi territories. Harvest Goldis committed to developing positive and mutually beneficialrelationships based on respect and transparency with local Indigenouscommunities.
ON BEHALF OF THE BOARD OFDIRECTORS
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 itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward Looking Information
This news release includes certain statements that maybe deemed "forward looking statements". All statements inthis news release, other than statements of historical facts, thataddress events or developments that Harvest Gold expects to occur, areforward looking statements. Forward looking statements are statementsthat are not historical facts and are generally, but not always,identified by the words "expects", "plans","anticipates", "believes", "intends","estimates", "projects", "potential" andsimilar expressions, or that events or conditions "will","would", "may", "could" or"should" occur.
This news release may include technical informationthat was generated prior to the introduction of National Instrument43-101. Details of the sampling methods, handling, and quality controlmethods used in the generation of this historical technical data areunknown to Harvest Gold, and the drill material, assay results, truewidth of intercepts herein cannot be and have not been verified by theCompany’s Qualified Person for the purposes of National Instrument43-101.
A number of mineral resources or significantoccurrences disclosed herein relate to nearby properties owned byother companies, and the data presented have been extracted from thesecompanies’ press releases and websites. A Qualified Person hasbeen unable to verify this information from the adjacent properties,and such results are not necessarily indicative of potentialquantities or grades of mineralization on the Company’sproperties.
Relating to exploration, the identification ofexploration targets and any implied future investigation of suchtargets on the basis of specific geological, geochemical andgeophysical evidence or trends are future-looking and subject to avariety of possible outcomes which may or may not include thediscovery, or extension, or termination of mineralization. Further,areas around known mineralized intersections or surface showings maybe marked by wording such as “open”, “untested”, “possibleextension” or “exploration potential” or by symbols such as“?”. Such wording or symbols should not be construed as acertainty that mineralization continues or that the character ofmineralization (e.g. grade or thickness) will remain consistent from aknown and measured data point. The key risks related to exploration ingeneral are that chances of identifying economical reserves areextremely small.
Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results may differ materially from those in theforward-looking statements. Factors that could cause the actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes, andcontinued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those projected in theforward-looking statements. Forward looking statements are based onthe beliefs, estimates and opinions of the Company’s management onthe date the statements are made. Except as required by securitieslaws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.
Copyright (c) 2023 TheNewswire - All rights reserved.