(TheNewswire)
Vancouver, British Columbia - TheNewswire - December 18, 2023 - Harvest GoldCorporation (TSXV:HVG) (“ Harvest Gold ” or the“ Company ”) is pleased to announce that it has entered into anOption 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 ”), subjectto TSX Venture Exchange (the “ TSXV ”) approval.
Mosseau spans 147 claims totaling 7265.88 hectares(72.66 km 2 ), which includes a 17.7 km long gold-bearing structurerunning through the length of the property. Mosseau adjoins the Urban Barry Greenstone Belt of the Abitibi Regionof Quebec (Figure 1). Vior is a Montreal based,Quebec-focused mineral exploration company and is owned 14.1% byOsisko Mining Inc. (“ OsiskoMining ”) (TSX: OSK).
Rick Mark, President and CEO of Harvest Gold states:“I am very pleased to inform our shareholders that our year-longsearch for a new, high quality gold exploration project in amining-friendly jurisdiction is complete and, further, we can earn100% of this opportunity. Mosseau has only recently been consolidatedby Vior, so it has not undergone any extensive, systematic explorationin over 35 years, enhancing our chances for discovery.”
Figure 1: Regional Location ofMosseau and the Urban-Barry Greenstone Belt
The Mosseau Gold Project
Mosseau lies at the western boundary of the prolificUrban Barry Greenstone Belt, an area renowned for both historic andcurrent mining activities, including the Windfall deposit. Notably,Osisko Mining and the well-known prospector, Shawn Ryan, holdneighboring claims. Recent wildfires and logging activities havefortuitously improved access to the property and revealed numerous newoutcrop exposures, which further enhance exploration prospects.
Mosseau has been amalgamated under single ownership forthe first time by Vior . It is 100% owned byVior, with the majority of the claims not subject to any underlyingroyalties or encumbrances.
Mark Fedosiewich, President and CEOof Vior commented: “Vior is pleased toannounce the execution of this definitive Agreement with theexperienced and proven team at Harvest Gold. Our recently consolidateddistrict-scale Mosseau Gold Project warrants the resources andcommitment that Harvest Gold will dedicate to unearth a significantnew discovery at Mosseau.”
Short Term Plans
Harvest Gold will begin a thorough compilation of allhistorical exploration data and is planning to conduct ahigh-resolution airborne magnetics survey during the winter overpreviously unsurveyed areas and selected surveyed sections of theproperty. The geological team will interpret the airborne surveyresults in conjunction with the consolidated historical data toestablish priorities for an intensive field season in spring 2024. Thefield program will consist of detailed mapping, prospecting, and soilsampling aimed at accurately delineating priority drill targets.Harvest is also contemplating drilling the historical Morono depositthis summer.
Harvest Gold has had several meetings with the Viorgeological team and will continue that collaboration. Vior’sextensive regional knowledge and their experience within Quebec areinvaluable to Harvest Gold as the Company begins work onMosseau.
The Property
Warren Bates, Director of Property Investigation forHarvest Gold states: “We believe that with the distinct geologicalcharacteristics defined below, and on a more local property scale, thepresence of ultramafic rocks plus Cu-Ni mineralization, we are lookingat an area representing deep seated structures. This ground has alsoundergone significant uplift and movement as indicated by aninterpreted sedimentary basin, all features that are common to many ofthe more important gold camps.”
The Mosseau Gold Project exhibits several geological characteristics common tosignificant orogenic gold deposits, including:
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Major Greenstone Belt within the Abitibi region withsignificant known gold deposits (Urban-Barry)
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Regional large scale deformation zone (Toussaint andKiask River fault zones)
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Geological framework including variable intrusives(felsic to ultramafics), bi-modal volcanism and sedimentarybasins
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Demonstrated continuity of property scale mineralizedzones (Morono Shear Zone)
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Favourable gold environment with the presence ofpolymetallic mineral showings (Au, Cu, Ni)
Mosseau hosts numerous goldshowings and prospects, as well as copper and nickel occurrences(Sigeom), both explored and underexplored.
Field investigations and drill core review by HarvestGold have verified the presence of shear-hosted gold mineralization.The property contains multiple, parallel shear zones consisting ofquartz-sericite schist, which further underscores its potential forgold discovery.
Figure 2: Location of gold showingsand prospects overprinted on the geology map of Mosseau
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. Coyleserves as a “Qualified Person” as defined inNational Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has not beenable verify the data disclosed, including sampling, analytical andtest data, underlying the technical information in this news releasesince such data was historical and the majority of the original drillcore is not readily available.
Option Terms
Pursuant to the Agreement, which is subject to TSXVapproval and completion of a formal Option and Joint VentureAgreement, Harvest Gold can earn a 100%* interest in the Mosseau GoldProject by completing the following:
Deadline | Payment | Work Commitment (1)(2) | Harvest Interest Earned (3)(4) | |
Cash (1) | Common Shares | |||
Within three (3) business days of regulatoryapproval | $50,000 | 2,000,000 | Nil | Nil |
Earlier of (i) the completion of a minimum $500,000financing; or (ii) February 28, 2024 | $50,000 | 2,000,000 | Nil | Nil |
On or before December 31, 2024 | $100,000 | 2,000,000 | $250,000 | Nil |
On or before December 31, 2025 | $100,000 | 2,000,000 | $1,250,000 | Nil |
On or before December 31, 2026 | $100,000 | 2,000,000 | Nil | Nil |
On or before December 31, 2027 | $100,000 | 2,000,000 | $1,500,000 | 80% (5) |
If Harvest determines to acquire a 100% interest, on orbefore June 30, 2028 | $1,500,000 | Nil | Nil | 100% |
Total: | 2000000 | 12000000 | 3000000 | 100% |
Notes:
(1) All dollar amounts referred to are stated inCanadian Dollars.
(2) All work in excess of the yearly minimum amountwill be applied to the following year’s Work Commitment.
(3) Subject to varying 0.5 to 2.0% net smelterreturns royalties (the “ NSR ”) due to underlying vendors of claimlocated over the historic Morono resource and Soquem claims located inthe 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 therequired $1,000,000 payment on or before June 30, 2028 or by notifyingVior in writing of its intent prior to such deadline, Harvest Gold andVior will form a joint venture pursuant to which Harvest Gold and Viorwill respectively hold an undivided 80% and 20% interest (the“ Joint Venture ”). Thereafter, Harvest Gold and Vior will each fund allwork expenditures on Mousseau in proportion to their respectiveinterests in Mosseau and, if either party fails to pay its share offunding, a standard dilution calculation will apply.
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 Mosseau Gold Projectstraddles the EeyouIstchee-James Bay and Abitibi territories. Harvest Gold is committedto developing positive and mutually beneficial relationships based onrespect and transparency with local Indigenous communities.
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.
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 asrequired by securities laws, the Company undertakes no obligation toupdate these forward-looking statements in the event that management'sbeliefs, estimates or opinions, or other factors, shouldchange.
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