(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 11, 2024 - Harvest Gold Corporation (TSXV:HVG) (“ Harvest Gold ” or the “ Company ”) is pleased to announce that it isseeking bids to execute a high-resolution airborne magnetics surveyover portions of its Mosseau Gold Project (“ Mosseau ” or the“ Mosseau Gold Project ”) and itsnearby Urban Barry property (“ Urban Barry ”). Mosseau spans 147 claimstotaling 7265.88 hectares (72.66 km 2 ), whichincludes a 17.7 km long gold-bearing structure running through thelength of the property. Urban Barry spans 122 claims totaling 6,789.05hectares (67.89 km 2 ) (See Figure 1).
Warren Bates, P.Geo., Director of PropertyInvestigation, and a member of Harvest Gold’s technical advisoryboard states: “ This airborne magnetics surveywill complete modern magnetic coverage over both projects and deliverexcellent value for money. It will overlay the to be collatedhistorical data and allow us to compile a new cohesive data set.Importantly, this will provide us a much better understanding of thestructural framework for both the Mosseau and Urban Barry projects andguide our ground-based exploration programs that will help developdrill targets.”
Rick Mark, President and CEO of Harvest Gold states:“Our team’s interpretations of this consolidated data base willallow Mosseau and Urban Barry to be explored effectively for the firsttime and is an essential first step to discovery. It will also helpinform shareholders and investors of the potential in both theseproperties.”
Historically, in 1977, there was a regional magnetic survey conducted over portions of theMosseau project area with a fixed wing Questor survey equipped with aMark VI INPUT system. The survey height was 122 metres with flightlines at 270 metres line spacing, providing limited detail howeversome EM conductors were detected in the survey area.
In 2017 Mosseau property vendor Vior Inc.conducted a more detailedsurvey over a small block in the central part of Mosseau property Thehelicopter-based survey traversed 505 line-km and was flown with aline spacing of 100 metres by Geo Data Solutions GDS Inc.
In 2020, EGR Exploration Ltd. completed a 1,374.71-linekm airborne magnetic survey over portions of the Urban Barry property.This unmanned aerial vehicle survey was flown with a line spacing of100 m by Pioneer Exploration Consultants Ltd.
The new survey will be conducted over previously unsurveyed areas and selected surveyedsections of the Mosseau and Urban Barry properties entailing 141 sqkm. The airborne magnetic survey specificationsare to fly at approximately 100m line spacings for a total of425.80-line km on Mosseau and a total of 841-line km at Urban Barry.The interpreted results of the survey will:
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Help identify lithologies andalteration zones. Each lithology and type ofalteration has a characteristic range of magnetic susceptibilities.Interpretation of the magnetic survey will differentiate areasunderlain by different lithologies and alteration types. This will bevery helpful as a guide to mapping and for interpolating betweenoutcrops.
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Help identify structures . Faults will juxtapose units of different magneticsusceptibilities beside each other and fluids traveling along faultswill commonly destroy magnetite. Faults can be inferred from magneticdata by linear discontinuities and lows. Interpreted structures willprobably be important in controlling the emplacement and subsequentdisplacement of gold mineralization.
The geological team will interpret the airborne surveyresults in conjunction with the consolidated historical data toestablish priorities for an intensive field season in spring/summer2024. The field program will consist of detailed mapping, prospecting,and soil sampling aimed at accurately delineating priority drilltargets. Based on results, Harvest Gold is contemplating drilling inthe northern part of Mosseau later this summer, which includes thehistorical Morono showing.
Figure 1: Location and regional geology of theMosseau and Urban Barry Projects
Update on Emerson and Goathornprojects located in Central British Columbia
Prior to year-end 2023, the Company decided to returnthe Goathorn project in good standing to the property vendors. Inaddition, the Company re-negotiated the terms of the Option Agreementon the Emerson Project to defer all future cash payments by one yearin return for a $5,000 payment to be made by January 31, 2024.
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.
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 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.
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