Harvest Looking for Two Distinct Porphyry Deposit Models on Its Three B.C. Properties; Provides Examples of Both
Vancouver, British Columbia - TheNewswire - October 8, 2020 - Harvest Gold Corporation (TSXV:HVG) ("Harvest Gold" or the "Company") announces that a review of technical data on the recently acquired Emerson, Goathorn and Jacobite projects shows strong mineralized systems bearing essential geological similarities to the massive New Prosperity deposit and the 20 year Bell Copper porphyry Cu-Au mine, both located in central BC.
The New Prosperity deposit, located 400 km southeast of Emerson and Goathorn, has a one billion tonne measured and indicated resource containing 2.4 million tonnes of copper and 13.3 million ounces of gold** centered on a multi-phase Late Cretaceous quartz-feldspar porphyry stock. The Bell Copper mine, located 70 km southeast of Jacobite, was in production from 1972 to 1992 and produced 411,000 oz Au and 303,000 t Cu from 77 Mt of ore associated with an Eocene biotite-feldspar porphyry stock.
** based on a Technical Report entitled "Technical Report on the 344 Million Tonne Increase in Mineral Reserves at the Prosperity Gold - Copper Project" issued December 17, 2009 with an effective date of November 2, 2009. Readers are cautioned that the Prosperity Technical Report has not been updated since 2009 and accordingly, caution needs to be advised when assessing its conclusions in light of current operating and capital costs, appropriate technologies, metals price outlooks, and like matters.
Henry Awmack, P.Eng., who developed the Goathorn, Emerson and Jacobite projects is a member of Harvest Gold's technical advisory board and states: "With the recent delineation of the New Prosperity deposit has come the recognition that the Late Cretaceous porphyry belt which extends northwest through the Emerson/Goathorn area can produce very large, gold-rich deposits. Age-dates on intrusive rocks from both Emerson and Goathorn show them to be Late Cretaceous like New Prosperity. The target for the Jacobite project is a deposit like Bell Copper, which was mined successfully by Noranda for 20 years."
Harvest Gold's President and CEO Rick Mark said: "It is important our shareholders and followers understand the nature, size and value of the several targets we are chasing on our three 100% owned BC properties, They are all close to an experienced workforce, accommodation, roads and power. Discoveries can become mines on these properties and from the beginning we have made it clear that progress on targets of this size, in this jurisdiction will get the attention of mining companies from across the world."
Qualified Person Statement
The disclosure of technical or scientific information in this press release has been reviewed and approved by Warren Bates, P.Geo. Director of Property Investigations for Harvest Gold. Mr. Bates serves as a Qualified Person under the definition of National Instrument 43-101.
About Harvest Gold
Harvest Gold is focused on the Interior Plateau of British Columbia exploring for near surface Gold deposits and Copper Gold Porphyry deposits. Harvest's Board of Directors, management team and technical advisors have collective geological and financing experience exceeding 400 years.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
Harvest Gold Corporation
For more information please contact:
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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 Corporation (the "Company") 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.
This news release includes technical information that was generated prior to the introduction of National Instrument 43-101. Details of the sampling methods, handling, and quality control methods used in the generation of this historical technical data are unknown to Harvest Gold, and the drill material, assay results, true width of intercepts herein cannot be and have not been verified by the Company's Qualified Person for the purposes of National Instrument 43-101.
A number of mineral resources or significant occurrences disclosed 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 to verify this information from the adjacent properties, and such results are not necessarily indicative of potential quantities or grades of mineralization on the Company's properties.
Relating to exploration, the identification of exploration targets and any implied future investigation of such targets on the basis of specific geological, geochemical and geophysical evidence or trends are future-looking and subject to a variety of possible outcomes which may or may not include the discovery, or extension, or termination of mineralization. Further, areas around known mineralized intersections or surface showings may be marked by wording such as "open", "untested", "possible extension" or "exploration potential" or by symbols such as "?". Such wording or symbols should not be construed as a certainty that mineralization continues or that the character of mineralization (e.g. grade or thickness) will remain consistent from a known and measured data point. The key risks related to exploration in general are that chances of identifying economical reserves are extremely small.
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.