Harvest Gold Corporation
TSX VENTURE : HVG

Harvest Gold Corporation

March 20, 2008 15:39 ET

Harvest Gold Nears Completion of Drilling at Lesavage North Property, Rice Lake Gold Belt, Manitoba; Exploration Agreement with Wildcat Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 20, 2008) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to report that its winter exploration program at the Lesavage North Project is nearing completion. Eight of a planned nine holes are finished and the ninth hole is underway. In total, the program will include approximately 2,000 meters of drilling. The Lesavage North Property is located in the Rice Lake Gold Belt, approximately 20 km east of the mining community of Bissett, Manitoba.

One drill hole has tested the eastwards extension of the mineralization encountered in Zone 3 discovered during the 2006 drill program. Two holes tested the mineralization intersected in the Red Hill Zone in 2005 and six holes were drilled on geochemical and IP and magnetic survey geophysical targets within the swampy area both south and east of the Red Hill Zone.

The core will be logged in detail and sampled in April and assay results released when the processing is completed in May.

The Red Hill Gold Zone was discovered in 2005 and previous drilling has resulted in intercepts of up to 7.5 g/t over 2 meters and several other intervals as high as 3.4 g/t gold in adjacent holes (See Jan 18, 2006 press release at www.harvestgoldcorp.com).

The Wanipigow fault zone, present in a large swamp south of Red Hill, is the major structural feature in the region and can be traced eastwards for several hundred kilometers where it passes through both the Red Lake gold camp and smaller Pickle Lake gold camp in Ontario. It contains an extensive zone of strong resistivity and underlies the swamp where the property vendor and the Company have identified strong geochemical gold anomalies. Gold drill targets, which are only accessible in winter when the swamp is frozen, were one focus of this program.

The gold discovered at Red Hill is associated with very fine-grained pyrite and arsenopyrite within a zone of ankerite (iron-magnesium carbonate) and silica alteration, which is a common type of alteration found in association with many gold deposits. Other occurrences of the same type of alteration are located in a large fold structure and the regional shear zone that runs the entire length of the property.

The Company controls a large segment of rocks that have been interpreted by Company and government geologists to be equivalent to the Balmer sequence at Red Lake, which hosts much of the gold in the Red Lake gold camp. In addition, the major crustal break on the property extends to the Red Lake Gold Camp some 80 km to the east.

Joint Exploration Agreement with Wildcat Exploration Ltd.

A Letter of Intent has been negotiated with Wildcat Exploration Ltd., which will allow joint exploration of the Morore and Gudroc claims which are within the Lesavage North Property and are located along the north claim boundary which borders Wildcat's Jeep property.

The rocks that host the Jeep gold deposit on the neighboring Jeep Claims have been mapped onto the Company's Lesavage North Property. Exploration by Wildcat Exploration has identified the rock unit as being prospective not only for gold mineralization, but also for Nickel-Copper-Platinum Group Element mineralization.

The Company has negotiated terms for jointly exploring the Morore and Gudroc claims which cover 405 hectares of the total 1912 hectares, 12 claim Lesavage North Property.

According to Wildcat Explorations news release earlier today:

"The Company and its geophysical consultants interpret that the location and extent of the IP anomalies are controlled by two previously unrecognized shear zone trends that cross-cut the 110 degree striking shear zones that dominate this area. The intersections of these shear zones are excellent drilling targets for sulphides in the gabbroic host rock which may contain gold and Cu-Ni-PGE as demonstrated in the Company's 2007 drilling (see news releases April 3, 2007 and July 12, 2007). Analysis and modeling of the geophysical results indicate the existence of a number of near surface targets and additional targets at depth.

Projection of the survey results, together with a recently completed airborne Dighem and mag survey over the Company's property indicates a potential for additional intersecting shear zones on certain properties immediately south of the Company's claims. As a result Wildcat and Harvest Gold Inc. signed a letter of intent allowing Wildcat to earn an interest in these properties. Under the terms of the letter the Company may earn up to one half of the interest held by Harvest Gold in the Morore and Gudroc claims which cover 405 hectares adjacent to the Company's current Jeep claims. The subject claims are part of a larger claim group in which Harvest Gold is earning a 50% interest from a private individual. Wildcat will earn its interest in the subject claims by completing linecutting and an IP survey at its cost and by funding 50% of the first $250,000 of drilling on the optioned claims." (News Release Wildcat Exploration Ltd. March 20, 2008)

The contents of this press release have been reviewed by the Company's VP Exploration, Dr. George Gale, who is a Qualified Person as defined by NI 43-101.

Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company is exploring the 100% optioned Rosebud Mine property, a large generative gold property at Garcia Flats in the South Carlin Trend and an advanced property with a gold-silver resource at the Longstreet Mine, in Northern Nye County. In Manitoba, Harvest is exploring three groups of claims in the Rice Lake Gold Belt of south eastern Manitoba and at Assean Lake, Manitoba.

On behalf of the Board of Directors,

John Roozendaal, B.Sc., President

Harvest Gold Corporation

For more information about Harvest Gold Corporation, please review the Company's website www.harvestgoldcorp.com or speak with a Company representative at 1-866-816-0118 or 604-986-2020.

The TSX Venture Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Harvest Gold Corporation
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    (604) 986-2021 (FAX)
    Website: www.harvestgoldcorp.com
    or
    First Canadian Capital Corp.
    Dan Boase
    (416) 742-5600 ext. 232 or Toll Free: 1-866-580-8891
    Email: dboase@firstcanadiancapital.com