Harvest Gold Corporation
TSX VENTURE : HVG

Harvest Gold Corporation

August 05, 2009 06:30 ET

Harvest Gold Releases Rosebud Mine Historic Drill Intercepts and Reports Progress on Rosebud JV Partner Search

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2009) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to announce that efforts to find a suitable joint venture partner for the Rosebud Gold Mine project are progressing well. As announced May 14, 2009, the Company has proposed a preliminary Phase I drilling program designed to test as many as eleven targets, eight of which contain historical drill intercepts, as highlighted below. The Company has met with several potential partners that have expressed interest in the project. Two Nevada gold producers are planning a review of data from the project.

In order to develop a clearer understanding of the gold remaining in the ground at Rosebud, management has decided to publish certain historical high-grade drill intercepts that have been encountered by previous operators, peripheral to the underground mine workings that produced 396,842 oz. Au from 1997-2000. True widths of these intercepts are unknown.

Highlights of past drilling in zones that have not been mined, include:

Far East Zone:

RL-217, 210 ft @ 0.101 oz. Au/T (64 m @ 3.46 g/tonne)

RL-273, 220 ft @ 0.097 oz. Au/T (67.1 m @ 3.33 g/tonne)

Southern Extension Target:

RL-179, 310 ft @ 0.034 oz. Au/T (94.5 m @ 1.17 g/tonne)

Northwest Corridor:

RS-D345-99c, 102.5 ft @ 0.148 oz. Au/T (31.2 m @ 5.07 g/tonne)

Dreamland:

RS-425c, 5.8 ft @ 0.824 oz. Au/T (1.8 m @ 28.25 g/tonne)

Many other high-grade historical drill intercepts are also present in these and other targets; selected results are shown below. An expanded list of historic drill results is now posted at http://www.harvestgoldcorp.com/projects_rosebud.html

Drill holes were completed by Lac Minerals (RL series) between 1989 and 1992, Hecla (WW-1 and 96-356) in 1994 and 1996, and a Hecla/Newmont joint venture (RS and SLD series) between 1997 and 2000. Diamond drilling core holes are denoted by a "c"; except for WW-1, which was a water well completed by rotary drilling, all others are reverse circulation drill holes.



Far East Zone Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
RL-217 615 825 210 0.101 187.5 251.5 64.0 3.46
incl. 720 745 25 0.447 219.5 227.1 7.6 15.33
RL-220 250 275 25 0.614 76.2 83.8 7.6 21.05
incl. 255 265 10 1.176 77.8 80.8 3.0 40.32
--------------------------------------------------------------------------
RL-273 280 285 5 0.375 85.4 86.9 1.5 12.86
RL-273 480 700 220 0.097 146.3 213.4 67.1 3.33
--------------------------------------------------------------------------


Northwest Corridor Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
96-356 1340 1390 50 0.122 408.4 423.7 15.2 4.18
incl. 1340 1350 10 0.357 408.4 411.5 3.0 12.24
--------------------------------------------------------------------------
RS-D345- 601.2 634 32.8 0.124 183.2 193.2 10.0 4.25
99c
RS-D345- 665 767.5 102.5 0.148 202.7 233.9 31.2 5.07
99c
RS-D345- 785 811 26 0.257 239.3 247.2 7.9 8.81
99c
--------------------------------------------------------------------------


Nym Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
RL-272 360 395 35 0.181 109.7 120.4 10.7 6.21
incl. 375 380 5 0.676 114.3 115.8 1.5 23.18
--------------------------------------------------------------------------
RL-282 345 355 10 0.062 105.2 108.2 3.0 2.13
incl. 345 350 5 0.103 105.2 106.7 1.5 3.53
--------------------------------------------------------------------------
RS-453Ac 805.7 813.7 8 0.107 245.6 248.0 2.4 3.67
--------------------------------------------------------------------------


Southern Extension Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
RL-179 665 975 310 0.034 202.7 297.2 94.5 1.17
RL-257 430 490 60 0.069 131.1 149.4 18.3 2.37
incl. 440 450 10 0.254 134.1 137.2 3.0 8.71
--------------------------------------------------------------------------
RL-69A 775 885 110 0.063 236.2 269.7 33.5 2.16
RL-8 445 510 65 0.036 135.6 155.4 19.8 1.23
--------------------------------------------------------------------------


Valley Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
RL-56 55 105 50 0.014 16.8 32.0 15.2 0.48
RL-56 285 295 10 0.046 86.9 89.9 3.0 1.58
--------------------------------------------------------------------------
WW-1 200 210 10 0.122 61.0 64.0 3.0 4.18
--------------------------------------------------------------------------


North Zone Feeders Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
RL-106c 1162 1212 50 0.065 354.2 369.4 15.2 2.23
incl. 1167 1172 5 0.125 355.7 357.2 1.5 4.29
incl. 1187 1202 15 0.114 361.8 366.4 4.6 3.91
--------------------------------------------------------------------------


Dreamland Target

From To intercept Au From To intercept Au
DH ID (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne)
--------------------------------------------------------------------------
RS-425c 1655.7 1661.5 5.8 0.824 504.7 506.4 1.8 28.25
incl. 1658.6 1661.5 2.9 1.4 505.5 506.4 0.9 48.00
--------------------------------------------------------------------------


The Rosebud property is an advanced exploration project consisting of 54 unpatented mining claims centered on the former Rosebud underground mine, which produced nearly 400,000 oz gold and 2,300,000 oz. silver between 1997 and 2000. The underground operation mined three high-grade ore zones, with an average production grade of 0.416 oz. Au/t, 2.42 oz. Ag/t. Due to falling gold prices, the cut-off grade was increased from 0.15 oz. Au/t to 0.18 oz. Au/ton over the life of the mine, and mineralized material below the cutoff was not mined. An in-place, non-43-101-compliant inferred resource of 242,000 oz. Au, 2,130,000 oz. Ag (6.81 million t @ 0.036 oz. Au/t, 0.31 oz. Ag/t), was calculated by Hecla at the close of mining in 2000. (This historical resource estimate was made by a source believed to be reliable however the Company has not yet independently verified the estimate according to CIM standards and thus this historical estimate should not be relied upon.)

The Rosebud deposit is a high-grade low-sulfidation volcanic-hosted precious metals deposit, similar in origin, geologic setting, and mineralization style to other low-sulfidation gold deposits in northern Nevada, including the high-grade multi-million-ounce Sleeper and Midas deposits. The property is located in a highly mineralized portion of the Lovelock-Austin Mineral Belt, about 5 miles south of Allied Nevada's Hycroft mine.

The company has an option to acquire a 100% interest in the property, subject to a net smelter royalty.

Greg Hill, Certified Professional Geologist, the President of Harvest Gold Corp. (US), is the Qualified Person that has reviewed the contents of this news release.

Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company has an option to acquire 100% of the Rosebud Mine property, a 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.

This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, uncertainties of resource and reserve estimations, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Fluctuations in metals prices, availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.

On behalf of the Board of Directors,

John Roozendaal, President

Harvest Gold Corporation

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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)
    www.harvestgoldcorp.com