-- Posted Monday, 28 June 2010 | Digg This Article
| | Source: GoldSeek.com
VANCOUVER, BRITISH COLUMBIA - Harvest Gold Corporation (TSX-V:HVG - News) (the "Company") is pleased to announce that eight reverse circulation drill holes totaling 9,560 feet (2,193 metres) have been completed at its Rosebud Mine project. The drill rig is currently drilling the ninth hole. Due to drill costs coming in under budget, the Company expects to exceed the minimum total drill footage of 10,500 feet announced May 5, 2010. It is anticipated that approximately twelve holes will be drilled during this Phase I drill program for a total drilled footage of up to approximately 15,000 feet. Drilling began on May 20, 2010 and is anticipated to continue through mid July.
The drill program is designed to test new high-grade targets developed through the Company's reinterpretation of geology near the previously mined ore bodies at Rosebud. Drilling is also targeting expansion of lower grade bulk tonnage material.
Greg Hill, president of Harvest Gold Corp. (US) states: "We are very pleased with the pace of work during our first drill program at Rosebud. The anticipated increased drill footage enhances our ability to test high-quality drill targets and increases our opportunity to add value to the Rosebud project."
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 Measured and Indicated Global 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 Harvest Gold 43-101 technical report on Rosebud can be accessed on the website at: http://www.harvestgoldcorp.com/pdfs/Rosebud_43101l_10Sept08.pdf
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 (TSX:ANV - News) 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 is exploring the 100% optioned Rosebud Mine property, and a generative gold property at Garcia Flats in the South Carlin Trend. In Manitoba, Harvest is exploring one group 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.
-- Posted Monday, 28 June 2010 | Digg This Article | Source: GoldSeek.com
