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-- Posted Wednesday, 11 August 2010 | Digg This Article | | Source: GoldSeek.com
Vancouver, B.C., August 11, 2010. Harvest Gold Corporation (TSX.V: HVG, HVGDF.PK) (the “Company”) is pleased to announce gold and silver assay results from reverse circulation drill holes, HGR-6 through HGR-8, completed during the Company’s first phase, twelve hole drill program at its Rosebud Mine property in Pershing County, Nevada. Final assay results for all holes are expected within ten days. Greg Hill, President of Harvest Gold Corp. (US) states: “The important gold and silver intercepts in these holes, and the others we announced last week, provide us with a significant expansion and increased definition of the mineralized envelope, or bulk tonnage halo, at Rosebud. It also provides us with a much better understanding of the deposit’s structural framework. We have now intersected mineralized faults in several predicted locations and this reinforces our reinterpreted structural model, which increases our confidence in the model and will assist us in defining targets for the next phase of drilling. We have decided to seek bids for a phase two drill program to add approximately 15,000 feet of new drilling to the project.”
Drill hole HGR-6 contains an intercept of: 64.0 metres of 0.48 g Au/t Including: 4.6 metres of 1.64 g Au/t and 4.6 metres of 1.31 g Au/t
HGR-6 was drilled in the western portion of the South Zone. It demonstrates that significant thicknesses of bulk tonnage mineralization do remain in place at Rosebud. This intercept confirms the Company’s reinterpreted structural model, having targeted and intersected high-angle mineralized faults that are primary controls on mineralization. Historical intercepts occur to the north, south, and at depth along these ore controlling structures. Mineralization is open in these directions.
Drill hole HGR-7 contains an intercept of: 13.7 metres of 25.4 g Ag/t and 0.12 g Au/t ( 0.50 g AuEq/t ) Including: 4.6 metres of 60.7 g Ag/t and 0.13 g Au/t ( 1.05 g AuEq/t )
This intercept also confirms the Company’s reinterpreted structural model. The high grade silver intercept in this hole occurs within forty metres of surface within a high angle fault zone that includes in-place, high grade gold mineralization at depth. This mineralized fault zone presents new high grade targets to the north, south, and at depth.
Drill hole HGR-8 contains the following six intercepts: 7.6 metres of 0.69 g Au/t and 1.4 g Ag/t ( 0.71 g AuEq/t ) and 16.8 metres of 0.21 g Au/t and 21.9 g Ag/t ( 0.54 g AuEq/t ) and 32.0 metres of 0.27 g Au/t and 2.4 g Ag/t ( 0.30 g AuEq/t ) and 12.2 metres of 0.39 g Au/t and 3.4 g Ag/t ( 0.44 g AuEq/t ) and 7.6 metres of 0.92 g Au/t and 16.8 g Ag/t ( 1.18 g AuEq/t ) and 1.5 metres of 0.93 g Au/t and 5.1 g Ag/t ( 1.00 g AuEq/t ) The intercepts in HGR-8 occur in an area of widely-spaced drilling between the Rosebud Mine’s North, South, and East ore zones. They reinforce that significant potential exists to expand the bulk tonnage envelope in the ground and discover additional high grade pods within the volcanic pile in this area. In addition, intercepts at, and below, the unconformity, including 7.6 m of 0.92 g Au/t, 16.8 g Ag/t demonstrate the viability of the basement as an important host rock and allow for more precise targeting of the basement in this area. This hole ended in mineralization beneath the unconformity with 1.5 m of 0.93 g Au/t, 5.1 g Ag/t. TABLE 1: SUMMARY OF HOLES HGR 1 – HGR 8
| FROM | TO | INTERVAL | Au | Ag | AuEq | | metres | metres | metres | g/t | g/t | g/t | *HGR-1 | 77.7 | 85.3 | 7.6 | 0.74 | 11.1 | 0.90 | *HGR-2 | 259.1 | 269.7 | 10.6 | 0.61 | 13.1 | 0.81 | *HGR-3 | 315.5 | 350.5 | 35.1 | 0.82 | 238.1 | 4.43 | including | 318.5 | 330.7 | 12.2 | 1.58 | 564.3 | 10.13 | including | 323.1 | 327.7 | 4.6 | 2.47 | 1235.1 | 21.19 | including | 324.6 | 326.1 | 1.5 | 1.00 | 2159.8 | 33.72 | and | 326.1 | 327.7 | 1.6 | 6.24 | 473.5 | 13.42 | *HGR-4 | 79.2 | 93.0 | 13.8 | 0.28 | 4.0 | 0.34 | | 342.9 | 347.5 | 4.6 | 0.10 | 14.6 | 0.32 | | 349.0 | 352.0 | 3.0 | 0.07 | 12.1 | 0.26 | | 406.9 | 410.0 | 3.1 | 0.53 | 4.9 | 0.61 | *HGR-5 | 97.5 | 211.8 | 114.3 | 0.49 | 4.7 | 0.56 | including | 106.7 | 108.2 | 1.5 | 2.59 | 3.8 | 2.65 | and | 129.5 | 134.1 | 4.6 | 2.16 | 3.9 | 2.22 | and | 163.1 | 172.2 | 9.1 | 1.40 | 4.6 | 1.47 | HGR-6 | 140.2 | 204.2 | 64.0 | 0.48 | 2.9 | 0.52 | including | 163.1 | 167.6 | 4.6 | 1.31 | 5.5 | 1.39 | including | 195.1 | 199.6 | 4.6 | 1.64 | 2.6 | 1.68 | HGR-7 | 42.7 | 56.4 | 13.7 | 0.12 | 25.4 | 0.50 | including | 50.3 | 54.9 | 4.6 | 0.13 | 60.7 | 1.05 | HGR-8 | 129.5 | 137.2 | 7.6 | 0.69 | 1.4 | 0.71 | | 202.7 | 219.5 | 16.8 | 0.21 | 21.9 | 0.54 | | 234.7 | 266.7 | 32.0 | 0.27 | 2.4 | 0.30 | | 289.6 | 301.8 | 12.2 | 0.39 | 3.4 | 0.44 | | 367.3 | 374.9 | 7.6 | 0.92 | 16.8 | 1.18 | | 403.9 | 405.4 | 1.5 | 0.93 | 5.1 | 1.00 |
Gold equivalent (AuEq) values calculated using a Ag:Au ratio of 66:1, based on a gold price of US$1160/oz and a silver price of US$17.60/oz. No Ag or Au recovery factors have been applied due to a lack of appropriate metallurgical data. All holes are inclined except for HGR-1. True widths are not known and additional modeling and drilling will be required to determine true widths. Intervals for HGR-1 through HGR-5 previously reported 5 Aug 2010.
Drill samples were collected at the drill site, transported to Sparks, NV and assayed by Inspectorate America of Reno, following standard industry practice. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. Samples returning assays exceeding 10 grams Au per tonne were re-assayed using a gravimetric finish. Silver results were determined by ICP. Samples returning assays exceeding 200 grams Ag per tonne were re-assayed using a gravimetric finish. Rigorous QA/QC was employed including the insertion of standards and blanks into the sample stream. 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) 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 who 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 For More Information please contact: Keith Patey Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118 | Andrew Mugridge Or Benjamin Curry Progressive Investor Relations Telephone: (604) 689-2881 |
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 Wednesday, 11 August 2010 | Digg This Article | Source: GoldSeek.com
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