Harvest Gold Signs Drill Contract: First Phase Drilling to Begin at Rosebud Gold Mine Property
HARVEST GOLD CORP. 301 – 260 W. Esplanade North Vancouver, B.C. V7M 3G7
Tel: (604) 986-2020 Fax: (604)-986-2021 Toll Free: 1-866-816-0118 www.harvestgoldcorp.com
HARVEST GOLD SIGNS DRILL CONTRACT: FIRST PHASE DRILLING TO BEGIN AT ROSEBUD GOLD MINE PROPERTY
Vancouver, B.C., May 10, 2010. Harvest Gold Corporation (TSX.V: HVG) (the “Company”) is pleased to announce that it has contracted Envirotech Drilling LLC to complete a Phase I drilling program at the Rosebud Gold Mine project in north western Nevada, USA. Drilling is expected to commence within three weeks. All Phase I drilling activities have been permitted and bonded.
A minimum of nine reverse circulation drill holes, totaling approximately 10,500 feet (3,200 m), are planned to test six target areas. The drilling is designed to test new high-grade targets developed through the Company’s reinterpretation of geology near the previously mined ore bodies at Rosebud.
Greg Hill, president of Harvest Gold Corp. (US) states: “We are excited to begin this long-awaited drill program. Rosebud represents an excellent opportunity to discover additional high-grade mineralization within a system that hosted one of the highest-grade past-producing gold mines in Nevada. Our goal in the Phase I drill program is to expand the known mineralization in the ground and to find more high-grade ounces within the deposit area.”
Certain historical high-grade drill intercepts that have been encountered by previous operators are listed below (originally reported by Harvest on August 5, 2009). These intercepts are 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)
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 series, collared underground) 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- 99c 601.2 634 32.8 0.124 183.2 193.2 10.0 4.25 RS-D345- 99c 665 767.5 102.5 0.148 202.7 233.9 31.2 5.07 RS-D345- 99c 785 811 26 0.257 239.3 247.2 7.9 8.81
Nym Target From To intercept Au From To intercept Au (ft) (ft) (ft) (oz/T) (m) (m) (m) (g/tonne) DH ID
| 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 |
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 (14.2 g/tonne), 2.42 oz Ag/t (83 g/tonne). Due to falling gold prices, the cut-off grade was increased from 0.15 oz Au/t (5.1 g/tonne) to 0.18 oz Au/ton (6.2 g/tonne) 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 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 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 is also pleased to announce the receipt of final TSX Venture Exchange approval of the recent non-brokered private placement. All securities issued in that placement are subject to a 4 month hold, which will expire on August 24, 2010.
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
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.