Vancouver, British Columbia, July 12, 2017 – Harvest Gold Corporation (TSX.V: HVG) (“Harvest Gold” or the “Company”) is pleased to provide additional information on several exploration targets at its high-grade Cerro Cascaron gold/silver project in Mexico. Harvest Gold can earn up to an 80% interest in Cerro Cascaron from Evrim Resources Corp. (TSX.V: EVM) (“Evrim”). The project covers 69 square kilometres in a historic Colonial-era mining district in the prolific Sierra Madre Occidental precious metals belt of western Chihuahua State, Mexico and is one of the few unexplored and undrilled opportunities in the region. The TSX Venture Exchange has now approved the Harvest Gold – Evrim Option Agreement.
The $225,000CDN Phase 1 exploration program began July 10th with an extensive geochemistry program and preparation for the opening of two historic adits on the property.
Harvest Gold’s’ President and CEO Rick Mark states: “We are very pleased that the Evrim team has literally hit the ground running and that Phase 1 is underway. As well, our geological team has now reviewed all historical data on the project and have identified at least six areas for follow-up. Today’s release provides investors more detail on these targets.”
The Cerro Cascaron project covers a historic Colonial-era mining district that contains numerous gold and gold-silver prospects with evidence of small-scale artisanal mining. Evrim’s 2016 initial exploration work identified at least six potential low sulphidation epithermal gold-silver targets at, or near, the unconformity between the Cretaceous to Tertiary Lower Volcanic Sequence andesites and the Tertiary Upper Volcanic Sequence rhyolites. Most epithermal gold-silver deposits found in the Sierra Madre Occidental, including El Sauzal, La Cienga, Palmarjo, Pinas Alto, Mulatos and Ocampo, occur at, or near, this unconformity.
The main target areas within the Cerro Cascaron project area* include:
*(See Figures 1 and 2 for plan view and hypothesized cross-sectional model)
1. Main Cerro Cascaron Vein Field
A low to intermediate sulfidation epithermal gold bearing system that includes a high-grade gold vein field measuring approximately 18 square kilometres in area on the eastern third of the property. Fourteen structurally-controlled epithermal gold-silver veins identified with strike lengths ranging from 70 to 1,980 metres and a cumulative strike length of over 11 kilometres have been delineated to date. The principal dimensions of these veins are:
ithin this vein field, vertical separation of targets consistent with a classic elevation controlled epithermal model of mineral deposition has also been observed with the boiling zone (high grade gold target) occurring beneath an elevated plateau. Veining has been mapped on a cliff face for over 900 vertical metres, with classic textural evidence of multiple phases of hydrothermal boiling accompanying the highest gold grades. These boiling zones have been established in the upper 380 metres of the vein field, from the north-south trending Carabina and San Pedro veins in the west to the Julieta and Serpiente Dorado veins in the east that are distributed along a hillside over a horizontal distance of approximately three kilometres, with some significant gold grades. For example, the Serpiente Dorado vein has grab samples of 1,670 grams per tonne (“g/t”) gold and 1,490 g/t silver. Readers are cautioned that rock chip and grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. Evrim’s mapping and sampling programs have extended these veins to the north onto the plateau where textural observations indicate high level textures that typically occur above boiling zones within veins and represent excellent targets.
Evrim’ channel sampling, conducted perpendicular to strike of the main San Pedro, Carabina and La Julieta veins have provided the following selected intersections:
All reported channel samples were cut with a rock saw and were reported as true widths. Readers should refer to Evrim’s press releases dated June 8 and August 17, 2016 and Harvest Gold’s press releases dated June 8, 15 and 22, 2017 for a full description of the exploration results.
2. Stockwork area
The area between Julieta and Serpiente Dorada comprises a 200 metre by 300 metre area with multiple sub-parallel mineralized structures and breccias that cut the lower part of the rhyolite sequence. The gold mineralized structures and breccias are associated with a sub-vertical north-striking fault, parallel secondary faults and a younger northeast-striking fault. The zone remains open along strike to the north and south. Individual mineralized structures range from one metre to ten metres in width and are silicified with quartz veins and veinlets, stockworks and quartz infilling breccia matrices that appear to have formed over multiple episodes of quartz veining.
3. La Reyna/El Rico Veins
Beneath the boiling zones, at lower elevations, below 1200 metres ASL, the north-south trending veins are cut by east-west and northeast-southwest trending tourmaline rich silver and base metal veins and breccias such La Reyna and El Rico. Grab samples from La Reyna have returned gold values of up to 1.8 g/t gold and up to 516 g/t silver. The El Rico vein, located immediately north of La Reyna, contains collapsed historical mine workings and grab samples assayed up to 1.84 g/t gold and 383 g/t silver.
4. La Prieta target
At the lowest elevations, La Prieta consists of tourmaline and quartz veins within a hydrothermal breccia with high gold grades; four samples returned 0.565 g/t to 39.7 g/t gold. The La Prieta zone is at the lowest elevations mapped to date and has elevated copper, molybdenum and bismuth geochemistry. The prospect is hosted within hornfelsed and propylitic rocks near a granodiorite. The breccia is pocketed by small-scale workings historically mined for gold which occurs with quartz, pyrite and iron-oxides cut by a fault with gouge, clays and disseminated sulphides.
5. Divisadero Veins
The Divisadero veins on the south side of the La Dura River are part of the largest visible alteration zone on the property and occur at a similar altitude to the gold rich Carabina and San Pedro veins. The main Divisadero vein has a surface width of 0.3 to 1.0 metres and has been traced over a distance of 210 metres. Limited sampling at the Divisadero veins has provided grab samples that range from 0.11 g/t silver to 599 g/t silver. Six of fifty-nine samples exceed 100 g/t silver. Grab samples also range from <0.005 g/t gold to 9.24 g/t gold and seven of fifty-nine samples exceed 1.0 g/t gold.
6. La Cascarita
Five kilometres to the west, the La Cascarita prospect contains intermediate sulphidation silver dominant veins and breccias up to three metres wide that have been traced over a distance of 160 metres and are open to the Northwest and Southeast. During a due diligence trip, Harvest Gold’s sampling at La Cascarita returned highly anomalous polymetallic values, with sample D504728, from the lip of a breccia structure that is estimated to be 3 m in width, returning 1,170 g/t silver, 2.72 g/t gold, and 1.02% zinc and sample D504727, from the surface outcrop of the 1.3 m wide La Cascarita vein, returning 331 g/t silver, 0.067 g/t gold; and 1.63% lead.
Figure 1: Plan view of potential exploration targets at the Cerro Cascaron project
Figure 2: Theoretical cross-section (through line A to A’ of Figure 1) of potential exploration targets at Cerro Cascaron project
Quality Assurance/Quality Control
Mr. Warren Bates, P. Geo (APGO#0211), the Company’s Director of Property Investigation, is the Qualified Person for this press release for the purposes of National Instrument 43-101, and has reviewed and approved the technical information herein. Evrim Resources has advised that their quality control procedure is as follows: Samples were delivered to ALS Global in Hermosillo, Sonora for sample preparation and to the ALS laboratory in North Vancouver for analysis. The Hermosillo facility has ISO 9001:2008 certification while the North Vancouver facility has ISO/IE 17025:2005 certification. Blank samples were inserted into the sample sequence for all channel samples with noted visible gold with no indications of contamination. Samples were assayed for gold by 30 gram fire assay and multi-element analysis by aqua regia and four-acid ICP analysis. Selected samples with coarse or visible gold were re-analyzed by 50 gram screen metallic assay.
About Harvest Gold
Harvest Gold is a gold-focused mineral exploration company with an experienced board of directors and management whose collective geological and financing experience exceeds 200 years. Harvest also holds three fully registered mineral concessions on properties in the Republic of Suriname: the Goliat-Tibiti, Gonini River and Oelemari concessions.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business model. The Company is well financed, has a diverse range of quality projects and a database in Mexico and portions of the southwestern United States. The existing projects, and generation of quality exploration targets and ideas, are advanced through option and joint venture agreements with industry partners to create shareholder value. Evrim’s business plan also includes royalty creation utilizing the Company’s exploration expertise and existing projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Joel Matheson,
Director
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata
@ 604.682.2928 or [email protected]
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
