Harvest Gold Initiates Trenching Program at Tibiti Concession, Suriname
Vancouver, August 10, 2017 - Harvest Gold Corp. (TSX.V: HVG) ("Harvest Gold" or the "Company") is pleased to announce the commencement of a two-phase mechanical trenching program at Harvest's flagship gold property in Suriname. As announced on April 27, Harvest has embarked on an exploration program that consists of a data review, including the modelling of existing geophysical data, sampling, auger drilling and trenching. The data review and modelling is now complete. The rainy season has passed and initial trenching will begin this week. In May 2017, Harvest contracted Mr. Carl Windels, a leading expert on 3D modeling and interpretation of airborne geophysical surveys to re-analyze the 2011 magnetic and radiometric survey data collected by Terraquest Ltd. Windels reprocessed the data and integrated the modeling with previous auger sampling and geology of the Tibiti project.
Windels' interpretation defined more than 20 targets based on an integrated interpretation. These targets are associated with a deep-seated dilation zone along a major northeast trending shear zone. The targets correlate very well with the previously identified auger sample targets, T-1 and T-2, on which trenching is to begin this week (Figure 1). In addition, Windel's work has identified at least 10 new targets to the west and north of T-1 and T-2 where there is minimal geochemical sample data and that can be followed up in a subsequent exploration program.
Harvest Gold President and CEO Rick Mark states: "The evaluation by Mr. Windels further supports the merits of the Tibiti concession as a site for significant gold mineralization. The rainy season has passed in Suriname and trenching will begin this week. We look forward to the results of our initial trenching program to establish drill targets at Tibiti and guide us on future trenching. In Mexico, the pre-drilling exploration program, being operated by JV partner Evrim Resources, continues at Cerro Cascaron."
Details of the trenching program
In Phase One, one trench totaling approximately 200 meters will be completed in the T1 region, where previous trenching of geochemical and auger gold anomalies identified gold mineralization in saprolite. Follow up trenching in the T1 area will test new targets as well as attempt to extend mineralization encountered in the past. At least 7 trenches are being considered in the T1 area, totaling approximately 1100 meters.
At the T2 area, approximately 2.5 km to the south of T1, an initial trenching program of approximately 300 meters in two trenches is proposed to test the core of an 800-meter-long auger gold anomaly. This will mark the first trench testing of auger soil results in the T2 area. At least four trenches totaling approximately 700 meters of trenching are proposed for the T2 area. Trench locations were determined using auger soil data and airborne magnetic data. Final trench positions may be modified depending on saprolite depth, and local topographic and drainage conditions, being determined now.
Trenching results will be used to better focus and target core drilling.
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About the Tibiti concession
The Tibiti concession is in the north central portion of Suriname, approximately 45 km west of the Rosebel Gold Mine of IAMGOLD and 100 km southwest of the capital city Paramaribo. The Tibiti project, Rosebel Gold Mine, and the former Saramacca joint venture of Golden Star and Newmont all occur within the same structural and lithologic trend of the eastern Marowijne Greenstone Belt of Suriname.
The Tibiti project has potential to define economic gold mineralization with continued exploration, including drilling, based on its location within this structural and mineralized trend of gold mines and exploration projects. In addition, there is significant small-scale alluvial mining activity to provide evidence of the presence of gold on the concession and examination of the gold grains suggests only local transport within the concession boundaries. The area has had a history of geologic mapping and gold testing of alluvial drainages by the Geological Survey of Suriname (GMD). This suggests the gold potential of the concession has been known for some time however the concession has not been systematically explored with modern exploration techniques in the past.
The Tibiti concession consists of 10,000 hectares and was granted as an exploitation concession by the Suriname Ministry of Natural Resources in 2015 for a period of 15 years. The exploitation concession status of Tibiti is very positive as it avoids further renewals required with exploration concessions and permits mining on the concession with a royalty paid to the government.
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.
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. In addition to Tibiti, Harvest also holds two fully registered mineral concessions on properties in the Republic of Suriname: the Gonini River and Oelemari concessions and can acquire an 80% interest from Evrim Resources Corp. in the newly acquired Cerro Cascaron project, located in Chihuahua State, Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Joel Matheson,
Director
Harvest Gold Corp.
For more information please contact:
Rick Mark or Jan Urata
@ 604.682.2928 or info@harvestgoldcorp.com
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.
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