Drilling Update from the Cerro Cascaron Gold and Silver Project in Mexico

2018-10-23 / @thenewswire

(TheNewswire)

Vancouver British Columbia / TheNewswire / October 23, 2018 – Harvest Gold Corporation (TSX.V: HVG) (“Harvest Gold”) is pleased to provide an update on the initial drilling program at the Cerro Cascaron gold and silver project in southwestern Chihuahua, Mexico. Harvest Gold and its Joint Venture partner and operator, Evrim Resources Corp. (TSX.V: EVM) (“Evrim”), have planned up to 3,000 metres of diamond drilling.

Cascarita Silver Target

The drilling is well underway and currently focused on completing three drill holes, totaling approximately 600 meters, at the Cascarita area, a high-grade silver-lead-zinc sheeted/vein breccia system (previously announced October 4, 2018). Once all three holes are completed, core samples will be processed.

Sampling, Assaying and Quality Control

Core logging, splitting and sampling are being conducted onsite. The samples will be first sent to the ALS Chemex preparation lab in Hermosillo, Mexico and then to the ALS Chemex lab in Vancouver, Canada for assay. Insertion of rig duplicates, standards and blanks will be included in the sample stream for Quality Assurance and Control.

Cascaron Vein Field Gold Targets Schedule

After completing the Cascarita silver target work, drill crews will move to the Cascaron Vein Gold Field, an area of high-grade gold and silver veins defined by channel sampling and gold, silver, and pathfinder soil geochemistry (previously announced October 4, 2018).

Four drill holes, from one set up, are planned to test the San Pedro vein, where high grade gold and silver veins are defined by channel sampling, and by gold, silver, and pathfinder soil geochemistry approximately 800 metres to the north

Three drill holes are planned to test 900 metres of strike along the Serpiente Dorada and Julieta structures, an area within a 1.8-kilometre-long gold-silver soil anomaly

And, one drill hole is planned beneath an area of high-grade gold-silver surface samples across the Carabina vein.

About the Cerro Cascaron Project

The Cerro Cascaron property hosts a low to intermediate sulphidation epithermal gold bearing system and includes a high-grade gold vein field measuring 18 square kilometers in area on the eastern third of the property. Veining has been mapped over 900 vertical metres, with classic textural evidence of hydrothermal boiling accompanying the highest gold grades. This boiling zone has been established in the upper 380 metres of the vein field. Beneath the boiling zones, silver and base metal rich veins and breccias provide additional exploration targets.

Cerro Cascaron's setting and mineralization are similar to many epithermal deposits in the Sierra Madre Occidental, including Minera Frisco SAB's Ocampo Mine to the northwest, Coeur Mining Inc.’s Palmarejo mine 115 kilometres northwest, and First Majestic Silver's San Martin de Bolanos silver mine in Jalisco State. The property is one of the few unexplored and undrilled opportunities in the region.

Harvest Gold has the right to earn a 70% interest in Cerro Cascaron by incurring $6 million in exploration expenditures, making $900,000 in cash payments and issuing 2,000,000 shares over 4 years. It can earn an another 10%, to total 80%, by spending up to $10 million in exploration expenditures, paying another $200,000 and delivering a 43-101 compliant feasibility study within a nine-year period. If Evrim's interest in Cerro Cascaron is diluted to 10% or less, its interest will convert into a 2% net smelter royalty ("NSR").

Qualified Person Statement

Harvest's disclosure of technical or scientific information in this press release has been reviewed and approved by Warren Bates, P.Geo. Vice President, Technical Services for the Company. Mr. Bates serves as a Qualified Person under the definition of National Instrument 43-101.

Readers are cautioned that rock chip, grab and channel samples are selected samples and are not necessarily representative of the mineralization hosted on the property.

About Harvest Gold Corporation

Harvest Gold is a mineral exploration company presently advancing its Cerro Cascaron high grade gold/silver project in Chihuahua State, Mexico, where an initial 3,000 metre drill program is planned for 2018. Harvest Gold’s Board of Directors and management team are experienced in successful exploration and have collective geological and financing experience exceeding 200 years.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark,
President and CEO

For more information please contact:

Rick Mark or Jan Urata
@ 604.682.2928 or info@harvestgoldcorp.com

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.