Gold Intersected at San Pedro and Serpiente Dorado Targets at Cerro Cascaron Project in Mexico; Deeper Drilling Continuing at San Pedro; Assays Pending for Last Three Holes

2019-02-14 / @thenewswire

(TheNewswire)

Vancouver, British Columbia / TheNewswire / February 14, 2019 – Harvest Gold Corporation (TSX.V: HVG) (the “Company”) is pleased to announce drill results at the Cerro Cascaron gold and silver project in southwestern Chihuahua, Mexico. Evrim Resources Corp. and the Company have completed nine diamond drill holes to date at Serpiente Dorada, San Pedro and Cascarita for a total of 1,885 metres, with assay results received from seven drill holes.

Harvest Gold CEO, Rick Mark, states: “The maiden drill program at Cerro Cascaron successfully intersected gold mineralization at both the San Pedro and Serpiente Dorada areas. Highlights are below. We are particularly excited about the immediate prospects for the San Pedro target and have committed an additional $30,000USD to repurpose our last drill hole to go deeper at San Pedro.”

Harvest Gold Chief Geologist Warren Bates states: “We have decided to go deeper at San Pedro because the vein intersected in holes 2 and 3 (SPED19-02 and SPED19-03) contains banded chalcedonic quartz and calcite with quartz-healed breccia channels indicative of multiple phases of vein formation. The textures suggest a level near to, but above, a boiling zone (where the best mineralization is to be expected), so we are targeting a potential mineralized shoot with better mineralization approximately 100 metres deeper than hole SPED19-03. This fourth hole at San Pedro is underway.”

Assays are pending for three holes, two at San Pedro and one at Serpiente Dorada, where earlier drilling delineated a significant corridor of alteration containing local high-grade gold mineralization.

Drill Program Highlights

San Pedro

SPED19-02 intersected 4.8 metres grading 1.02 g/t gold and 13.0 g/t silver from 141 metres downhole and 0.35 metres grading 5.39 g/t gold and 23.7 g/t silver from 154.45 metres downhole.

SPED19-03 intersected a 2.7-metre-wide quartz vein from 162.6 metres downhole. Assays are pending.

Serpiente Dorada

Drill hole SPT18-01 intersected 1.0 metre grading 20.1 grams per tonne (g/t) gold and 22.5 g/t silver from 225.5 metres downhole within 6.5 metres grading 3.29 g/t gold and 6.3 g/t silver from 224.5 metres.

The true width of the mineralized zones are not known at this stage.

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Figure 1 – Map of the Cascaron vienfield with Serpiente Dorada and San Pedro drilling shown

San Pedro Summary

Drilling at San Pedro has intersected a quartz vein beneath the shallow historic workings hosted in rhyolitic tuff and andesite. Drill hole SPED19-02 intersected a 1.8 metre wide quartz vein within an approximate 20 metre stockwork zone. The zone includes 4.8 metres grading 1.05 g/t gold and 15.8 g/t silver from 141 metres downhole with a slightly deeper narrow vein returning 0.35 metres grading 5.39 g/t gold and 23.7 g/t silver from 154.45 metres downhole. The true width of the structures are not known at this stage. Follow-up drill hole SPED19-03, intersected a 2.7 metre wide vein from 162.6 metres within a broader 33.5 metre surrounding stockwork zone. Assays results remain pending for drill hole SPED19-03.

The vein intersected in holes SPED19-02 and SPED19-03 contains banded chalcedonic quartz and calcite with quartz-healed breccia channels indicative of multiple phases of vein formation. The textures suggest a level near to, but above a boiling zone (where the best mineralization is to be expected) and subsequently, a fourth hole at San Pedro is planned to target a potential mineralized shoot with better mineralization approximately 100 metres deeper than hole SPED19-03.

In drill hole SPED18-01 located 72 metres to the north, the zone consists of a zone of minor calcite and quartz veinlets with strong pathfinder element geochemistry but only anomalous gold values, suggesting that best target will be at depth rather than in vein extensions to the north.

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Figure 2a - Cross section of drill hole at Serpiente Dorada (A-A’) and Figure 2b - Cross section of drilling at San Pedro (B-B’)

Serpiente Dorada Summary

Drill hole SPT18-01 targeted the Serpiente Dorada vein approximately 100 metres below surface. The hole drilled into a sequence of rhyolitic and andesitic volcanic rocks with overprinting hydrothermal breccias. A wide zone of silicification and quartz stockwork veining exploits the margins of the breccias in the lower half of drill hole SPT18-01 and hosts many narrow low-grade mineralized intersections along with the highlighted 1.0 metre grading 20.1 g/t gold and 22.5 g/t silver from 225.5 metres downhole. The true width of the zone of silicification and stockwork quartz veining is not known.

The intersection encountered in SPT18-01 may be a new structure or a splay of the outcropping Serpiente Dorada structure. A zone of elevated pathfinder element geochemistry exists at the base of the hole that corresponds with the projection of the surface expression of the Serpiente Dorada structure. A follow-up drill hole has been designed to target this zone of mineralization approximately 180 metres to the north where the northeast-trending La Julieta vein is interpreted to intersect the Serpiente Dorada structure.

Cascarita Summary

Three drill holes at Cascarita intersected a predominately rhyolitic tuff sequence with zones of silicification and veining throughout each hole. Veinlets are predominantly crystalline quartz with rare colloform quartz and no significant results were intersected. The zones of sulphide breccia with high silver grades at surface were not intersected in drilling.

Cerro Cascaron Drill Program Summary

A total of nine drill holes have been completed to date with two holes at the Serpiente Dorada, three holes at San Pedro gold targets, and four at the silver-rich Cascarita target. Assay results remain pending from three holes, one at at Serpiente Dorada and two at San Pedro.

Significant Intersection Table

--------------------------------------------------- |Hole |From |To |Width|Gold |Silver|Comment| | |(m) |(m) |(m) |(g/t)|(g/t) | | |-------------------------------------------------| |SPED18-01|No Significant Result | |-------------------------------------------------| |SPED19-02|141.0 |145.8|4.8 |1.02 |13.0 | | |-------------------------------------------------| |And |154.45|154.8|0.35 |5.39 |23.7 | | |-------------------------------------------------| |SPED19-03|Assays Pending | |-------------------------------------------------| |SPT18-01 |224.5 |231.0|6.5 |3.29 |6.3 | | |-------------------------------------------------| |Including|225.5 |226.5|1.0 |20.1 |22.5 | | |-------------------------------------------------| |SPT19-02 |Assays Pending | ---------------------------------------------------

Drill Hole Information Table

--------------------------------------------------------- |Hole |Easting|Northing |Elevation|Azimuth|Dip|Hole | | |(m) |(m) |(m) |(o) |(o)|Depth| | | | | | | |(m) | |-------------------------------------------------------| |SPED18-01|246,222|2,949,475|1,883 |270 |-45|201.0| |-------------------------------------------------------| |SPED19-02|246,222|2,949,475|1,883 |220 |-55|219.0| |-------------------------------------------------------| |SPED19-03|246,222|2,949,475|1,883 |220 |-68|216.0| |-------------------------------------------------------| |SPT18-01 |248,404|2,947,705|1,677 |270 |-64|320.0| |-------------------------------------------------------| |SPT19-02 |248,370|2,947,880|1,733 |270 |-55|270.0| |-------------------------------------------------------| |CAS18-01 |240,533|2,947,389|1,360 |060 |-45|209.7| |-------------------------------------------------------| |CAS18-02B|240,557|2,947,296|1,301 |060 |-45|201.0| |-------------------------------------------------------| |CAS18-03 |240,361|2,947,455|1,405 |040 |-60|200.0| ---------------------------------------------------------

About the Cerro Cascaron Project

The Cerro Cascaron property hosts a low to intermediate sulphidation epithermal gold system that includes a gold-bearing vein in the eastern part of the property. Veining has been mapped over 900 vertical metres, with classic textural evidence of hydrothermal boiling accompanying the highest gold grades. The proposed 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, and First Majestic Silver's San Martin de Bolanos silver mine.

Qualified Person Statement

The disclosure of technical or scientific information in this press release has been reviewed and approved by Warren Bates, P.Geo. Chief Geologist for Harvest Gold. Mr. Bates serves as a Qualified Person under the definition of National Instrument 43-101.

Core samples were delivered to ALS Global in Hermosillo, Sonora for sample preparation and to the ALS laboratory in North Vancouver for analysis. The Hermosillo and North Vancouver facilities have ISO/IEC 17025:2017 certification. Field duplicate samples, blank samples and certified reference materials were inserted into the sample sequence each at a frequency of one per 20 samples. Samples were assayed for gold by 30-gram fire assay and multi-element analysis by four-acid and ICP analysis.

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 underway. Harvest can earn up to 80% of the Cerro Cascaron project through its Joint Venture with Evrim Resources Corp.

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.

Forward Looking Information

This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold Corporation (the "Company“) expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.

Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.