Vancouver B.C. - TheNewswire - June 19, 2019: Harvest Gold Corporation ("Harvest Gold" or the "Company") (TSX.V: HVG), is pleased to announce that the Company and its JV partner Evrim Resources Corp. ("Evrim") have signed a letter agreement (the "Agreement") to extend the Cerro Cascaron agreement for a period of six months (the "Extension"). Under the terms of the Agreement, Harvest Gold and Evrim will renegotiate the terms of the Cerro Cascaron Agreement and search for a new gold or gold/silver project in Mexico.
During the Extension Evrim's generative team will locate projects within prospective gold belts in northern Mexico that are aligned with Harvest Gold's exploration strategy and plans. Evrim has agreed to use its commercially reasonable best efforts to acquire a new asset and negotiate option terms with Harvest Gold. Harvest Gold will also advance $55,000 to Evrim to cover all property maintenance payments at Cerro Cascaron.
Harvest Gold CEO Rick Mark states: "Evrim has been an excellent partner and we would like to continue the search for a gold deposit in Mexico with them. They are presently evaluating several new opportunities in Mexico and have agreed to discuss high potential properties with us with a view to Harvest financing a new project and carrying Cerro Cascaron in its property portfolio. Our maiden drill program at Cerro Cascaron taught us a great deal about its main gold vein field and demonstrated significant potential to discover a low to intermediate sulphidation epithermal gold deposit, specifically at the Serpiente Dorada and San Pedro areas. The Extension will allow Evrim to complete due diligence on a new project for Harvest while maintaining our interest in Cerro Cascaron, to which we have contributed over $1.25 million to date."
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.
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 2,250 metre drill program has recently been completed. Harvest Gold 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:
President and CEO
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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.
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