Harvest Gold is planning on the revival of the Rosebud Gold Mine in Nevada.
Canada (Press Release) January 18, 2008 --
Nevada is the home of the new business model in gold mining: Find a past-producing mine where lots of known ore-grade material was left behind during the deflated gold price era in the later nineties, and put it back into production. It’s a straightforward approach (for mining) that has a well established track record.
Harvest Gold (TSX.V:HVG) is planning just such a revival for the Rosebud Mine.
The Rosebud Mine property includes the Rosebud Mine and 54 claims covering approximately 1,115 acres in Pershing County in northwest Nevada, approximately five miles to the south of the Hycroft mine which produced more than 1,000,000 oz of gold and 2,000,000 oz of silver.
Harvest Gold holds an option to acquire a 100-per-cent interest in the Rosebud project, subject to a 3-per-cent net smelter return royalty, 50 per cent of which can be purchased for $2.25-million.
The Rosebud Mine was a joint venture between Newmont Mining (NYSE:NEM) and Hecla Mining (NYSE:HL) that operated between 1997 and 2000. According to Hecla’s annual report,, the Rosebud mine produced 385, 450 oz of gold and 1,253,604 oz of silver between 1997 and 2000. The production was from a proven and probable reserve of 500,000 oz Au and 3,446,912 oz Ag (1996 Hecla annual report – Not N.I. 43-101 compliant).
Harvest’s plan is to focus on 3 areas: (1) Evaluation of historic gold mineralization that remains on the property; (2) Exploration for near surface, high-grade gold mineralization similar to that which has been discovered on the property in the past; and (3) Exploration for large bodies of gold-silver mineralization at depth.
As disclosed in the Hecla Mining Co.'s 1999 annual report, “gold mineralization in the South, North and East zones, as in many other volcanic-hosted gold deposits, is erratically distributed with numerous low-grade drill hole intercepts interspersed with higher-grade drill hole intercepts over an area approximately 1,000 feet east-west by 1,000 feet north-south. Drilling has also intersected further mineralization proximal to the mine."
Hecla Mining's 1996 annual report quotes a Rosebud resource of 1,276,634 tons grading 0.392 ounce gold and 2.70 ounces silver per ton containing 500,441 ounces of gold and 3,446,912 ounces of silver at a cut-off grade of 0.18 ounce (5.2 grams) gold per ton. This pre-mining resource (1996) was not National Instrument 43-101-compliant, but was based on over 260,000 feet of surface and underground drilling in and around the mine area.
Besides the possibility of establishing an open-pit-style resource, the Rosebud gold mine area is considered to have excellent exploration potential for higher-grade gold and silver mineralization in several areas that were not included previously in the historic mine workings or resource calculations.
Full Release: http://www.resourcexinvestor.com/news.php?id=3977
Harvest Gold (TSX.V:HVG) is planning just such a revival for the Rosebud Mine.
The Rosebud Mine property includes the Rosebud Mine and 54 claims covering approximately 1,115 acres in Pershing County in northwest Nevada, approximately five miles to the south of the Hycroft mine which produced more than 1,000,000 oz of gold and 2,000,000 oz of silver.
Harvest Gold holds an option to acquire a 100-per-cent interest in the Rosebud project, subject to a 3-per-cent net smelter return royalty, 50 per cent of which can be purchased for $2.25-million.
The Rosebud Mine was a joint venture between Newmont Mining (NYSE:NEM) and Hecla Mining (NYSE:HL) that operated between 1997 and 2000. According to Hecla’s annual report,, the Rosebud mine produced 385, 450 oz of gold and 1,253,604 oz of silver between 1997 and 2000. The production was from a proven and probable reserve of 500,000 oz Au and 3,446,912 oz Ag (1996 Hecla annual report – Not N.I. 43-101 compliant).
Harvest’s plan is to focus on 3 areas: (1) Evaluation of historic gold mineralization that remains on the property; (2) Exploration for near surface, high-grade gold mineralization similar to that which has been discovered on the property in the past; and (3) Exploration for large bodies of gold-silver mineralization at depth.
As disclosed in the Hecla Mining Co.'s 1999 annual report, “gold mineralization in the South, North and East zones, as in many other volcanic-hosted gold deposits, is erratically distributed with numerous low-grade drill hole intercepts interspersed with higher-grade drill hole intercepts over an area approximately 1,000 feet east-west by 1,000 feet north-south. Drilling has also intersected further mineralization proximal to the mine."
Hecla Mining's 1996 annual report quotes a Rosebud resource of 1,276,634 tons grading 0.392 ounce gold and 2.70 ounces silver per ton containing 500,441 ounces of gold and 3,446,912 ounces of silver at a cut-off grade of 0.18 ounce (5.2 grams) gold per ton. This pre-mining resource (1996) was not National Instrument 43-101-compliant, but was based on over 260,000 feet of surface and underground drilling in and around the mine area.
Besides the possibility of establishing an open-pit-style resource, the Rosebud gold mine area is considered to have excellent exploration potential for higher-grade gold and silver mineralization in several areas that were not included previously in the historic mine workings or resource calculations.
Full Release: http://www.resourcexinvestor.com/news.php?id=3977
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