Jul. 18, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- Harte Gold Corp.: ("Harte") (TSX:HRT)(FRANKFURT:H4O) is pleased to provide an update on current exploration initiatives at the Sugar Zone property.
Drilling has re-commenced at the Sugar Zone property to complete the 10,000 metre program
Potential new "Third Zone" found in footwall of Drill Hole SZ-11-14
Downhole geophysics program initiated to define new footwall discovery and test for additional targets at depth
IP Survey has been completed over the Fold Nose area, data interpretation is currently underway
Road construction to provide improved access within the Sugar Zone property continues
Flow-Through financing closes at $1.145 million
The current exploration program will follow up on drill holes SZ-11-18 and SZ-11-14 which intersected Sugar Zone mineralization at the 400 and 700 metre levels respectively (please see news releases dated April 21 & June 1, 2011). The exploration program will consist of:
Drilling below the existing Sugar Zone Deposit to confirm down dip continuation of Sugar Zone gold mineralization and,
Downhole geophysics at the Sugar Zone and Wolf Zone to establish the presence of additional targets at depth
On completion of the drill program, an updated resource and NI 43-101 report will be completed. This report will be used for block modelling and mine planning for the feasibility study on the Sugar Zone Deposit, including a Preliminary Economic Assessment.
Harte announced the final closing of its non brokered private placement of flow through common shares. Harte raised an additional $245,000 and issued 612,500 common shares for total gross proceeds of $1,145,000 and the issuance of 2,862,500 common shares. Finder's fees payable in connection with the final closing consist of a cash payment equal to 5% of cash raised and that number of common share purchase warrants equal to 5% of flow through common shares issued pursuant to certain orders for a total applicable to the final closing of $11,250 and 28,125 warrants and a total of $39,200 and 99,250 warrants. Each Finder's warrant is exercisable into one common share on payment of $0.40 for a period of 12 months from closing. Proceeds from the private placement will be focused on Harte's Sugar Zone Property in White River, Ontario.
Harte also announced that it has granted 400,000 options to acquire common shares to a new Director. The stock options are exercisable at $0.40 per common share and expire on July 14, 2016.
About Harte Gold Corp.
Harte Gold Corp. is a Canadian gold exploration company with interests in the Sugar Zone and Stoughton-Abitibi properties located in Ontario, Canada. The Sugar Zone Property is located 60 kilometres east of the Hemlo Gold Camp and holds an NI 43-101 compliant Indicated Resource of 1,117,000 tonnes, grading 8.41 g/t Au for 302,000 ounces of contained gold and an Inferred Resource of 417,000 tonnes, grading 7.13 g/t Au for 95,000 ounces of contained gold. Harte is the operator of the Sugar Zone Property and currently owns a 49% interest with the option to acquire the remaining 51% for consideration equal to $90,000 every six months until payment of $2.5 million by May 28, 2012 or $3 million by May 28, 2013. Harte also holds the Stoughton-Abitibi property located on and adjacent to the Destor-Porcupine Fault Zone in close proximity to the 2.5 million ounce Holloway-Holt Gold Mine in the Timmins Porcupine gold camp.
QA / QC Statement
Diamond drill holes were drilled with NQ sized core in order to obtain larger sample volumes of the mineralized zones. The core was sealed and delivered by the drilling contractor to Harte's facilities located in White River, Ontario. The mineralized sections of the cores were photographed for reference, logged and mineralized sections were sawn in half. Sample lengths were 0.5 meters. Half core samples were bagged, sealed and delivered to Activation Laboratories in Thunder Bay, Ontario, an accredited laboratory. The remaining core is stored on site for reference. Samples were assayed by the fire assay method using an atomic absorption finish on a 50 gram pulp split. A quality assurance and quality control program (QA/QC) was implemented by Harte and the laboratory to ensure the precision and reproducibility of the analytical method and results. The QA/QC program includes the insertion of standards, blanks and field duplicates in the sample batches sent to the laboratory and a systematic re-assaying of samples returning values above 3 g/t Au by the fire assay method using a gravimetric finish.
The drill program is being conducted under the supervision of George A. Flach, P. Geo, Vice President of Exploration for Harte. Mr. Flach is the Qualified Person (QP) as defined in National Instrument 43-101 and has reviewed the technical information contained herein.
Common Shares Outstanding: 145,635,063
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Harte Gold Corp.
President and CEO
Harte Gold Corp.
Investor Relations Consultant
Renmark Financial Communications