Harvest Gold gets drill permits for Mosseau project in Quebec – Richard Mills

2025.04.29

Drills could soon be turning at Harvest Gold’s (TSXV:HVG) flagship Mosseau project located within the highly prospective Urban Barry Greenstone Belt in the Canadian province of Quebec.

Last week the company announced it has received all required government permits, providing the company latitude for selecting drill targets in the northern and central areas of Mosseau. Targets in the northern area have been prioritized while the company’s geological team is finalizing targets in the central area, a process expected to be completed within the next two weeks.

“This set of Government approvals clears the path to drilling in late spring/early summer. Our team has worked diligently to secure these permits and now turns to finalizing drill targets at Mosseau, which are being identified through an extensive compilation of historical data and Harvest Gold’s recent geological and geochemical surveys. This marks a significant milestone for the Company as it advances exploration efforts to unlock the potential of our flagship Mosseau project,” said Harvest Gold’s President and CEO Rick Mark, in the April 23 news release.

According to the company, having a drill program just east of Lebel-sur-Quévillon in Quebec comes with several strategic and cost-saving benefits, especially compared to remote exploration projects. It positively impacts logistics, infrastructure including accommodations and road access, and overall drilling costs.

In Quebec, an Authorization for Impact-Causing Exploration Work (ATI) is a permit introduced by the Ministry of Natural Resources and Forests that became mandatory on May 6, 2024. This authorization is required before conducting certain mineral exploration activities, including diamond drilling. An ATI similar to what has been awarded to Harvest Gold is valid for two years and can be renewed, subject to compliance with regulatory conditions. The ATI permits allow the company flexibility for upcoming drill programs in 2025-26 as well as any necessary follow-up in the next few years.

Much of the Mosseau property was affected by large regional forest fires in the summer of 2023. While destructive, these forest fires have inadvertently created opportunities for mineral exploration on the Mosseau project. This includes natural clearing of the vegetation and easier access thanks to new forestry roads.

Harvest Gold (TSXV:HVG)

On Dec. 18, 2023, Harvest Gold entered into an option agreement with Vior Inc. (TSXV:VSR), whereby Harvest can earn up to a 100% interest in Vior’s Mosseau gold project, now Harvest’s flagship property. Mosseau lies at the western boundary of the Urban Barry Greenstone Belt, an area renowned for both historic and current mining activities, including the Windfall deposit. Notably, Osisko Mining and the well-known prospector, Shawn Ryan (White Gold), hold neighboring claims.

Harvest Gold: Writing an emerging gold story in Quebec — Richard Mills

On Dec. 19, 2023 Harvest Gold entered into an option agreement with EGR Exploration (TSXV:EGR) to acquire 100% of the Urban Barry property in the Eeyou Istchee James Bay/Abitibi region of Quebec.

Urban Barry is situated on the southwestern edge of the Urban Barry Greenstone Belt and has a strike length of approximately 19 kilometers. From November 2019 to March 2020, EGR flew an airborne drone magnetic geophysical survey over the property. The results confirmed the northwest extension of rock units and fault structures hosting the nearby Windfall gold deposit.

On March 12, 2024 Harvest Gold acquired, through map staking, a continuous block of 60 mining claims southeast of its Mosseau project. The La Belle property overlays the same geological contact as Mosseau and Urban Barry and covers an area of 3,394 hectares. 

This recent staking brings Harvest Gold’s total land position in the Urban Barry region to 329 claims covering 17,539 ha in three projects.

“One of the many things that attracted us to Urban Barry was the confidence Gold Fields had in this greenstone belt, as indicated in Osisko’s May 2, 2023 announcement that said their partner Gold Fields will sole fund expenditures for regional exploration up to a maximum of C$75 million. This mining-centric region in Quebec is gaining renewed attention worldwide.”

In April 2024 Harvest raised $150,000 through a private placement led by Crescat Capital. By taking down about 40% of the private placement, Crescat Capital became a 14.19% owner in Harvest Gold.

“We are delighted to see Harvest Gold secure a district-scale land package in an underexplored greenstone belt on strike with one of the more notable new gold camps to emerge in the Superior Province of Quebec,” said renowned geologist Quinton Hennigh, Crescat’s technical and geological director. “They have stealthily assembled a project with excellent potential, and we are quite anxious to see what some boots-on-the ground prospecting delivers.”

Gold Fields to acquire Osisko Mining for C$2.16 billion

The world-famous Abitibi region, within the Urban Barry Greenstone Belt, is a geological formation now dominated by Goldfields Limited (NYSE:GFI). Harvest Gold controls three large prospective land packages (Urban Barry, Mosseau and La Belle) all overlaying the same geological contact within the Urban Barry Greenstone Belt.

Undervalued stock

Harvest Gold’s share price doesn’t reflect the inherent value in the company and its land package of three gold projects located in the world-famous Abitibi.

 At just 5 cents a share, an investor can buy the entire company for under $4 million — less than the value of a shell company.

Under The spotlight Bob Moriarty of 321Gold — Richard Mills

Conclusion

Harvest Gold has three elements I like to see in an early-stage junior: excellent management team with a proven record of success; properties in a safe and mining-friendly jurisdiction close to already-established deposits or mines; and a tight share structure of just 63.5 million shares outstanding.

Harvest Gold offers investors the opportunity to own 100% of three gold projects with significant size and depth potential in a region of world-class deposits.

Quebec is mining-friendly and politically stable, with road access to Harvest’s properties, nearby infrastructure and workforce, and low drilling costs.

Osisko had agreements with Gold Fields and Bonterra Resources (TSXV:BTR) for the joint development of the Windfall and Gladiator deposits, demonstrating potential discovery upside.

Osisko/Gold Fields/Bonterra have committed to spend $105 million in the next six years on regional exploration of the Urban Barry belt.

(Of course, any properties owned by Osisko Mining will become Gold Fields’.)

The bottom line? Harvest Gold is a well-managed, well-located. low-cost, early-entry opportunity to possibly participate in the leverage associated with a world-class discovery.

Harvest Gold Corp.
TSXV:HVG
Cdn $0.05 2024.04.28
Shares issued: 63.5m
Market Cap: $3.4m
HVG website

Richard (Rick) Mills
aheadoftheherd.com

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Richard owns shares of Harvest Gold Corp. (TSXV:HVG). HVG

is a paid advertiser on his site aheadoftheherd.com. This article is issued on behalf of HVG