TORONTO, April 17, 2020 (GLOBE NEWSWIRE) -- HARTE GOLD CORP. (“Harte Gold” or the “Company”) (TSX: HRT / OTC: HRTFF / Frankfurt: H4O) is pleased to announce the following operations update.
- Gold production for the three months ended March 31, 2020 (“Q1”) totalled 8,597 ounces, the highest quarterly production result to-date. Q1 production was a 7% and 42% increase over Q4 2019 and Q3 2019, respectively
- Critical performance indicators continue to improve
-- Lateral waste, ramp and ore development metres are ahead of target
-- Backfill rates are on target
-- Paste plant filters are operating to support dry-stack tailings production
- Mine operations were suspended at the end of March as a preventative measure in response to COVID-19. The Company is in constant review of the situation and will make a decision on restart in due course
- Detailed planning is underway that will allow the Company to mobilize and resume operations in an efficient manner once the decision to restart is made
- Higher grade stope material expected later this year should have a positive impact on gold production. Further guidance will be provided once detailed planning is complete
- Discussions continue with BNP on the debt
- Vincent Cardin-Tremblay was appointed as Vice President, Geological Services
Sam Coetzer, President and CEO of the Company commented:
“I am very encouraged by the continued improvements in leading indicators that demonstrate a platform for sustainable growth and support fundamental changes instilled at the Sugar Zone mine. Over the next several weeks, the team will be focused on accomplishing several objectives, operationally and financially, that will support a smooth restart of the mine and continued performance through the remainder of this year. Under the direction of Martin Raffield and Dan Gagnon, operational management has been significantly strengthened, capable of supporting the next phase of the mine’s evolution to occur.
Finally, I would like to welcome Vincent Cardin-Tremblay to the team. The addition of Vince will allow the Company to focus on short-term ore management and longer-term exploration resource growth.”
Q1 2020 Operations
The Company mined a total of 51,705 tonnes at an average grade of 5.50 g/t, recovering 8,597 ounces Au for the quarter. The following table illustrates continued production growth over the last three quarters:
Quarterly Production Summary – Last Three Quarters
|Q3 2019||Q4 2019||Q1 2020|
|Ore processed (tonnes)||56,558||53,162||51,705|
|Head grade (g/t)||3.61||5.03||5.50|
|Gold ounces produced||6,069||8,017||8,597|
The ratio of stope production ore to sill ore for the quarter was on plan and achieving targeted rates of approximately 60/40, respectively. Key progress indicators such as waste development, ramp development and backfill rates are either on track or exceeding budgeted targets. Based on planning underway, the Company expects to enter higher grade stope areas later this year, which should have a positive impact on overall production growth. The Company is completing its detailed mine planning for resumption of operations and will provide further disclosure on production and guidance when this work is finished.
The paste plant filters are operating to support the production of dry stack tailings. For the month of March, 78% (12,540 tonnes) of tailings were sent to dry-stack and 22% (3,505 tonnes) were sent to the TMF. Year-to-date, 24,665 tonnes of tailings were sent to dry-stack and 26,541 tonnes were sent to the TMF.
Appointment of Vincent Cardin-Tremblay, VP Geological Services
Vincent brings extensive international experience in exploration and mine geology operating in the Americas and Africa. Prior to joining Harte Gold, Vince was Director, Exploration and Geology at Golden Star Resources Inc. Prior to that, he worked as Geology Superintendent at the Suriname mine for IAMGOLD. Mr. Cardin-Tremblay also worked for Freeport-McMoRan, and for Glencore at the Matagami and Raglan mines.
Scientific and technical information contained in this news release was reviewed and approved by Dr. Martin Raffield, Executive Vice President and Chief Operating Officer of Harte Gold, who is a “qualified person” as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The company has implemented a quality assurance and control program to ensure sampling and analysis of mine and exploration work is conducted in accordance with industry standards. Drill core is sawn in half with one half of the core shipped to Activation Laboratories located in Thunder Bay, ON, while the other half is retained at the Company’s core facilities in White River, ON, for future verification. Gold analysis is performed by fire assay using atomic absorption, gravimetric or pulp metallic finish.
About Harte Gold Corp.
Harte Gold holds a 100% interest in the Sugar Zone Mine located in White River, Canada. The Sugar Zone Mine entered commercial production in 2019. The Company previously disclosed its production guidance for 2020 of 42,000 to 48,000 gold ounces (for more information refer to the Company’s News Release dated January 9, 2020). The Company has further potential through exploration at the Sugar Zone Property, which encompasses 79,335 hectares covering a significant greenstone belt. Harte Gold trades on the Toronto Stock Exchange under the symbol “HRT”, on the OTC under the symbol “HRTFF” and on the Frankfurt Exchange under the symbol “H4O”.
For further information, please visit www.hartegold.com or contact:
Vice President, Corporate Development and Investor Relations
Cautionary note regarding forward-looking information:
This news release includes "forward-looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Specific forward-looking statements in this press release include, but are not limited to, forecasting gold production and operating cost guidance for 2020 and 2020 capital expenditures guidance. Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information.
Such risks and uncertainties include, but are not limited to, there being no events of default or breaches of key financing agreements, including agreements with BNP Paribas and Appian; the Company being able to attract and retain qualified candidates to join the Company’s management team and board of directors, risks associated with the mining industry, including operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, agreements, consents or authorizations required for its operations and activities; and health, safety and environmental risks, the risk of commodity price and foreign exchange rate fluctuations, the ability of Harte Gold to fund the capital and operating expenses necessary to achieve the business objectives of Harte Gold, the uncertainty associated with commercial negotiations and negotiating with contractors and other parties and risks associated with international business activities, as well as other risks and uncertainties which are more fully described in the Company’s Annual Information Form dated March 25, 2020, and in other filings of the Company with securities and regulatory authorities which are available on SEDAR at www.sedar.com.
Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of the Company should not place undue reliance on these forward-looking statements.
Readers are cautioned that the foregoing list of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements are expressly qualified by this cautionary statement.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.