June 9, 2022 – Montreal, Québec. Harfang Exploration Inc. (“Harfang” or the “Company”) (TSX-V: HAR) is pleased to outline its exploration strategy and plans for the summer phase of activities on its portfolio of projects located in the Eeyou Istchee James Bay and Abitibi districts of Québec and Ontario (Figure 1). Armed with a treasury of $10 million, a very experienced team of explorationists and a portfolio comprised of fourteen (14) highly prospective projects, Harfang is well positioned to assume a leadership position in these districts.
President and CEO, Ian Campbell commented, “We are excited to initiate our summer 2022 exploration program following the comprehensive review of our entire portfolio of projects. Whereas our focus had been directed primarily to exploring our flagship Serpent-Radisson project over the last years, we recognized multiple targets and opportunities on several other projects that offer considerable potential as near-term value creating catalysts. Our summer program will be a boots on the ground geologic evaluation with the objective of developing high-priority drill targets on several projects including Serpent-Radisson, Egan, Lake Ménarik and Ménarik East with Blakelock and Lake Aulneau to follow. We are also excited to be attending the PDAC next week and meeting you in person at our booth #2953 at the Investors Exchange.”.
The Board of the Company has approved a budget of approximately $2 million to advance eight projects over the next five months. Half of the budget has been allocated to Serpent-Radisson (Québec) where Harfang has discovered >50 gold showings distributed along a structural corridor for 18 km and open laterally in both directions. The actual reconnaissance field work has begun where little or no work has been completed in the vicinity of the large gold-in-till and gold-in-bedrock anomalies and in areas deemed to have favourable structural preparation for large gold deposits. Drill targets will be finalized on the copper-gold-silver Mista prospect where previous surface mapping has defined a 350-metre long trend grading up to 1.00% Cu, 0.21 g/t Au and 7.9 g/t Ag over 12.9 metres. The best grab sample returned 3.09% Cu, 1.93 g/t Au and 20 g/t Ag. Grab samples are selective by nature and are not necessarily representative of the mineralized zones. This trend is coincident with a 650-metre-long induced polarization chargeability axis that has not been drill tested.
The field crew has been mobilized to Egan (Ontario) to complete an expanded soil survey designed to follow-up on the encouraging first pass work conducted in 2021. This survey will encompass the ground between the E1, E2 and E3 prospects where multiple high-grade gold occurrences have been identified from grab sampling including results up to 15 g/t Au to over 100 g/t Au collected from a syenitic intrusive complex and surrounding volcanic host rocks. The Company anticipates initiating a maiden reconnaissance drill program to test this target area later this year.
At Lake Ménarik, previous exploration returned multiple high-grade gold occurrences (grabs up to 1,918 g/t Au and channels up to 12.5 g/t Au and 25.5 g/t Ag over 3.6 metres) as well as an intercept of 0.89 g/t Au over 68.3 metres in one of the 17 shallow historic drill holes completed in 2000. Polymetallic mineralization is widespread on Ménarik East and includes a historic Cr-PGE non-compliant resource and nickel-copper occurrences grading up to 1.88% Ni and 0.35% Cu over 4.5 metres associated with ultramafic rocks (Ressources minières Pro-Or, 2009) as well as intrusive hosted, high-grade gold-silver structures containing up to 58 g/t Au and 853 g/t Ag from grab sampling. Both projects demonstrate exceptional exploration potential with the expectation that a drill program will be justified for the winter of 2023.
The Lake Aulneau project, located in the Labrador Trough (Québec), covers a ~20-kilometre-long Proterozoic package of rocks prospective for copper-nickel-PGE mineralization. Previous exploration identified seven specific prospects and historic drilling conducted from the 1950’s to late 1980’s resulted in an aggregate non-compliant resource of approximately 2 million tonnes grading 2.0% Cu and 0.50% Ni with PGE’s (Hollinger North Shore, 1976; La Fosse Platinum, 1987). These estimates are treated as historic information and have not been verified by the Company. These are considered historical mineral resources and do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as Mineral Resources or Mineral Reserves as stated in the 2014 CIM Definition Standards on Mineral Resources and Mineral Reserves. Selective sampling of the historic drill core gave results of up to 12.21 g/t Pt+Pd over 0.50 m (Golden Valley Mines, 2005). Harfang intends to conduct an initial field inspection of this highly prospective property, which will include prospecting high priority targets and re-analyzing historic mineralized core, for the purpose of planning the next phase of work.
The next phase of exploration for Blakelock (northeastern Ontario) is scheduled for the 2023 winter season. Work by previous owners returned encouraging drill intercepts including 10.9 g/t Au and 97.5 g/t Ag over 10.25 metres, and 6.16 g/t Au and 17.7 g/t Ag over 4.55 metres from the Porphyry Creek target. Work by Harfang outlined a sediment package in the southern portion of the property that represents a prime target area with little drilling. This sedimentary sequence represents the western extension of the Casa Berardi mine sequence. An induced polarization geophysical survey followed by drilling is planned to test this horizon.
The technical and scientific information in this news release has been prepared and approved by François Huot, P.Geo, Vice President Exploration at Harfang, who is a non-independent qualified person for the technical disclosure as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
Harfang Exploration Inc. is a technically driven mineral exploration company whose primary mission is to discover ore deposits in Québec and Ontario. The Company is managed by an experienced team of industry professionals with a proven track record of success, controls a portfolio of highly prospective projects and has a strong financial position. Harfang is dedicated to best practices through our engagement with all stakeholders and our commitment to the environment.
For further information, please contact:
President and Chief Executive Officer
Tel: 647 680-3820
Cautionary Statement Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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