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MONTREAL, QUEBEC–(Marketwired – Oct. 11, 2017) – Harfang Exploration inc. (“Harfang“) (TSX VENTURE:HAR) is pleased to announce a new acquisition which strengthens its property portfolio in the James Bay area.
Acquisition of the Serpent Property
Harfang staked by map designation 255 mining claims totaling 13,500 ha (100% owned by Harfang) and comprising the Serpent property. The property is located in the James Bay area, 90 km SSE of the Radisson village and just 11 km east of the James Bay Road. The eastern limit of the Serpent Property is contiguous to the Sakami gold project (Canada Strategic Metals Inc./Matamec Exploration Inc.).
Reconnaissance exploration conducted during summer 2017 by a team of Harfang geologists was carried out by float plane following a favorable east-west gold bearing structure. A total of 133 grab samples were collected principally from foliated tonalite and gneissic tonalite outcrops. Gold and copper mineralization were recognized and sampled from rusty pyrite-chalcopyrite-bearing gneissic and foliated tonalites accompanied by quartz veins. Assay results revealed six samples having Au concentrations > 500 ppb, with three samples showing values > 1 g/t Au; 1.77, 2.60 and 4.11 g/t, respectively. The gold samples were collected from strongly deformed and sheared orthogneissic tonalite rocks injected with pyrite-rich quartz veins and veinlets. Copper and gold mineralization are commonly associated with copper assay values ranging from 0.03 to 2.11% Cu. The Cu-Au mineralized sites represent new discoveries, distributed in four areas, within the La Grande subprovince plutonic rocks near the contact with the Opinaca metasedimentary subprovince. Figure showing the location of the new gold showings can be consulted using the following link:
This recent transaction is in direct line with Harfang’s project generation strategy to acquire grassroots properties with high potential of gold discovery.
Sale of the Vauquelin West Property
Harfang also announces the sale of the Vauquelin West Property claims to Chalice Gold Mines (Quebec) Inc. (“Chalice Gold“). The property consists of 16 continuous mining claims totaling an area of 6.16 ha located within near Louvicourt, Quebec. The sale was made for a cash consideration of $66,000. Harfang will retain a royalty of 2% of the net smelter returns in respect of minerals recovered from production (the “NSR Royalty“). Chalice Gold shall have the option to buy back half of the NSR Royalty (i.e. 1%) for $1,000,000.
Harfang Exploration Inc. is a mining exploration company whose primary mission is to discover new gold districts in the province of Quebec. Harfang’s development model is based on the generation of new mining projects and on the establishment of partnerships with major exploration and mining companies to advance its mining projects.
This press release has been prepared by François Goulet, P.Geo., President and CEO, a “qualified person” as defined by NI 43-101. For further information, please consult Harfang’s website.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Harfang’s periodic reports including the annual report or in the filings made by Harfang from time to time with securities regulatory authorities.
President and Chief Executive Officer
514 940-0670 #339
Wed, 11 Oct 2017 14:30:00 GMT