The share price of junior Harte Gold rose on Friday, as the embattled company announced the discovery of a new greenfield mineralised area about 8.5 km north-west of its Sugar Zone mine, in Ontario.
The discovery of the area, named the 007 Showing, was the result of the company’s ongoing systematic process to concentrate exploration efforts on priority areas across its 81 287 ha land package.
Channel sampling was under way, and initial results had returned anomalous gold values of up to 4.4 g/t gold.
At the TT8 Zone, further drilling has expanded mineralisation from the previously defined 600 m strike length to over 3 000 m, extending mineralisation to the south towards the Big Bear showing.
“Our regional exploration programme continues to reinforce the tremendous potential of the Sugar Zone property. The recent discovery of the 007 Showing is a promising new area of mineralisation that will be followed up with further prospecting. Separately, the extension of the TT8 Zone along the fully permitted Kabinakagami (Kabi) greenstone belt continues to return promising grades at shallow depths. We are excited with what the potential TT8 could deliver as exploration continues to the south, where we see steepening lithologies with the potential for larger zones of mineralisation,” said exploration VP David Schonfeldt.
Harte Gold’s share price rose 9% to C$0.06 a share. The junior’s stock has been under pressure lately, as the company seeks a financial lifeline.