The Harte of Canada’s newest high-grade gold producer is in the Sugar Zone
2018 was a great year for gold news with a large find in Western Australia’s traditional gold region. Canadian gold mines were also making their own news, especially in Ontario, Canada.
Harte Gold Corp. (TSX: HRT) is Ontario’s newest gold producer that acquires and explores for mineral resource properties in Canada, with primary focus on its 100% owned Sugar Zone property 24 km north of White River, Ontario. Exploration on the Sugar Zone property includes 83,850 hectares encompassing a significant greenstone belt with a 35 kilometre strike length. The property has huge exploration upside with ~95% yet to be explored.
Harte Gold’s Sugar Zone has a resource estimate of 714,200 gold ounces at 8.5 g/t indicated, and 760,800 gold ounces at 6.6 g/t inferred.
Sugar Zone Mine – First gold pour achieved October 2018
Harte Gold has proven they are a company that can get things done. They did this last year in October 2018 by announcing they had achieved a first gold pour at their Sugar Zone Mine.
Stephen G. Roman, CEO commented: “With this achievement we have advanced from permitting the Project to gold production in under four weeks, a significant accomplishment. Plant start-up continues to run smoothly with no material issues reported.”
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Sugar Zone Mine – Commercial production achieved in January 2019
And the great news for Harte keeps on coming as only 3 months later they were achieving commercial production at the Sugar Zone Mine. Following a successful commissioning period, the Sugar Zone Mill is operating consistently at the permitted 575 tonnes per day (TPD). The mill averaged a 90.8% gold recovery rate for December, which is expected to improve during the transition to full commercial operation. A 2019 budget and life of mine plan is underway, which is expected to show improved overall economics. This information will form the basis of a NI 43-101 Feasibility Study targeted for Q1 2019.
Mr. Stephen G. Roman, President and CEO of Harte Gold stated: “Since start-up of the mill, our focus has been on reaching commercial production in an efficient and cost effective manner. I believe our team has done a remarkable job getting to capacity with no significant operational issues. We are now progressing the permit to increase throughput to 800 TPD.” The mill is currently at steady state and the focus will now shift to improving recoveries.
Sugar Zone Mill gold production ramping up
For the month of December, the mill processed 16,400 tonnes over a 29 day period. Mill feed was a combination of material from the surface stockpile, development material and stope production. The Mill feed will be supplied by a higher grade material from the continuing acceleration of the underground mine, leaving the surface stockpiles as an auxiliary supply. Stockpiles were sampled in December and were estimated to contain 19,470 tonnes of material at an average grade of 5.08 g/t.
The Company expects to deliver an updated mineral resource estimate in early 2019.
Harte Gold has been moving ahead very quickly
The Stoughton-Abitibi Property
Harte also has the Stoughton-Abitibi Property which is located 110 km east of the prolific Timmins area. The property covers a 4 kilometre strike length with an overall length of more than 11 kilometres along the upper portions of the property. It is in close proximity to an existing 2.5 million oz. gold mine. Management is currently in the process of evaluating associated available data in order to assess the scope of a future exploration program.
Gold has conjured up fantasies for century’s now with the promise of getting rich quick. Early investors in Harte Gold will be very pleased with the company’s rapid progress and success. Harte looks to be a sweet investment if you are looking for a high grade low cost producing gold mine, with both production upside and significant exploration upside, all in a safe and prosperous jurisdiction.
Harte Gold Corp. is headquartered in Toronto, Canada. The Company has a market cap of CAD $227.9 million, and an analyst’s consensus price target of CAD $0.93, representing 146% upside.
Matthew Bohlsen holds a Graduate Diploma in Applied Finance and Investment (similar to CFA), and a Graduate Diploma in Financial Planning. He has 30 years ... <Read more about Matthew Bohlsen>