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    HAR   CA4123792083

HARFANG EXPLORATION INC.

(HAR)
Delayed Bourse de Toronto  -  05/19 11:22:27 am EDT
0.3000 CAD   -9.09%
05/18Harfang Exploration Inc. Reports Earnings Results for the Full Year Ended January 31, 2022
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05/18Harfang reports results of its winter 2022 drill program fieldwork set to begin at serpent-radisson, james bay, quebec
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05/17Harfang Reports Results of Its Winter 2022 Drill Program
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Harfang Exploration Inc. reports significant gold intervals in drillholes and defines a regional gold footprint at Serpent

12/01/2021 | 08:00am EDT

Harfang Exploration Inc. reported significant gold intervals in the first drillholes completed during summer 2021 on its wholly owned Serpent Property located in Eeyou Istchee ? James Bay (Qu?bec). Other analytical results are pending. A 3rd drill program will begin in January 2022. Highlights: Drillhole SER-21-029 returned 4.09 g/t Au over 8.00 m; Drillhole SER-21-035 returned 4.33 g/t Au over 7.00 m and additional gold intervals (most mineralized drillhole so far); Main gold-bearing Stu structure extended for at least 425 m; A large gold footprint (10 km2, >50 ppb Au) defined at surface and at depth; WNW-ESE gold structures outlined on Serpent extend into LaSalle Exploration?s Radisson property totaling at least 10 km in length. The most significant intervals in SER-21-029 (4.09 g/t Au over 8.00 m) and SER-21-035 (4.33 g/t Au over 7.00 m) consist in fine to medium-grained diorite containing 1-3% disseminated pyrite and actinolite-feldspar-quartz veinlets. Decimetric tension quartz veins are present in SER-21-029. Gold grades are most likely associated with the amount of pyrite rather than with quartz veins. Isolated and coarse gold crystals were observed in the actinolite-feldspar-quartz veinlets. Similar lithologies, alterations and amount of pyrite are found in holes SER-21-036, 037, 039 and 040 for which analytical results are pending. SER-21-031 and 034 have not returned significant intervals with a metal factor >2. This second drill program at Serpent, completed in early October, included 19 drillholes for a total of 3,759 metres. Five holes (SER-21-028 to 032) tested the main interpreted Stu structure immediately east and west of the gold interval hit in SER-21-013 (3.47 g/t Au over 7.50 m) during the maiden campaign. A North-South fence of 6 holes (SER-21-033 to 038) was strategically positioned to test several sets of magnetic discontinuities (structural lineaments?) underneath the marshland, 425 m east of the first fence completed during winter 2021. Two holes (SER-21-039 and 040) were added on both sides of that fence following gold observations in holes 035, 036 and 037. Finally, the remaining holes (SER-21-041 to 046) tested specific targets, including the southeastern extension of LaSalle?s Goldhawk trend. Multiple Kilometric Gold Lineaments: Geological mapping and prospecting have confirmed extensions of gold structures outside of the marshland. Drillholes SER-21-041 and SER-21-042 tested the Moby-Dick structure at depth and the possible source of quartz-tourmaline boulders grading up to 45.5 g/t Au, respectively. Hole SER-21-046, located in the westernmost part of the Property, tested the southeastern extension of the Goldhawk structure which seems to extend into Serpent. The company recall that many gold-rich till samples were collected in 2020 down-ice of the possible southeastern extension of the Goldhawk trend along which LaSalle recently announced a drill intercept at 3.01 g/t Au over 6.00 m. Twelve additional till samples (results pending) were recently collected in the same area. The drilling program has just started testing a series of structural lineaments extending over at least 6 kilometres from the western limit of the Property to the Moby-Dick area. All of these structures remain open laterally and at depth. No drilling has yet been done east of Moby-Dick where gold showings, including the Mista Cu-Au-Ag zone, have been discovered over an additional 7 kilometres. Next Exploration Phase: A 3rd drill program (3,500-4,000 m) begins in January 2022. Main targets include follow-ups on gold structures drilled so far in the marshland and any other gold intervals that will emerge from drillholes for which results are pending. Other targets, developed from its most recent prospecting and interpretation, will be drill-tested. Results of the remaining 11 drillholes will be released as soon as available.


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Financials
Sales 2021 0,00 M 0,00 M 0,00 M
Net income 2021 -1,66 M -1,30 M -1,30 M
Net cash 2021 8,68 M 6,78 M 6,78 M
P/E ratio 2021 -23,9x
Yield 2021 -
Capitalization 9,68 M 7,56 M 7,56 M
EV / Sales 2020
EV / Sales 2021 207 806x
Nbr of Employees -
Free-Float 96,5%
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Yvon Robert Chief Financial Officer
André Gaumond Chairman
Jean-Pierre Janson Independent Director
Frank Mariage Independent Director
Robin Villeneuve Independent Director
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