Harfang Exploration Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Harfang Exploration Inc. is a well financed mineral exploration company with approximately $7.2 M in the treasury as of March 1, 2023 and is one of the largest landholders in the James Bay region. Harfang is technically driven with the primary mission to discover ore deposits in Québec and Ontario. The Corporation 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 engagement with all stakeholders and commitment to the environment.

Harfang: A Discovery Driven Exploration Company

Experienced Management and Board

• Track record of success in exploration and business development

Strategy – Explore, Partner, Monetize Projects

• Maximum exposure for shareholders

Tier 1 Jurisdiction

• Eeyou Istchee James Bay and Abitibi districts of Québec and Ontario

Technically Driven Business Approach

• Systematic and science driven, with boots on the ground

Strong Financial Position

• ~ $7.2 M in the treasury as of March 1, 2023

Commitment to Best Practices

• Care and governance with the Company’s engagement, social licence and the environment

Projects in Hand

Prospective Portfolio in Québec and Ontario

High-grade Gold Projects

Serpent-Radisson (Au-Cu-Li)

• District-scale gold discovery
• Over 50 gold showings discovered
• Multiple gold-bearing structures

Egan (Au)

• Central to Timmins-Kirkland Lake-Matachewan mining camps
• High-grade gold discovery in syenite

Blakelock (Au)

• 15 kilometres along the Casa Berardi trend
• Drilling results include 10.9 g/t Au over 10.25 m and 11.53 g/t Au over 6.0 m

Lake Menarik (Au)

• Monzonite-hosted high-grade gold
• Grab samples to 1,918 g/t Au (61.7 oz/t Au)
• Drilling includes 0.89 g/t Au over 68.25 m

Critical and Strategic Minerals Projects "CSM"

Bonfait / La Passe (Li, Au)

• Sedimentary rocks and pegmatite dykes along the La Grande-Opinaca contact

Ewart (Li)

• Banded pegmatite dykes enriched in beryllium

Lemare (Li) / Ross (Li) / Conviac (Li) / Sakami (Li)

• Lake Seds Anomalies (Li, Be)
• Occurrences of pegmatite
• Near limits of subprovinces

Pontax (Li, Ta, Au)

• Li-FT Power earning an initial 51% by spending $3 M (July 2022)
• Highly prospective for lithium and tantalum bearing pegmatites

Menarik East (Cr, Ni, PGE, Au)

• Non-compliant Cr-PGE resource
• Multiple Ni, PGE and Au showings
• 1.88% Ni, 0.35% Cu over 4.5 m (drill hole)

Lake Aulneau (Cu, Ni, PGE)

• 7 Cu-Ni-PGE prospects in the Labrador Trough
• Non-compliant Cu-Ni-PGE resource

The Menarik Projects: High-grade Gold and Critical and Strategic Minerals

• Lake Menarik (304 claims; 15,627 ha; 100% Harfang)
• Gold in monzonite and volcano-sedimentary rocks
• Strong structural control at greenschist facies
• Massive ankerite alteration in extensive shear zones
• Menarik East (64 claims; 3,289 ha; 100% Harfang)
• Chromium and nickel-copper with platinum-group elements in the Menarik mafic-ultramafic Complex
• High-grade gold and silver in tonalite and gabbro hosted shear zones
• Detailed heliborne magnetic survey on both properties (December 2022)

Lake Menarik: Monzonite-associated and Mesothermal Lode Gold

• Highly prospective geology
• Reminiscent of that of Timmins, Kirkland Lake and Matachewan gold camps; strong similarities with the Egan project
• Only 17 shallow historical drill holes
• Multiple high-grade gold occurrences
• Grabs up to 1,918 g/t Au
• Channels up to 12.46 g/t Au and 25.5 g/t Ag over 3.60 m
• DDH intersection at 0.89 g/t Au over 68.25 m (>60 g/t x m)
• Extensive shear zones with massive ankerite alteration
• Up to 700 m long and 50 m wide
• Winter 2023 program
• IP survey
• Drilling (3,500 m)

Serpent-Radisson: Advancing to the Next Exploration Phase

• Detailed heliborne magnetic survey completed in December 2022
• 50 m spaced lines on Radisson and in a specific area on Serpent (NEW DATA)
• Planned work for 2023
• Complete review of the database
• Field investigation in targeted high-priority areas (gold and lithium)
• Additional drilling on priority targets

Management

Management and Directors

Ian Campbell, President and CEO, Director

Over 35 years of experience in the mineral exploration industry

Former President and CEO of Temex Resources and LaSalle Exploration Corp.

Has been integral in identifying, acquiring and developing key exploration projects, joint venture and strategic relationship agreements with junior and senior exploration/mining companies and First Nations communities.

François Huot, Vice President of Exploration

More than 20 years of experience in mining exploration in Québec both as a Senior geologist with Virginia Mines and as a consultant.

A lot of experience in developing grassroot exploration projects in the Eeyou Istchee James Bay and Nunavik regions, particularly on base metal (Ni-Cu-PGE and VMS settings) and gold ore deposits.

Yvon Robert, Chief Financial Officer

Since 2016, Mr. Robert provides financial reporting and accounting services to several junior public companies in the mineral exploration business.

Former Vice President, Finance, Chief Financial Officer and Treasurer of Strateco Resources Inc.

Marc Pothier, Corporate Secretary and Legal Advisor

Focuses primarily on securities, corporate finance, and mining law.

Is consistently ranked as a leading lawyer in the domains of mining and natural resources law.

Jean-Pierre Janson, Director, Chair

Chairman of Midland Exploration

Former Managing Director at Richardson GMP

André Gaumond, Director

Former Director of Osisko Gold Royalties

Former President of Virginia Mines

Karen Rees, Director, Chair of Compensation and Governance

Former VP Exploration/Secretary at Temex Resources

Over 30 years of experience in the mineral exploration industry

Daniel Innes, Director

Geologist and Former CEO of Lake Shore Gold

Over 35 years of experience in the mineral exploration industry

Sylvie Prud’homme, Director

Geologist and former Manager, Investor Relations for Osisko Mining Corporation

Over 35 years of experience in the mineral exploration industry

Vincent Dubé-Bourgeois, Director, Chair of Audit Committee

Founder, Director and CEO of Goldspot Discoveries

News Update

On April 03, 2024, Harfang Exploration Inc. and Quebec Precious Metals Corp. have released the results of a joint targeting study conducted on adjacent and wholly owned Serpent-Radisson and Sakami projects. The projects demonstrate significant potential for high-grade gold and more recently for lithium (see Harfang's press releases dated Oct. 5, 2022, Sept. 13 and Dec. 6, 2023, and Quebec Precious's press releases dated Sept. 20, 2023, and Feb. 29, 2024).

The study was designed to identify additional gold and lithium drill targets on the western portion of the Sakami project and on the eastern portion of the Serpent-Radisson project. The close collaboration between the two companies resulted in:

• The identification of 12 priority gold and lithium targets, including three high-priority targets that can be drill ready following a field inspection later this year;
• An improved geological understanding and confirmation of the structural and lithological controls on gold and lithium mineralization.

Normand Champigny, Quebec Precious's chief executive officer, stated: "The collaboration with Harfang has been very beneficial to demonstrate the stronger exploration potential for both gold and lithium at our respective projects. We look forward to the follow-up in the field, drill the best targets and continue our collaboration with Harfang."

"These types of collaborations are exactly what this industry needs more of," Rick Breger, Harfang's president and chief executive officer, stated. "Not only were we able to more efficiently deploy our capital by pooling and sharing resources, but we also now have a much better technical understanding of our respective projects. After all, the geology does not change on the other side of the claim boundary."

On March 20, 2024, Harfang Exploration Inc. has granted an aggregate of 1.3 million incentive stock options to certain directors, officers, employees and consultants of the company. Each option entitles the holder thereof to purchase one common share of Harfang at a price of 15 cents per common share for a period of 10 years, expiring March 20, 2034. The options are granted in accordance with the terms of Harfang's stock option plan.

On March 13, 2024, Harfang Exploration Inc. has appointed Ludovic Bigot as the company's vice-president, exploration, effective on or around March 20, 2024.

The Company would also like to announce the appointment of Mr. Rick Breger as CEO, effective February 1, 2024, and the departure of Mr. Francois Huot, former VP, Exploration, effective February 23, 2024.

Mr. Bigot brings a unique skillset to Harfang with his nearly 15 years' experience as an exploration geologist. He was most recently with ALS GoldSpot Discoveries as the lead project geologist responsible for the management and mineral targeting programs for precious and strategic metals in green- and brownfields exploration projects.

Mr. Bigot obtained a Master of Science in Economic Geology from the Universite du Quebec a Montreal ("UQAM") where he focused on gold deposits in the Abitibi Greenstone Belt in Quebec. He also obtained a Bachelor of Science in Earth Sciences from UQAM and is a practicing member of the Ordre des geologues du Quebec ("OGQ").

On February 08, 2024, The TSX Venture Exchange has accepted for filing the proposal of Harfang Exploration Inc. to issue 510,670 common shares at a deemed price of 12.59 cents per share, in settlement of payment obligations to parties dealing at arm's length with the company, pursuant to an option agreement dated Aug. 5, 2020.

Number of creditors: four creditors

On February 08, 2024, Harfang Exploration Inc. has exercised its option to acquire 100-per-cent interest in the high-grade Egan gold property, subject to regulatory approvals. Highlights:

• Egan is strategically located in the heart of Ontario's prolific Abitibi gold camp, central to mining operations in Timmins, Kirkland Lake, and Matachewan.
• Harfang has exercised its option to earn 100% interest in the Property in exchange for a combination of cash and shares.
• Exploration conducted by Harfang has generated several high-priority targets.

"We are pleased to proceed with the acquisition of a 100% interest in Egan," commented Rick Breger, President and CEO of Harfang. "From the beginning, it has delivered solid results from our exploration campaigns with numerous targets to follow up on. We are particularly intrigued by the delineation of a large, gold-in-soil anomaly south of the E1 high-grade gold occurrence, adding another high priority target, as well as the E1 South discovery that returned an altered syenite grab sample assaying 25 g/t gold."

On January 03, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Dec. 22, 2023.

Number of shares: 573,811 flow-through shares

Purchase price: 21 cents per flow-through share

Number of placees: five placees

Total existing insider involvement: 50,000 flow-through shares (one insider)

Finder's fee: $3,525

On Dec. 22, 2023, Harfang Exploration Inc. announced that it has completed a non-brokered private placement for gross proceeds of $940,500.

The proceeds from the Private Placement will be used for exploration expenditures on the Company’s projects located in the Province of Québec. More particularly, the proceeds will be used for “Canadian exploration expenses” within the meaning of the Income Tax Act (Canada), and be incurred on or before December 31, 2024 and renounced to the subscribers with an effective date no later than December 31, 2023. In addition, the proceeds arising from the issuance of the Charity FT Shares will, once renounced, qualify as “flow-through critical mineral mining expenditures” within the meaning of the Income Tax Act (Canada). Finally, the proceeds will qualify under the Taxation Act (Québec) as (a) an expense for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of the Taxation Act (Québec) and (b) an expense for inclusion in the “exploration base relating to certain Québec surface mining expenses” within the meaning of the Taxation Act (Québec).

On December 11, 2023, Harfang Exploration Inc. has appointed Richard (Rick) Breger as the company's president, effective immediately, and as the company's chief executive officer (CEO), effective on or around Feb. 1, 2024. The company has released the succession plan of outgoing president and current CEO, Ian Campbell. Mr. Campbell will continue to serve as CEO, working closely with Mr. Breger, to ensure a seamless transition.

On December 06, 2023, Harfang Exploration Inc. has released analytical results from its lithium discovery, known as the Ameliane showing, hosted in highly evolved LCT (lithium-cesium-tantalum) spodumene-bearing pegmatites on the Serpent-Radisson property located in Eeyou Istchee James Bay, Quebec.

The property, consisting of 988 claims (50,843 hectares), is also host to over 50 high-grade gold occurrences discovered by the company since 2017. The property is located proximal to the La Grande-Opinaca subprovince boundary. The majority of the lithium and gold deposits in James Bay are located near such major boundaries.

Additionally, the field team has observed coarse-grained tantalite crystals in nearby pegmatites and outlined a greater than 15-square-kilometre corridor rated as high potential for additional discoveries based on in-field X-ray fluorescence (XRF) geoanalyses. Highlights:

• Grab samples up to 2.61 and 4.56 per cent Li2O (lithium oxide) in outcrops at Ameliane showing;
• Possible stacking of shallow-dipping and subparallel spodumene-bearing pegmatite dikes identified laterally over 300 metres at Ameliane;
• Grab samples with high-grade tantalum up to 21,000 parts per million Ta (2.56 per cent Ta2O5 (tantalum pentoxide)) and greater than 25,000 ppm Ta (greater than 3.05 per cent Ta2O5);
• Prospective zone (greater than 15 square km) for additional discoveries of lithium based on the chemical composition of muscovite in pegmatites.

On September 13, 2023, Harfang Exploration Inc.'s field crew has discovered several spodumene occurrences in pegmatites in the eastern part of the Serpent-Radisson property located in the Eeyou Istchee James Bay region, Quebec. This discovery was made in the initial days of prospecting and, as a result, Harfang intends to devote most of its efforts for the remaining prospecting season to the property which is already known for its gold and copper potential. Highlights:

• Discovery of several pegmatite dykes with up to 50 per cent spodumene crystals mapped at several localities spread over at least 1 kilometre;
• Boulder field containing only angular spodumene-bearing pegmatite floats of cubic metre dimensions down-ice of the discovery outcrop;
• The discovery occurred at the early stages of the field program on the Property and surface work is ongoing until the end of the prospecting season.

Mr. Ian Campbell, President and CEO, commented: "We are excited about today's announcement which represents one of the very first discoveries of spodumene-bearing pegmatites since the beginning of the lithium rush in the emerging James Bay district. We are off to a superb start as our team has only been on this Property for a few days following the lifting of the lengthy fire ban and there is a lot of ground to cover. We have felt since last year that the area of this discovery had excellent potential for the discovery of LCT pegmatites based on our initial sampling results combined with the overall favourable geological environment which contains similarities to the major lithium deposits in James Bay. This discovery area also contains several high-grade gold showings as well as the compelling Mista copper target which is drill-ready."

On September 06, 2023, Harfang Exploration Inc. has resumed its summer/fall program on its lithium and gold projects southeast of the Radisson locality in the northwestern region of Eeyou Istchee James Bay, Quebec. The Government of Quebec has recently lifted all restrictions including travel and access to the forest in force since early June in response to the forest fire situation. Work will continue up to the end of the prospecting season on different projects throughout the entire region.

Mr. Ian Campbell, President and CEO, commented: "We are both relieved and excited to resume our field exploration activities in this part of James Bay where the bulk of our gold and lithium projects are located. The program is a "boots on the ground" approach including both a prospecting and geological evaluation combined with onsite geochemistry with the focussed objective of rapidly developing high-priority drill targets on our lithium and gold projects. Our team has extensive operational experience which will be invaluable in making up for lost time during the fire ban."

On July 24, 2023, Harfang Exploration Inc.'s field crew has begun exploration work on its Lemare lithium property in the central part of Eeyou Istchee James Bay, Quebec. The property is located to the southeast of the Whabouchi lithium deposit and is accessible by the Route du Nord. With recent lithium discoveries, new advances in already existing resources, and the Quebec strategy on critical and strategic minerals (CSM), this region has taken centre stage for lithium exploration in Canada.

Commented Ian Campbell, president and chief executive officer: "We are pleased to report that the recent restrictions imposed by the Quebec government as a result of the regional forest fire situation have been lifted in most of the Eeyou Istchee James Bay region and our field crew has been mobilized to resume the exploration program. This program is a boots-on-the-ground approach including both a prospecting and geological evaluation. Access to our properties in the northwest of the region (Lake Menarik, Serpent-Radisson, Ewart, Sakami, Taiga, La Passe and Menarik East) is not yet authorized, but we are hopeful this situation will be resolved in the near future. We wish to acknowledge the continuing efforts to suppress forest fires and express our gratitude to those involved for their hard work under difficult conditions."

June 8, 2023, Harfang Announces Its Summer Field Program Is Set to Begin on Its Gold and Lithium Properties, Eeyou Istchee James Bay, Québec

May 11, 2023, Harfang Reports the Results of Its Winter Drill Program at Lake Menarik Gold Property, Eeyou Istchee James Bay, Québec. The results reported confirm broad gold intervals in a highly altered and brecciated monzonite that are open at depth in the Pierre and Pierre Ouest areas, and gold mineralized zones at depth and along strike of the David surface occurrence.

May 2, 2023, Harfang Completes a Flow Through Private Placement

March 17, 2023, Harfang Completes a $700,000 Flow Through Private Placement

February 23, 2023, Harfang Commences Drilling at Lake Menarik Gold Property, Eeyou Istchee James Bay, Québec. This maiden phase of drilling by Harfang consists of approximately eighteen (18) shallow drill holes for an expected total of 3,500 metres.

February 10, 2023, Harfang Sells Its Selbaie Property

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