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Harvest Gold Corp is focused on making a gold discovery in the Urban-Barry greenstone belt of Quebec, near Osisko’s Windfall deposit. This interview, conducted with CEO Rick Mark and technical advisor Louis Martin, examined the team’s track record, insider ownership, strategic goals, and upcoming drill plans. The conversation covers management incentives, capital allocation, geological modeling, and the potential for a takeout by nearby major Goldfields. It also dived deeper into the company’s partnership with Vior, its relationship with Crescat Capital, and the operational and market constraints facing early-stage explorers in a structurally promising but underfunded space.
TL;DR
- 1. Harvest Gold is focused on early-stage orogenic gold exploration in Quebec’s Urban-Barry belt, targeting structural splays interpreted as fluid conduits.
- 2. The company’s leadership, while experienced in the public markets and past VMS discoveries, is relying heavily on geologist Louis Martin for technical execution in Archean gold.
- 3. Insider ownership has declined over time due to dilution, and while options were recently issued, direct insider buying has not been a focus in recent years.
- 4. The company aims to drill 5,000 meters starting mid-July 2025, split between known showings in the north and underexplored targets in the central corridor.
- 5. The strategy is explicitly discovery-driven, with Goldfields identified as the most probable acquirer, but all value creation is contingent on upcoming drill results.
Is Rick the Right CEO for Harvest Gold?
Rick Mark brings over three decades in the resource sector. His best-known success was with VMS Ventures, which made a high-grade copper discovery in Manitoba and was sold to Hudbay. He frames the current Quebec play in a similar light: “We were the bell of the ball… it’s very much like we have right now in Quebec.” He emphasizes his strength as a leader and organizer, but defers technical credibility to his team.
The technical group includes Neil Richardson (Hudbay), Louis Martin (current lead), Pat Donnelly, Warren Bates, and Henry Awmack. Some, like Richardson and Donnelly, have worked in similar belts, but the direct orogenic gold experience is more limited. Martin, with his regional background, is the key technical driver.
Has Rick Made Money for Shareholders Before?
Mark points to a carried 30% interest in the VMS-Hudbay deal, which protected shareholders from mine development costs. “It cost VMS shareholders nothing,” he says. However, the company was not sold at a premium but rather absorbed after Mark left in 2013. Other ventures included a uranium-to-REE pivot and early-stage nickel exploration in Greenland, neither of which resulted in a clear windfall.
Does the Geological Team Have the Right Experience?
The team’s experience spans multiple commodities and jurisdictions. Martin is positioned as the specialist for the Abitibi belt. Others bring generalist or adjacent experience. Mark argues that good geologists can adapt across systems: “They all speak the same language… your choices are not infinite.”
How Much of the Company Does Rick Mark Own?
Mark estimates owning about two million shares, bought through placements and market purchases since 2005. He notes that dilution has reduced board ownership from around 11% to an unspecified lower level. Compensation has been limited to consulting fees and options, recently awarded for the first time in three years.
Did Rick Pay for His Shares?
Yes. Mark emphasizes that he has paid for his shares and received no founder stock. However, he admits to not knowing his average cost, only that it is “higher than the price it is right now.”
Will Rick Be Buying More Shares in 2025?
Unlikely.
Rick argues that a CEO should not be “the bid” in a junior market: “It’s a mug’s game.” He cites personal financial obligations as another reason and expects a hired market maker to manage liquidity.
Why Is a Director Selling Shares?
Director Len Brownlie sold $15,000 worth of stock at 6 cents.
Rick Mark describes it as an uncoordinated sale, mistakenly executed by a broker. He called it “a bit embarrassing” and said future sales would be better communicated.
Do Insiders Own a Royalty?
No.
There are no insider-held royalties or third-party commercial interests on the assets. Mark’s company provides management services but not exploration contracting.
How Is Insider Compensation Determined?
There are no formal KPIs or bonus structures. Compensation consists of modest fees and option grants. The company has minimized costs while asset hunting, with no office and low G&A: “We do not have high carrying costs.”
How Much Money Have They Raised Since the Beginning?
The team offered only rough figures.
Airborne surveys, geochem, and prospecting likely exceeded $200,000. Martin and Mark admitted to cutting corners due to tight budgets. They aim to raise $1.3 million for drilling.
Why Did Vior Drop This Asset?
Vior consolidated a fragmented land package over five years, drilled four holes, and shifted focus elsewhere. Martin says: “It was always neglected… but it was also in prime real estate.” Harvest took over what Vior never fully explored.
Did Harvest Get to See Vior’s Historic Analysis?
Yes. Martin visited the property with Vior geologists and reviewed their ideas and drill core. A historical (non-43-101-compliant) resource exists, but Harvest is not relying on it.
What’s the Business Strategy for Harvest Gold?
According to Rick, the plan is to make a discovery and get taken out.
The benchmark is VMS Ventures: “The first large spike in the stock price is on discovery.” He sees Goldfields as the likely suitor due to geography and history.
What’s the Relationship with Vior Really Like?
Vior, now led by former Osisko Mining staff, remains a cooperative JV partner.
Harvest pays minimal fees to stake additional claims under the area of influence. Vior holds 12 million shares and a 1% NSR. A $1.5 million payment will be needed to acquire their 20% interest.
Who’s a Suitor for This Asset?
Goldfields is the frontrunner, according to Mark.
Harvest met with their geo team in December, which includes many former Osisko staff. Martin says: “We’re next on the list.” No other suitors have been named.
Will Vior Be Coming in on Future Financings?
No. Mark doesn’t expect Vior to participate, stating they’re being compensated in shares. He sees potential for Goldfields or additional institutional support in the next round.
How Can They Finance Without Too Much Dilution?
They plan to use charity flow-through. Discussions are underway with past participants, and a detailed drill target announcement is expected shortly. Mark says: “We’ll see what the market will bear.”
What’s the Crescat Connection?
Quinton Hennigh was introduced to Mark through mutual contacts. Crescat liked their BC work and took a 20% stake in Quebec. They’ve declined a board seat but are engaged technically. Their continued participation is expected.
However, Rick claims Crescat has no formal influence. He said: “They trust us… they have a lot to do.” He believes their ongoing support is a signal to the market.
When Will They Be Drilling?
Mid-July is the target, with the goal of finishing 5,000 meters before moose hunting season in mid-September. Drilling could resume afterward if necessary.
What Do They Want to See in This Year’s Drilling?
Half of the program will target known showings in the north. The other half will test new structural targets in the central corridor. Martin emphasizes continuity, structural control, and alteration as key indicators.
What’s a Comparable to This Geology?
Windfall, Gladiator, and Barry are the analogs, according to the technical team.
The comparison is based on structural setting: east-west breaks with southeast-trending splays. The geology includes volcanics and intrusive contacts with strong alteration.
What’s the Plumbing System of the Asset?
Martin believes the area sits on a district-scale structure with splays off a major crustal break. The central corridor is interpreted as a fluid conduit.
How Will They Deal with the Nugget Effect?
They rely on multi-layered targeting: soils, mag, IP, and structure. “We want to drill intelligently,” Martin says. Structural observations and mineral indicators will guide follow-up.
What Are the Plunge, Dip, Orientation of the Shoots?
They expect steep, pencil-like plunging bodies akin to Windfall. Surface expression is limited. North zone is modeled from legacy drilling. Central zone remains greenfields.
How Deep Will They Drill?
Central targets will be tested with 200-meter holes aiming at shallow mineralization (<100 meters). Deeper drilling is planned for the north.
How Tightly Will They Drill?
First-pass spacing will be wide.
If mineralization or favorable structure is observed, infill may follow. No grid or blanket drilling is planned.
What Are the Specific Drill Targets?
Targets are based on overlapping anomalies. Martin highlights the layering of geochem, geophysics, and structure. The recent press release includes target maps.
Do They Need Any Permits Before Drilling?
No.
All drilling permits are in place, including First Nations and Quebec government approvals. There are no ecological constraints.
What’s the Impact on G&A?
Mark says G&A is <C$40,000/month. Additional funds will go to the ground. Marketing has slightly increased, but remains limited.
What Are Their Marketing Plans for 2025?
Mark is cautious: “I hate spending money on marketing.” They’ve committed to a few low-cost channels, including one $5,000 interview with a newsletter writer who invested personally.
What Keeps Them Up at Night?
For Mark, it’s the dislocation between high gold prices and weak exploration financing: “One would expect the exploration component… would be rocking right now.” Martin wants a larger, sustained budget to build a full project pipeline across their regional land package.
Harvest Gold interview with CEO, Rick Mark and Technical Advisor, Louis Martin
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