Work will include Pre-feasibility focused resource definition and expansion
July 21, 2022 - Rockhaven Resources Ltd. (TSX-V:RK) (“Rockhaven”) is pleased to announce that crews have mobilized and the 2022 exploration program has begun at its 100%-owned and road accessible Klaza project, located in the Dawson Range Gold Belt of southern Yukon, Canada.
The fully funded program will utilize two diamond drills to complete approximately 10,000m of drilling. This drill program will advance the Klaza project towards Pre-feasibility by completing key objectives that include:
- Resource definition infill drilling (9,000m in 44 holes) to convert more of the inferred mineral resources into indicated mineral resources;
- Discovery focused exploration drilling (1,000m in 5 holes) at high-grade gold-silver epithermal targets which include the Rusk and Western BRX Extension targets;
- Additional, non-drilling target evaluations at the Rusk East, Dade, Bear and Sked prospects; and,
- Continued studies related to metallurgy, engineering and baseline permitting.
“Following a successful 2021 infill drill program, 2022 work is designed to establish indicated resources in the areas prioritized by the 2020 PEA and will lead into an updated mineral resource estimate and Pre-feasibility study in mid-2023,” stated Matt Turner, Rockhaven’s CEO. “Additionally, exploration drilling, trenching and prospecting will advance targets that lie outside of the resource areas to further demonstrate the camp-scale character of the Klaza project.”
Klaza Deposit Infill Drilling
Infill drilling of the Klaza Deposit will focus on upgrading inferred resources into indicated resources. Based on the most recent mineral resource estimate published in 2018, 60% of the total mineral resources at Klaza are classified as indicated and 40% as inferred. A total of 6,000m of infill drilling in 31 holes was completed in 2021 and a further 9,000m in 44 holes are planned for 2022 work. This drilling, combined with further geotechnical, metallurgical and baseline environmental monitoring will continue to support the Pre-feasibility study that is expected to be completed in 2023.
Exploration drilling is planned at the Rusk and the Western BRX Extension targets. Mineralization at the Rusk Target was discovered by a fence of drill holes in 2020, which spanned a new vein complex located approximately 3km south of the Klaza Deposit. The discovery holes were followed up by ten drill holes in 2021, tracing mineralization in the core of the target over a strike length of 300m. Work in 2022 at this target will further assess the on-strike potential of the main structures.
Drilling at the Western BRX Extension will target the eastern projection of a silver-rich vein discovered in KL-21-492 that returned 1,160g/t silver, 8.4% lead and 5.2% zinc over 0.54m (see press release dated December 15, 2021). Following this discovery, an excavator trench successfully exposed the up-dip projection of this vein, returning 351g/t silver, 9.87% lead and 1.97% zinc across 1.5m. Two holes are planned at this target in 2022.
One exploration hole may also test an undrilled portion of the Kelly porphyry target, which lies to the southeast of the vein system hosting the Klaza Deposit. Following a comprehensive analysis of results from earlier work done in this area, a single hole was recommended based on vectors that include vein styles, lithogeochemical characteristics and geophysical signatures.
Regional Target Evaluations
In addition to the drill program, 2022 work will evaluate four other promising prospects on the Klaza property, which include the Rusk East, Dade, Bear and Sked targets. Depending on the results, these prospects may be drill tested later in the season.
Technical information in this news release has been approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and qualified person for the purpose of National Instrument 43-101.
Rockhaven Resources Ltd. is a well-funded explorer focused on the exploration and development of its 100%-owned, camp-scale Klaza Property, which hosts the Klaza Deposit and numerous lightly explored exploration targets. The Klaza Deposit has indicated mineral resources of 4.5Mt containing 686,000 oz gold and 14 million oz silver at grades of 4.8g/t gold and 98g/t silver, and inferred mineral resources of 5.7Mt containing 507,000 oz gold and 13.9 million oz silver at grades of 2.8g/t gold and 76g/t silver. An updated Preliminary Economic Assessment of the Klaza deposit completed in 2020 returned a Post-Tax NPV(5%) of CAD$378 million and an IRR of 37%, using US$1,450/oz gold and US$17/oz silver (see Klaza Property Technical Report with an effective date of July 10, 2020 and titled, “Technical Report and Preliminary Economic Assessment Update for the Klaza Property, Yukon, Canada.” which can be viewed at www.sedar.com under the Rockhaven profile or on the Rockhaven website at www.rockhavenresources.com.).
President, CEO and Director
Rockhaven Resources Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information contained in this news release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “complete(d)”, “advance”, “towards”, “completing”, “convert”, “evaluations”, “successful, “establish”, “prioritize”, “demonstrate”, “upgrading”, “planned”, “support”, “potential”, “projection”, “promising” and similar expressions, or that events or conditions “may”, “should”, or “probably” occur. Rockhaven cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the control of Rockhaven. Such factors include, among other things: risks and uncertainties relating to exploration and development and the results thereof, including the results of the recently completed drill program, the impact on mineral resource estimates, the potential for new discoveries including porphyry deposits, and the results of planned metallurgical programs, as well as the ability of Rockhaven to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in Rockhaven’s financial statements available under the Rockhaven profile at www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Rockhaven undertakes no obligation to publicly update or revise forward-looking information.
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