Drills 5.48 g/t Gold and 128 g/t Silver (7.00 g/t AuEq²) over 5.85 m at its Klaza Project, Yukon

March 1, 2023 - Rockhaven Resources Ltd. (TSX-V:RK) (“Rockhaven”) is pleased to announce the final assay results from the 2022 diamond drilling program completed at its 100% owned and road accessible Klaza property. The Klaza property is located within the Dawson Range Gold-Copper Belt of southern Yukon, a prolific belt that hosts several important mineral deposits including Minto Metals’ Minto copper-gold mine, Western Copper and Gold’s Casino copper-gold deposit and Newmont’s Coffee gold deposit.

2022 Program

During the summer of 2022, a total of 12,042 m of drilling was completed in 69 holes at Klaza. The work program was designed to advance Klaza towards an updated mineral resource estimate¹ and pre-feasibility study by attaining the following objectives: (1) re-categorization of prioritized inferred mineral resources into indicated mineral resources; (2) expansion of the total mineral resource; (3) collection of samples for advanced-stage metallurgical test work; (4) completion of additional geotechnical drilling for optimized open-pit and underground engineering; and, (5) evaluation of some of the exploration targets that lie outside of the known mineral resource areas through excavator trenching, soil sampling and prospecting. Based on results received to date, Rockhaven is on track to achieve all objectives.

Highlights

Results presented in this news release are from various parts of the Central Klaza Zone, the adjacent BYG Zone and the Western BRX Zone Extension target. Previous 2022 season drill results were announced on January 18^th and January 30^th, 2023.

Highlight assays from this press release include:

• 5.48 g/t gold and 128 g/t silver (7.00 g/t AuEq²) over 5.85 m (KL-22-603)
• 11.16 g/t gold and 23 g/t silver (11.82 g/t AuEq²) over 2.14 m (KL-22-600)
• 5.60 g/t gold and 174 g/t silver (8.29 g/t AuEq²) over 3.38 m (KL-22-596)
• 4.27 g/t gold and 352 g/t silver (8.44 g/t AuEq²) over 2.31 m (KL-22-590)
• 4.24 g/t gold and 38 g/t silver (4.69 g/t AuEq²) over 3.81 m (KL-22-602)
• 2.56 g/t gold and 14 g/t silver (2.78 g/t AuEq²) over 5.61 m (KL-22-611)
• 25.90 g/t gold and 258 g/t silver (30.50 g/t AuEq²) over 0.64 m (KL-22-594)

Statement from Rockhaven’s President and CEO, Matt Turner:

“Drilling completed at the Central Klaza Zone in 2022 primarily focused on areas to the east and west of infill drilling done during the 2021 program. Although these areas were considered to be lower priority targets coming into 2022, all 21 holes returned significant mineralization along the targeted vein structures. The results are expected to be supportive of the potential project economics because several intercepts are higher than deposit average grade and some, like the interval averaging 7.00 g/t AuEq across 5.85 m in hole KL-22-603, are located near surface.”

“In addition to the resource definition holes, the 2022 drill program included several geotechnical holes, the data from which will be used for engineering studies that will be an important part of our planned pre-feasibility study. The engineering work includes rock strength testing and slope stability studies, which are essential for optimizing pit shell design. The geotechnical holes were drilled at oblique angles to the mineralized structures, targeting primarily the hanging wall and footwall rocks and not the main mineralized structures. Nevertheless, a few of the geotechnical holes intersected the veins, producing additional assay information that will be used to support planned resource estimation. Of particular note, geotechnical hole KL-22-605 averaged 7.36 g/t gold and 136 g/t silver over 5.70 m and KL-22-622 returned a weighted average grade of 2.85 g/t gold and 41 g/t silver over 33.96 m, with individual assays of 65.8 g/t gold and 182 g/t silver over 1.07 m and 15 g/t gold and 957 g/t silver over 0.93 m, respectively.”

¹ See Rockhaven news release dated June 21, 2018 for more information on the mineral resource estimate for the Klaza deposit.

² Gold equivalent (AuEq) values assume $1,800/oz Au, $22/oz Ag, $1.05/lb Pb, and $1.60/lb Zn, and variable recoveries for the different metals. The equation used is AuEq=1*Au+Ag/103.42+Pb/4.64+Zn/3.63

The Central Klaza Zone

The Central Klaza Zone hosts a laterally extensive complex of steeply dipping veins, breccias and sheeted veinlets emplaced within a 25 to 100 m wide by 1,300 m long structural corridor. In 2022, twenty-one in-fill holes were completed at the Central Klaza Zone. These holes were designed to upgrade mineral resources from inferred to indicated and to collect material for advanced metallurgical testing. Fourteen of the holes intersected the western portion of the zone, five targeted its eastern side and two tested deeper, beneath the central portion. All holes returned promising intercepts, with the most significant results coming from near surface hits on the eastern side, where highlights include 7.00 g/t AuEq² over 5.85 m, 2.78 g/t AuEq² over 5.61 m, and 3.13 g/t AuEq² over 3.08 m.

Illustrations

A map showing the locations of all drill holes at the Klaza Zone, a long-section along the zone and core photos of mineralized veins can be viewed below and on the Rockhaven website at www.rockhavenresources.com.

Significant Results

Significant results from the 2022 drilling at the Central Klaza Zone and the BYG Zone announced in this press release are tabulated below.

Central Klaza and BYG Zones – Significant Results from this Release

⁺ Represents the diamond drill hole core length. True widths are estimated to be 80-90% of the interval as the majority of vein intersects had contacts that were at or near perpendicular to core axis.

* Gold equivalent (AuEQ) values assume $1,800/oz Au, $22/oz Ag, $1.05/lb Pb, and $1.60/lb Zn, and variable recoveries for the different metals. The equation used is AuEq=1*Au+Ag/103.42+Pb/4.64+Zn/3.63

^ Represents a drill intersection in the BYG Zone, which trends subparallel and is located to the south of the Central Klaza Zone.

Engineering Work

Completed and planned engineering studies include geotechnical drilling and rock strength test work. During the 2022 program, a total of 16 holes were completed to support the open-pit portion of the planned pre-feasibility study. Holes were oriented oblique to the main zones, as previous geotechnical drilling at Klaza had mainly been done in conjunction with exploration holes designed to cut the veins perpendicular to strike. The holes completed in 2022 were structural logged in detail to determine joint and fracture orientations and density and this data will be used to optimize the slope of pit walls. Where the geotechnical holes intersected vein structures, grade continuity within the resource models was also examined. Significant results from the geotechnical holes are summarized in Table II. It should be noted that these holes crossed the veins at oblique angles and their intersected widths do not represent true widths.

Klaza Project –Central BRX Zone – Significant Results from Geotechnical Holes

⁺ Represents the diamond drill hole core length. True widths are unknown at this time but estimated to be 20-40% of the interval.

Rock strength test work on samples collected from the 2022 drill program includes uniaxial compression strength, splitting tensile strength, triaxial compressive strength and direct shear strength. These tests are currently in process.

The Western BRX Zone Extension

Two exploration drill holes targeted the potential eastern projection of the Western BRX Extension target, an early stage exploration opportunity, which hosts a silver-rich vein discovered in KL-21-492 (which returned 1,160 g/t silver, 8.4% lead and 5.2% zinc over 0.54 m, see press release dated December 15, 2021). Drilling in 2022 returned one interval of note, grading 98 g/t silver over 0.90 m in KL-22-567. These results will assist in defining opportunities for potential extensions of the Western BRX Extension target.

QA/QC

All analyses for rock and core samples from the 2022 program were performed by ALS Minerals with sample preparation in Whitehorse, Yukon and Windsor, Ontario and assays and geochemical analyses in North Vancouver. Core samples were routinely analyzed for gold by fire assay followed by atomic absorption (Au-AA24) and 48 other elements by inductively coupled plasma-mass spectrometry (ME-MS61). Samples that exceeded the detection limits of the routine methods were assayed for silver, copper, lead and zinc by inductively coupled plasma-atomic emission spectroscopy (Ag/Cu/Pb/Zn – OG62) and gold by gravimetric analysis (Au-GRA22). Rigorous procedures were in place regarding sample collection, chain of custody and data entry. Certified assay standards, coarse reject duplicates, field duplicates and blanks were routinely inserted into the sample stream to ensure integrity of the assay process. All of the results reported have passed the QA/QC screening.

Qualified Persons

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.

About Rockhaven

Rockhaven Resources Ltd. is a well-funded explorer focused on advancing its 100%-owned, camp-scale Klaza Property, which hosts the Klaza Deposit and numerous lightly explored exploration targets. Rockhaven has completed a mineral resource estimate and a preliminary economic assessment on the Klaza deposit (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).

Matthew Turner
President, CEO and Director
Rockhaven Resources Ltd.
T:604-687-2522
mturner@rockhavenresources.com

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.

Forward Looking Statements

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 “advance”, “believes”, “designed”, “progress”, “expect”, “supportive”, “re-categorization”, “prioritized”, “expansion”, “evaluate”, “upgrade”, “potential”, “objectives”, “promising”, “support”, “definition”, “opportunity”, “significant”, “planned”, “optimize”, “interpreted” and similar expressions, or that events or conditions “should” or “will” 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, and the results of planned metallurgical and geotechnical programs, the advancement of exploration targets, the outcome of the planned prefeasibility study, 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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