March 8, 2010 - Rockhaven Resources Ltd. (TSX-V:RK)
(“Rockhaven”) is pleased to announce that it has acquired an option to purchase a 100% interest in the Mount Hinton property located in the Keno Hill mining camp in central Yukon Territory. The property hosts gold-silver-lead mineralization within steeply dipping vein structures.
The Mount Hinton property is directly accessible by a 10 km all-wheel drive road from Keno City and consists of two claim blocks that together total 400 mineral claims and cover 82 sq km. The Yukon’s hydroelectric power grid extends to Alexco Resource Corp.’s Bellekeno deposit, which is located 3 km north of the Mount Hinton claim block.
The property is situated within the eastern part of the Keno Hill mining camp, a district that hosts more than 35 individual mines and is historically Canada’s second largest primary silver producer. Although silver mineralization is found in veins on the Mount Hinton property, gold is the most significant component in many of the 72 bedrock showings and float occurrences that have been discovered on the property by previous operators. Creeks draining the property have yielded significant placer gold production and are still being mined.
Much of the known mineralization at the Mount Hinton property consists of arsenopyrite, galena, jamesonite, pyrite, and sphalerite hosted within highly fractured quartz, but some occurrences feature galena and tetrahedrite in siderite gangue. Mineralized shoots on the veins typically range between 0.2 and 3.0 m wide and grade between 1 and 30 g/t gold, 50 and 1500 g/t silver and 0.5 to 2.5% lead. Maximum grades of 127.5 g/t gold, 30,822 g/t silver, and 75% lead have been returned from rock samples. There is no direct correlation between vein width and grade.
Two of the veins have received minor underground development and nine of them have been partially tested by limited diamond drilling. Most of this work has been done near ridge crests where steep topography and permafrost have complicated exploration. The broad valleys between ridges have seen little exploration, even though strong soil geochemical anomalies and favourable host rocks are found within those areas. Previous operators identified numerous soil geochemical anomalies and geophysical targets that have not yet been drilled or trenched.
Rockhaven can acquire 100% interest in the Mount Hinton property by making cash payments totaling $500,000 over a three year period to an arm’s length syndicate. A 2% net smelter return royalty (NSR) retained by a third party on 297 of the claims can currently be purchased outright for $115,000. If the NSR is not bought out now, its purchase price increases at a rate of $25,000 per year.
“The Mount Hinton property is an exceptional asset in a proven precious metal camp and is a very attractive addition to Rockhaven’s portfolio of quality mineral properties. Most of the high grade gold and silver discoveries on the property have seen little systematic exploration and numerous drill targets are already delineated” says Rockhaven’s CEO Matt Turner. “It is another of our projects where exploration and development logistics are extremely favourable.”
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purpose of National Instrument 43-101.
For additional information concerning Rockhaven Resources Ltd. or its various exploration projects please visit the Company’s website at www.rockhavenresources.com
Matthew Turner, CEORockhaven Resources Ltd.
T: firstname.lastname@example.orgNeither 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. CAUTIONARY NOTE:
This news release includes certain “forward-looking statements”. Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Rockhaven are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Rockhaven are those risks described herein and from time to time, in the filings made by Rockhaven with Canadian securities regulators. Those filings can be found on the Internet at http://www.sedar.com.
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