Program focused on priority bulk tonnage and high-grade vein targets plus higher-grade resource definition
VANCOUVER, June 16, 2021 - Rockhaven Resources Ltd. (TSXV:RK) ("Rockhaven") is pleased to announce that crews have mobilized and the 2021 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 that will complete 12,000m of drilling focused on both exploration discoveries at high-priority targets and continued definition of existing mineral resources. Priorities for the program include:
- Discovery focused exploration drilling (7,000m in 34 holes) at both copper-gold-molybdenum porphyry-style bulk tonnage and high-grade gold-silver epithermal targets;
- Resource definition infill drilling (5,000m in 33 holes) of wider, higher-grade inferred resources for continued conversion into indicated resources;
- Regional target evaluations at Rusk Creek, Dade, Bear and Nansen Ridge prospects; and,
- Continued engineering and baseline permitting work.
"We are thrilled to begin 2021 work at Klaza, testing both new epithermal vein and porphyry-style bulk-tonnage exploration prospects as well as defining additional indicated resources through the infill drilling portion of the program," stated Matt Turner, Rockhaven's CEO. "Additionally, environmental baseline studies and engineering work will ramp up as the project advances towards pre-feasibility in 2022."
As detailed in the May 10, 2021, Rockhaven Press Release, the proposed drill program aims to enhance the Klaza project's scale and economics through work on the targets discussed below.
Priority exploration areas include bulk tonnage copper-gold-molybdenum-silver porphyry and high-grade gold-silver epithermal vein targets. The porphyry targets include the Kelly and Etzel/Cyprus Porphyry zones that are highlighted by soil geochemical and geophysical anomalies that each covers an approximate 4km2 area. These targets lie to the southeast of the vein system hosting the Klaza Deposit and exhibit lithogeochemical and alteration signatures consistent with bulk tonnage porphyry-style mineralization. A total of 17 holes are planned to test these zones.
The 2021 drilling will also explore for extensions to known higher-grade gold-silver vein systems, including the high-grade Western BRX, Western Chevron and newly discovered Rusk vein complex. The Rusk Zone is located 3 km south of the Klaza Deposit and was discovered in 2020 when drilling intersected several zones of gold-silver-lead-zinc mineralization over thicknesses of 1-10 m. The program will evaluate the strike extent and grade continuity of the strongest veins. The Western BRX Zone is the highest-grade gold zone identified on the property to date and is only lightly explored to the west of the current mineral resource. The 2021 drilling will test for strike extensions of the vein to the west, where coincident magnetic and VLF-EM anomalies have been defined which are similar to those that mark the main mineralized structures at Klaza, including the Western BRX vein. The Western Chevron Zone is located south of the Western BRX Zone but within the same fault block. This promising target has only been tested by two holes and one trench over a 500m inferred strike length, all of which produced strong gold-silver intercepts.
Klaza Deposit Infill Drilling
Infill drilling of the Klaza Deposit will focus on upgrading inferred resources into indicated resources. At present, 60% of the total mineral resources at Klaza are classified as indicated and 40% as inferred. A total of 5,000m of infill drilling in 33 holes is planned for 2021. This drilling will also support additional metallurgical test work and engineering studies as the Klaza project continues towards pre-feasibility.
Regional Target Evaluations
In addition to the drill program, 2021 work will evaluate four other promising prospects on the Klaza property. Depending on the results, these prospects may be drill tested later in the season. Maps showing details of these prospects can be viewed on the Rockhaven website at www.rockhavenresources.com.
The Rusk Creek prospect is located 5km south of the Klaza Deposit and features a broad silver, lead, zinc, copper and molybdenum soil geochemical anomaly that surrounds a pronounced vegetative kill zone. Kill zones are typically caused by an increased metal content in soil. A single historical diamond drill hole, collared well above the main geochemical anomalies and 500m west of the kill zone was weakly mineralized yet cut porphyry-style alteration throughout the length of the hole. A single rock sample collected near the kill zone in 2020 returned 0.7g/t gold, 382g/t silver and 7.73% lead. Additional prospecting, followed by excavator trenching, is planned at this target in 2021.
Dade and Bear Zones
The Dade Zone hosts epithermal mineralization and lies approximately 4km east of the Klaza Deposit. Intermittent exploration work has been completed at the zone with encouraging results, including rock grabs from trace to 73g/t gold, a trench intercept averaging 12.5g/t gold over 6m and a reverse circulation drill intercept that graded 5.3 g/t across 1.5 m.
The Bear Zone is located 2 km southeast of the Dade Zone. Only cursory work has been completed by previous operators, with the best float sample yielding 8.7g/t Au and 58g/t silver. In 2020, soil sampling was completed by Rockhaven over the Bear Zone to verify the target potential and identified an area highly anomalous in gold and arsenic returning peak values of 1140 ppb and 820 ppm, respectively.
Geophysical data, regional geological mapping and analysis of drill logs from the Dade Zone suggest that it and the Bear Zone lie within the same structural corridor. Work in 2021 will include detailed geological mapping, soil geochemical sampling between the Dade and Bear zones and hand trenching at the anomalous 2020 soil samples sites.
Mount Nansen Ridge
The Mount Nansen Ridge prospect is located 2km south of the Klaza Deposit. It hosts a 2.2km long multi-element soil geochemical anomaly that has not been tested by drilling or trenching. Work in 2021 will include detailed prospecting and geological mapping to better understand the source of these anomalous soils and additional soil sampling along the northwesterly projection of the target.
In order to safely carry out the 2021 exploration program, Rockhaven has instituted extensive COVID-19 protocols designed to protect the workers at Klaza and the citizens of nearby communities. Rockhaven will continue to follow all recommendations from Yukon's Chief Medical Officer.
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. 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, 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.
SOURCE: Rockhaven Resources Ltd.
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