2022-07-21 | TSXV:RK | Press release

Work will include defining and expanding resources focused on pre-feasibility

VANCOUVER, BC / ACCESSWIRE / July 21, 2022 / Rockhaven Resources Ltd. (TSX-V:RK) (“Rockhaven”) is pleased to announce that teams have rallied together and the 2022 exploration program has begun on its 100% owned, road accessible Klaza project, located in the Dawson Range gold belt in southern Yukon, Canada.

The fully funded program will use two diamond drill rigs to complete approximately 10,000m of drilling. This drilling program will advance the Klaza project towards pre-feasibility by achieving key objectives which include:

  • Infill Resource Definition Drilling (9,000m in 44 holes) to convert more of the Inferred Mineral Resources to Indicated Mineral Resources;
  • Discovery-focused exploration drilling (1,000m in 5 holes) on high-grade gold-silver epithermal targets including the Rusk and Western BRX Extension targets;
  • Additional target evaluations, without drilling, at the Rusk East, Dade, Bear and Sked prospects; and,
  • Continuation of studies related to metallurgy, engineering and basic authorizations.

“Following a successful infill drilling program in 2021, work in 2022 is designed to establish Indicated Resources in areas prioritized by the 2020 PEA and will lead to an updated mineral resource estimate and a pre-feasibility study in mid-2023,” said Matt Turner, Rockhaven’s CEO. “In addition, 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.”

Infill drilling of the Klaza deposit

Infill drilling of the Klaza deposit will focus on upgrading inferred resources to indicated resources. Based on the most recent mineral resource estimate released in 2018, 60% of Klaza’s total mineral resources are classified as indicated and 40% as inferred. A total of 6,000m of infill drilling in 31 holes has been completed in 2021 with a further 9,000m in 44 holes planned for work in 2022. This drilling, combined with additional geotechnical, metallurgical and environmental monitoring, will continue to support the pre-feasibility study which should be completed in 2023.

Exploration drilling

Exploration drilling is planned on the Rusk and Western BRX Extension targets. Mineralization at the Rusk target was discovered by a drillhole closeout in 2020, which spanned a new vein complex located approximately 3 km south of the Klaza deposit. The discovery holes were followed by ten drill holes in 2021, tracing mineralization at the core of the target over a strike length of 300m. Work in 2022 on this target will further assess the strike potential of major structures.

Drilling at the Western BRX extension will target the eastern projection of a silver-rich vein discovered in KL-21-492 that returned 1,160 g/t silver, 8.4% lead and 5.2% zinc over 0.54 m (see press release of December 15, 2021). Following this discovery, an excavating trench successfully exposed the up-dip projection of this vein, returning 351 g/t silver, 9.87% lead and 1.97% zinc over 1.5 m. Two holes are planned on this target in 2022.

An exploration hole may also test an undrilled portion of the Kelly porphyry target, which lies southeast of the vein system hosting the Klaza deposit. Following a comprehensive analysis of the results of previous work done in this area, a single hole was recommended based on vectors including vein styles, lithogeochemical characteristics and geophysical signatures.

Regional target assessments

In addition to the drill program, work in 2022 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 could be drill tested later in the season.

Qualified persons

The technical information contained in this press release has been approved by Matthew R. Dumala, P.Eng., P.Eng. Geologist at Archer, Cathro & Associates (1981) Limited and Qualified Person for the purposes of National Instrument 43-101.

About Rock Haven

Rockhaven Resources Ltd. is a well-funded explorer focused on exploring and developing its 100% owned, camp-scale Klaza property, which hosts the Klaza deposit and numerous lightly explored exploration targets. The Klaza deposit reported mineral resources of 4.5 Mt containing 686,000 oz of gold and 14 million ounces of silver at grades of 4.8 g/t gold and 98 g/t gold. silver, and inferred mineral resources of 5.7 Mt containing 507,000 oz of gold and 13.9 million ounces of silver grading 2.8 g/t gold and 76 g/t silver . An updated preliminary economic assessment of the Klaza deposit completed in 2020 yielded an after-tax (5%) NPV of C$378 million and an IRR of 37%, using US$1,450/oz gold and 17 US$/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.).

Matthew Turner

President, CEO and Director

Rockhaven Resources Ltd.

T:604-687-2522

[email protected]

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.

The information in this press 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”, “complete”, “convert”, “evaluations ”, “successful”, “establish”, “prioritize”, “demonstrate”, “upgrade”, “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 important factors, many of which are beyond Rockhaven’s control. These factors include, among others: risks and uncertainties relating to exploration and development and its results, including the results of the recently completed drilling 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 Rockhaven’s ability to obtain additional financing, the need to comply with environmental and governmental regulations, commodity price fluctuations, uncertainties and operating, competitive 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 by the forward-looking information. Except as required by applicable securities laws, Rockhaven undertakes no obligation to publicly update or revise any forward-looking information.

THE SOURCE: Rockhaven Resources Ltd.

See the source version on accesswire.com:

https://www.accesswire.com/709291/Rockhaven-Commences-10000-m-Drill-Program-at-its-Flagship-Klaza-Gold-Silver-Project-Yukon