Rockhaven Resources Ltd. Starts Diamond Drill Program at Its Klaza Gold-Silver Project
The 2020 Klaza exploration program will include a minimum of 6,000 m of diamond drilling. The focus of the initial drilling will be to evaluate high-priority targets that lie outside of the Klaza Deposit. An updated Preliminary Economic Assessment of the Klaza Deposit returned a Post-Tax NPV(5%) of CAD$378 million and an IRR of 37%, using US$1450/oz gold and US$17/oz silver (see Klaza Property Technical Report with an effective date of July 10, 2020). Preparations for advancing Klaza towards pre-feasibility will also be initiated in 2020, with camp infrastructure expansion and drill pad and access construction in anticipation of a 25,000 m drill program slated for 2021.
"Rockhaven plans to build on the robust economics of the recent PEA by testing high-priority targets elsewhere on our camp-scale Klaza property," stated Matt Turner, Rockhaven's CEO. "We feel it is prudent to test these targets now as promising discoveries can be fast-tracked to expand inferred mineral resources, before Rockhaven transitions into detailed pre-feasibility level work next year."
Diamond drilling will evaluate a number of targets including those described below. Detailed maps showing the planned drill hole locations can be viewed on the Rockhaven website at www.rockhavenresources.com.
The Rusk Target is located 3 km south of the Klaza Deposit and hosts a 2.6 sq. km, highly elevated arsenic-in-soil anomaly, which is adjacent to the largest placer gold deposit in the Mount Nansen Gold Camp. The area of elevated soil geochemistry is transected by linear magnetic lows and VLF-EM conductors, similar to those marking the main mineralized zones that comprise the Klaza Deposit. The geochemical and geophysical anomalies have only recently been identified and have never been drilled. Drilling has already commenced on a ten-hole drill fence across the heart of the Rusk Target area.
The Victoria Target, which was discovered in 2017 by prospecting and excavator trenching, is situated 1.5 km east of the Klaza Deposit. Samples taken within a series of parallel gullies have yielded numerous high-grade results, including 35.30 g/t gold with 1,145 g/t silver and 12.10 g/t gold with 2,360 g/t silver. A total of 14 holes are planned to evaluate this showing as well as a number of large gold and arsenic-in-soil anomalies that exist further down-slope at targets that include the Etzel and Kelly zones, where there is potential for vein and porphyry-style mineralization.
Resource Expansion Down-Dip on Klaza Deposit:
The deepest holes that tested each of the four sub-zones containing the Klaza mineral resources all produced above deposit average grade intercepts. These results include: 11.90 g/t gold over 6.70 m at a depth of 425 m from surface in the deepest hole in the Central Klaza Zone; and, 16.29 g/t gold and 1,435 g/t silver over 1.37 m at a depth of 450 m below surface in the Western BRX Zone. At least one, even deeper hole is planned to test each of the four sub-zones to demonstrate potential for high-grade resource expansion further to depth on these structures.
Drilling at the Central Pearl Zone will follow up on widely-spaced drill holes completed in 2019, which included 5.28 g/t gold and 1,054 g/t silver over 1.60 m. Drilling will focus on the eastern extension of the zone where two prominent structures converge and soil samples returned highly anomalous gold values. Three holes are planned to test this structural junction, which sits only 500 m north of the Central Klaza Zone, where a similar structural junction cores an open-pit envisioned in the 2020 Klaza PEA.
In order to safely carry out the 2020 exploration program, Rockhaven has instituted extensive COVID-19 protocols designed to protect the workers at Klaza and the citizens of nearby communities. With these protocols in place, Rockhaven hopes to expand the 2020 program from one to two drill rigs and conduct up to 10,000 m of total drilling. Final decisions on possible expansion of the program will be made in consultation with local First Nations, after assessing the effectiveness of the safety protocols.
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 mineral exploration company focused on growth through the advancement of its Klaza project. For additional information concerning Rockhaven or its Klaza project please visit Rockhaven's 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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: Rockhaven Resources Ltd.