Rockhaven Announces Financing and 8,000 m Diamond Drill Program at Klaza Project, Yukon
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Rockhaven Resources Ltd. (TSX VENTURE:RK) ("Rockhaven") is pleased to announce plans for 2016 exploration at its 100% owned Klaza gold-silver property, located in the Dawson Range Gold Belt of southern Yukon. The proposed work program is scheduled to start in mid-June and will include 8,000 m of diamond drilling and additional metallurgical test work.
The main objective of the 2016 program is to enhance the Klaza project economics, which were recently reported in a technical report titled "Technical Report and PEA for the Klaza Au-Ag Deposit, Yukon, Canada for Rockhaven Resources Ltd." (the "PEA") (See Rockhaven news release and technical report, both dated March 1, 2016*).
The 2016 diamond drilling will utilize two drills and will focus on:
- Better defining and extending areas of near-surface mineralization, especially within areas that are included in the current mineral resource but are excluded from the proposed mine plan as presented in the PEA;
- Testing numerous adjacent structures and targets with multi-element soil geochemical and geophysical signatures that are similar to those of the known mineralized zones;
- Exploring east of the Klaza deposit within an area that has shown promise to host porphyry-style (copper-molybdenum-gold) mineralization associated with a 1600 by 800 m soil geochemical and geophysical anomaly; and,
- Collecting drill core for metallurgical testing to investigate the possibility of reducing processing costs and lowering cut-off grades through pre-concentration, as recommended in the PEA.
In order to fund the proposed program, Rockhaven is announcing a private placement of up to $2,515,000. The placement will include the sale of up to 8,750,000 flow-through units and 4,500,000 non-flow-through units.
Each flow-through unit will be sold at a price of $0.20 and will consist of one flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. Each non-flow-through unit will be sold at a price of $0.17 and will consist of one non-flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. A full warrant from either of the flow-through or the non-flow-through units will entitle the holder to purchase one additional non-flow-through common share at a price of $0.25 for a period of 18 months from the closing of the placement.
In the event the closing price of Rockhaven's common shares as traded on the TSX Venture Exchange is equal to or greater than $0.35 for a period of ten (10) consecutive trading days subsequent to the expiry of the applicable hold period, Rockhaven may give notice of an earlier expiry of the warrants, in which case the warrants will expire thirty (30) calendar days from the giving of such notice.
"The 2016 program is designed to increase the value of the Klaza project through resource expansion, improved processing and new discoveries," stated Matt Turner, Rockhaven's CEO. "The main goal is to obtain enough data to change the base case assumptions that were presented in the PEA by increasing production rates and lowering operating costs, in order to improve overall economics."
The proposed program may be expanded subject to favourable exploration results.
* A complete copy of the PEA can be viewed at www.sedar.com under the Rockhaven profile or on the Rockhaven website at www.rockhavenresources.com.
All technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., of Archer, Cathro & Associates (1981) Limited, a consultant to Rockhaven and a qualified person for the purposes of National Instrument 43-101.
About Rockhaven
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.
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.
Contact
Rockhaven Resources Ltd.
Matthew Turner
President, CEO and Director
604-687-2522
mturner@rockhavenresources.com
www.rockhavenresources.com
