GoldHaven Completes Phase I at Rio Loa and Prepares for Phase II
April 26, 2021
Vancouver, British Columbia–(Newsfile Corp. – April 26, 2021) – GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) (“GoldHaven” or the “Company”) is pleased to announce the results of the recently completed Phase 1, 5-hole (1,793 meters) reverse circulation (“RC”) drill program at Rio Loa that was designed to test a series of geochemically (lead-arsenic) and geophysically (magnetics and IP) defined high sulphidation epithermal gold targets associated with a broad zone of steam heated alteration (silica-clay). Although none of the RC holes reached their planned depths due to the presence of clay-rich ground water, higher temperature alteration minerals and anomalous pathfinder geochemical elements (arsenic, bismuth, copper molybdenum) consistent with the highest levels of epithermal gold deposits were identified at depth.
The pathfinder elements and high temperature alteration increase the Company’s confidence in the target area and support follow up diamond drilling at Rio Loa. Holes RCRL-004 and 005 were terminated in anomalous pathfinder elements and represent attractive Phase 2 follow up diamond drill targets.
Rio Loa is located 25 km south of Gold Field’s Salares Norte deposit (5.2 million ounces equivalent of Gold scheduled to produce 450,000oz of Gold per annum1,2) and 6 km south of Gold Field’s Horizonte discovery.
Daniel Schieber GoldHaven’s CEO comments: “The Phase I RC drilling program at Rio Loa identified favourable alteration and pathfinder element geochemistry that will allow the company to vector toward gold mineralization in the upcoming Phase 2 diamond drilling campaign.”. “GoldHaven’s team is committed to exploring its highly prospective 251 square km land package in the Maricunga. After closing an above market priced financing in March, GOH is well financed for Phase 2 and will be busy during the summer working on preparing Coya and Roma for drilling.”
Drill Program Description
RC drilling at Rio Loa was conducted in February and March, 2021 and was focused within a clay-silica hydrothermal alteration footprint measuring at least 3.25 by 1.25 kilometers which is interpreted to represent a steam heated alteration zone that may be related to epithermal gold mineralization at depth (Figure 1). All 5 holes in the Phase 1 program intersected significant intervals of silicification and argillic alteration which remain open at depth.
Figure 1. Surface map showing the distribution of RC drill holes completed at Rio Loa as part of the Phase 1 drill program.
Daniel MacNeil, P.Geo, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release.
Quality Control, Quality Assurance and Core Handling Protocols
RC cuttings are sampled over two metre intervals on the drill platform by quartering the entire sample in a riffle splitter. One sample was sent to the laboratory, the other w retained as a du-plicate. Control samples (accredited standards and blanks) are inserted into the sample intervals regularly prior to despatch to an ISO 9001:2008 certified laboratory in Chile. Samples are dried (if necessary), weighed, crushed (80% <2mm) and 400-600 g riffle split out and pulverized to 95% < 106µm. The remainder is retained (coarse reject). Pulps are analyzed for Au by fire assay (40g) with ICP AES finish, for Ag by four acid digest with AAS and for 32 multielement by four acid ICP-AES.
Table 1. Collar locations for the 2020-2021 Rio Loa Phase 1 RC Drill Campaign
In addition to Rio Loa and Alicia, GoldHaven controls five other high priority assets which will continue to be tested, drilled and advanced. As a result, these ongoing exploration efforts will keep the Company busy during 2021. The Company is advancing its Apolo Project’s Roma and Alicia properties as well as its Coya assets and preparing them for drill testing. These targets have been designated as high-priority based on extensive and pervasive alteration, favourable geology, highly anomalous rock geochemistry results, and their relative proximity to existing deposits.
About GoldHaven Resources Corp.
GoldHaven Resources Corp. is a Canadian junior exploration Company active in the highly gold and silver endowed Maricunga Gold Belt of northern Chile. The Maricunga Belt measures 150km north-south and 30 km east-west and is host numerous mines and advanced exploration projects including Salares Norte (Goldfields), Esperanza (Kingsgate Consolidated), La Coipa (Kinross), Cerro Maricunga (Fenix Gold), Lobo Marte (Kinross), Volcan (Volcan), Refugio (Kinross/Bema), Caspiche (Goldcorp/Barrick), Cerro Casale (Goldcorp/Barrick). The Company has agreements in place to acquire seven high priority exploration targets as identified by geological studies. To date, Goldhaven has identified “High Priority” targets on four of the seven exploration properties and, will commence a drilling program during the first quarter of 2021. The four priority targets include Coya, located approximately 16 km northeast of the Kinross La Coipa mine; the second is Rio Loa, a project located 25 km south of Gold Field’s Salares Norte deposit (5.2 million ounces of Gold equivalent1; the third and fourth projects are Alicia and Roma which are approximately 35 km. south of the Salares Norte deposit. These exploration targets have been designated High Priority due to extensive, pervasive alteration, favourable geology, highly anomalous rock geochemical results, and their relative proximity to existing deposits.
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Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the intended use of the proceeds received from the Offering, the possible acquisition of the Projects, the Company’s expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “will”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “potential”, “scheduled”, or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, and the receipt of any necessary regulatory or corporate approvals in connection with the Offering and the Assignment, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company’s projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company’s projects and the Company’s ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the inability to close the Offering, the inability of the Company to enter into definitive agreements in respect of the Letters of Intent which are the subject of the Assignment, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s latest interim Management’s Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
1 Jamasmie, C., 2019. Gold Field’s Salares Norte project in Chile granted environmental permit. December 18, 2019, 9:29am. Exploration Intelligence Latin America Gold Silver. https://www.mining.com/gold-fields-salares-norte-project-in-chile-granted-environmental-permit/.
2 Note that Salares Norte Project is located in the same mineral belt as Rio Loa, but this is not necessarily an indication that Rio Loa hosts similar grades or tonnages of mineralization.