GoldHaven Issues Letter to Shareholders
May 27, 2022
Vancouver, British Columbia – (Cision – May 27, 2022) – GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) (“GoldHaven” or the “Company”) shares the following letter to Shareholders from GoldHaven’s recently appointed CEO, Justin Canivet, CFA.
Dear GoldHaven Shareholders,
Good morning. It is my sincere pleasure to be writing this, my first letter to you. I feel somewhat remiss for not having delivered my inaugural shareholder address a little sooner, but I am a “details" guy, and paying close attention to the details takes time.
“Give me six hours to chop down a tree, and I will
spend the first four sharpening the axe.”
- Abraham Lincoln
I appreciate your patience these past few months, but please know that in the spirit of Mr. Lincoln‘s wise words, I have been diligently sharpening the GoldHaven axe. And as your CEO, I would like to emphasize five of my top strategic priorities:
Prudent Expense Management
I have tightened monthly burn to ensure that the Company’s cash position can facilitate as much groundwork as possible.
Implementing a more “Laser-Focused” Strategy
I have refined work programs so that we allocate capital responsibly to the projects that have shown the most promising early technical indicators.
Company-wide Risk Mitigation
I have taken the steps necessary to minimize risk exposure.
All opportunities that are accretive to GOH shareholders will be considered.
Telling the GoldHaven Story
Over the years I have consulted with many public companies across several different sectors. What I have found to be most effective as a corporate communication strategy is something I have personally coined as my “3M” communication strategy. Messaging. Materials. Marketing. Then wash, rinse, repeat as they say. We will be telling the GoldHaven story to everyone. Note that I have also changed our wire distribution provider to Cision, so our news will reach ALL terminals and news outlets going forward.The fact of the matter is, external market forces beyond our control have created challenges. The COVID-19 pandemic, global armed conflict, and rising inflation have all had a real economic impact. Nobody is immune. The junior exploration sector has been under pressure. The price of gold has fluctuated, rallying to over $2,000/ounce this past March, but is now hovering in the $1,800-$1,900 range. While price fluctuations will continue, I am confident in a strong long-term trend.
With a project portfolio spanning Northern Chile, British Columbia and Newfoundland, GoldHaven holds claim to some of the most proliferous exploration ground in the western hemisphere. The technical expertise we have is second to none. With proper decision making and responsible allocation of capital, GoldHaven is well-positioned for success.
Smoke Mountain, British Columbia (Canada)
As you know, initial exploration at Smoke Mountain resulted in the identification of a 2.5-kilometre-long Cu-Au-Zn mineralization trend (click here for news release).
Surge Copper’s Berg property adjoins Smoke Mountain to the south and contains multiple newly discovered electromagnetic targets underscoring their view that this, “district hosts a large porphyry cluster with significant exploration potential” (Surge Copper’s News Release, dated April 12, 2022, click here).
Surge Copper’s CEO, Leif Nilsson has confidence that this district has significant untapped exploration potential and could one day be considered as one of the largest copper districts in Canada (click here).
I am thrilled to let you know that Phase II work at Smoke Mountain is scheduled to begin in the coming days and will consist of approximately 30 days of field work. Results from surface sampling are expected in August/September depending on lab turn around. Airborne LiDAR, MAG, Radiometrics and Z-Tipper Axis Electromagnetic (ZTEM) surveying will also be flown over the course of the summer all of which together will enhance our geological understanding of the project, increase confidence in our existing targets and generate new ones.
Depending on what we see from this next campaign, we are presently considering further follow-up fieldwork in the Fall of this year which could potentially yield results that would warrant follow-up ground-based induced polarization surveying followed by prioritization for drill testing targets in 2023.
I have also put the wheels in motion for beginning a dialogue with the local indigenous communities in the area of Smoke Mountain as we recognize the importance of establishing a respectful working relationship.
Pat’s Pond, Newfoundland (Canada)
We are also keen to continue exploration in Newfoundland. Pat’s Pond has shown promising early results from Phase I surface sampling (rocks). Staying true to our laser focus, we have chosen to move away from O’Neill as the early technical indicators there were not very supportive. We will focus on Pat’s Pond going forward.
GoldHaven has also applied for the province’s JEA (Junior Exploration Assistance) program, which will allow for $150,000 of additional exploration capital.
And at long last we have received the requisite exploration permitting for Pat’s Pond, and I am presently negotiating a comprehensive Phase II follow-up campaign, which will include further fieldwork (geology and prospecting), a soil geochemistry survey over the most prospective portion of the property and an airborne magnetic survey over the entire property. These efforts will help us to better define the true resource potential there.
The political situation in Chile remains a risk, and the cost of exploration is high - particularly for junior explorers. I am carefully considering all factors in my evaluation of GoldHaven’s go-forward strategy in Chile.
Measures have already been taken to mitigate risk exposure. GoldHaven’s Chile Advisory Board remains intact, and Chris Benn - a well-known geochemist/geologist who has served as Chief Geochemist for a number of majors in the region - has recently completed a follow-up analysis on the additional sample material that was collected at our Alicia and Roma claims prior to work being shut down there.
Chris’ analysis indicates that further trenching and surface sampling is required to have a proper understanding of the economic geology at Alicia and Roma and to allow for a more systematic ranking of the 12 high priority targets previously identified.
Given all of these factors, I have decided that our best approach in Chile right now is to take the time to responsibly monitor the ongoing political situation and carefully evaluate all possible strategic opportunities to ensure we extract the most value possible from our assets there. This will take a bit of time, and as such, we will be reporting back to you in the coming months with a more concrete decision regarding our go forward approach in Chile.
Unprecedented Times, Focused Measures
Thank you for your continued support and I very much look forward to reporting our progress as we execute on our laser-focused strategy towards unlocking the highest resource potential possible. I appreciate the importance of keeping shareholders informed and I am committed to ensuring regular, timely communication with you as we move forward. Yes, markets have been challenging in recent months, but we rise to the challenge. This is a rebuilding phase for GoldHaven, and I am truly optimistic about our future.
Please come and see us at PDAC next month, Booth #3143. It will be my pleasure to meet you in person and tell you more about the GoldHaven story.
Justin Canivet, CFA
CEO, GoldHaven Resources Corp.
About GoldHaven Resources Corp.
GoldHaven Resources Corp. is a Canadian junior precious metals exploration Company focused on acquiring and exploring highly prospective land packages in both Canada and Chile. GoldHaven maintains a strategic presence in the gold and silver rich Maricunga Gold Belt of Northern Chile which is host to several mining and advanced exploration projects including Salares Norte (Gold Fields), Esperanza (Kingsgate Consolidated), La Coipa (Kinross), Cerro Maricunga (Fenix Gold), Lobo Marte (Kinross), Volcan (Volcan), Refugio (Kinross/Bema), Caspiche (Goldcorp/Barrick), and Cerro Casale (Goldcorp/Barrick). The Company has identified a total of 12 high-priority targets at its Alicia and Roma project areas in the Maricunga within a prominent regional NW-SE structural trend along strike from Gold Fields’ Salares Norte deposit (5.2 million ounces of Gold1)*. These targets have been designated “High Priority” due to the extent, pervasive alteration, favourable geology, highly anomalous rock geochemical results, and their relative proximity to existing deposits. GoldHaven is also making exploration progress at its Smoke Mountain property (Canada) which is strategically located in the Central British Columbia Porphyry-Epithermal Belt in close proximity to Surge Copper’s Berg project, as well as its Pat’s Pond project in Newfoundland’s Central Newfoundland Gold Belt (Canada). Pat’s Pond is strategically located in close proximity to Marathon Gold’s Valentine Lake gold project and on strike from the Boomerang/Domino VMS deposit*. Pat’s Pond is highly prospective for gold, copper, silver and zinc and has large scale discovery potential. GoldHaven engages proactively with local and Indigenous rightsholders and seeks to develop relationships and agreements that are mutually beneficial to all stakeholders.
* NOTE: The deposits/mines near GoldHaven’s properties provide geologic context, but this is not necessarily indicative that GoldHaven properties host similar grades or tonnages of mineralization.
On Behalf of the Board of Directors
Justin Canivet, CFA
Chief Executive Officer
For further information, please contact:
Office Direct: (604) 638-3073
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE- Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Release References
1 Jamasmie, C., 2019. Gold Fields 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/
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.