Rockhaven Resources Ltd. Announces 16,000 m Diamond Drill Program at Klaza and Closes First Tranche of Financing
Rockhaven Resources Ltd. (TSXV:RK) (“Rockhaven”) is pleased to announce details of the 2017 exploration program at its 100% owned and road accessible Klaza property, located in the Dawson Range Gold Belt of southern Yukon. The work program has commenced and will include 16,000 m of diamond drilling, geophysical surveys, soil geochemical sampling and metallurgical test …
Diamond drilling will utilize two drills and will prioritize:
- Further definition and expansion of near-surface mineral resources through infill and step-out drilling at the Klaza and BRX zones;
- Exploration for new mineralization by testing numerous geophysical and soil geochemical targets located close to the known resource areas; and,
- Collection of material that will be used in advanced metallurgical and pre-concentration test work to optimize processing, reduce costs and lower cut-off grades. Initial test work done in 2016 has shown that pre-concentration has considerable promise.
“We are excited to commence a major diamond drill program at the Klaza property with the support of an experienced mining group. The main objectives of the program are to increase the confidence of potential open-pit mineral resources from inferred to indicated, explore for new gold discoveries and continue to advance the metallurgical and engineering facets of the Klaza project,” stated Matt Turner, Rockhaven’s President and CEO. “We look forward to rapidly advancing the Klaza project with the help of Coeur Mining’s technical team.”
A map showing the proposed program can be viewed on the Rockhaven website www.rockhavenresources.com.
First Tranche of Financing Closed
Rockhaven has closed the first tranche of the private placement announced on May 23, 2017. Closing consisted of the issuance of:
- 7,200,000 flow-through shares at $0.20 per share, for total consideration of $1,440,000; and
- 11,400,000 non-flow-through shares at $0.18 per share, for total consideration of $2,052,000. Coeur Mining, Inc. (NYSE:CDE) subscribed for all of the non-flow-through shares in the first tranche of the financing.
Rockhaven paid cash finders’ fees totaling $82,700 and issued a total of 388,500 finders’ warrants in connection with the closing, distributed among EMD Financial Inc. of Montreal, Quebec, Canaccord Genuity Corp. of Vancouver, British Columbia, and EDE Asset Management Inc. of Toronto, Ontario. Each finder’s warrant gives the holder the right to purchase one share of Rockhaven for 12 months at a price of $0.20.
All of the securities issued pursuant to this private placement, including any shares issued pursuant to the exercise of any of the finders’ warrants disclosed herein, will be subject to a four month hold period expiring on October 15, 2017.
Rockhaven expects to close a second, final tranche in respect of this financing in the coming days.
The 2017 program will be managed by Archer, Cathro & Associates (1981) Limited (Archer Cathro). Technical information in this news release has been approved by Matthew R. Dumala, P. Eng., a geological engineer with Archer Cathro 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.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
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