Rockhaven Resources Ltd.
TSX VENTURE : RK

Rockhaven Resources Ltd.

January 26, 2015 10:00 ET

Rockhaven Announces Initial Inferred Resource Estimate of 948,000 oz of Gold and 21,780,000 oz of Silver (1,310,000 oz Gold EQ) at Klaza Property, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 26, 2015) - Rockhaven Resources Ltd. (TSX VENTURE:RK) ("Rockhaven") is pleased to announce the initial Inferred Mineral Resource Estimate for its 100%-owned and road-accessible Klaza property, located in the Dawson Range Gold Belt of southern Yukon. The resource estimate encompasses drill results from the BRX and Klaza zones, which are only two of nine main mineralized structures identified at the Klaza property to date. The resource and unquantified mineralized structures are open for expansion along strike and to depth. There is excellent potential to increase the resource through continued low-cost drilling.

Table 1: Klaza Property - Total Inferred Resource Estimate Summary at Varying Gold Cut-off Grades
Au
Cut-off
(g/t)
Tonnes
>
Cut-off
(t)
Grade > Cut-offContained Metal
Au
(g/t)
Ag
(g/t)
Au EQ
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Au
(oz)
Ag
(oz)
Au EQ
(oz)
Pb
(lb)
Zn
(lb)
Cu
(lb)
1.009,060,0003.5484.784.950.690.840.091,031,12824,694,6341,442,705137,819,615167,780,40017,976,471
1.507,040,0004.1996.235.790.780.930.09948,34821,780,3131,311,353121,060,093144,340,88113,968,472
2.005,620,0004.81104.646.550.830.970.10869,08518,906,6691,184,196102,836,705120,182,65512,389,964
2.504,610,0005.38113.317.270.881.010.10797,37816,793,8451,077,27589,437,024102,649,31210,163,298
3.003,830,0005.91120.547.920.901.020.11727,72514,842,633975,10275,993,25186,125,6859,288,064
4.002,420,0007.40143.739.801.021.120.13575,74211,182,625762,11954,418,84059,754,0206,935,735
5.001,750,0008.52155.4311.111.041.150.14479,3578,744,880625,10540,124,08444,367,9785,401,319
Gold equivalence (Au EQ) has been calculated using metal prices of $1200 per oz gold and $20.00 per oz silver and assumes 100% recoveries of both metals. Base metals were not used in the calculation of gold equivalence
The mineral resource is classified as inferred and complies with the CIM Definition Standards on Mineral Resources and Mineral Reserves referenced in National Instrument 43-101
The Mineral Resource Estimate Parameters and Methodology used by Giroux Consultants Ltd. are summarized later in this news release along with tables stating the contained ounces and pounds of the listed metals, tonnages and grades at varying cut-offs
Total contained metal values may not add exactly because of rounding

"The maiden resource estimate announced today is a major milestone for Rockhaven and confirms the importance of our high-grade gold and silver discoveries. The project's significance is enhanced by its favourable logistics, clean ownership and road accessible location within a geopolitically stable and mining friendly jurisdiction." stated Matt Turner, CEO of Rockhaven. "Attaining one million ounces of gold equivalent was a key goal for our initial resource at Klaza. We plan to substantially expand the resource this coming year while advancing development-related engineering and metallurgical studies."

Within the Klaza property resource there are 3,830,000 tonnes containing 727,725 oz gold and 14,842,633 oz silver (975,102 oz gold EQ) at an average grade of 5.91 g/t gold and 120.54 g/t silver (7.92 g/t gold EQ) using a 3.0 g/t gold cut-off, as shown on Table 2.

Table 2: Klaza Property - Inferred Resource Estimate Summary by Zone at a Gold Cut-off of 3.0 g/t
Resource Grades Contained Metal
Au
cut-off
(g/t)
Tonnage
(t)
Au
(g/t)
Ag
(g/t)
Au EQ
(g/t)
Au
(oz)
Ag
(oz)
Au EQ
(oz)
Western BRX 3.0 1,140,000 9.10 123.58 11.16 333,524 4,529,331 409,013
Central BRX 3.0 680,000 3.83 155.18 6.42 83,731 3,392,545 140,274
Western Klaza 3.0 490,000 6.20 251.58 10.39 97,672 3,963,266 163,726
Central Klaza 3.0 1,530,000 4.38 60.64 5.39 215,450 2,982,851 265,164
Totals 3,830,000 5.91 120.54 7.92 727,725 14,842,633 975,102
Gold equivalence (Au EQ) has been calculated using metal prices of $1200 per oz gold and $20.00 per oz silver and assumes 100% recoveries of both metals.Base metals were not used in the calculation of gold equivalence

Resource Methodology

The Klaza property mineral resource estimation was completed by Gary Giroux, P.Eng., M.A.Sc. (Giroux Consultants Ltd.) who is a Qualified Person (QP) and independent of Rockhaven, based on the criteria defined by National Instrument 43-101.

Data generated during drill programs conducted between 2010 and 2014 at the Klaza property by Rockhaven were independently reviewed by Giroux Consultants Ltd. as part of the resource study. The resource estimate was initiated by constructing a wire-frame 3D solid model in "GEMS". Solids were manually digitized from the available drill data and were used to constrain the interpolation of mineralization. The model was constructed based upon structural controls, lithological boundaries and mineralogical domains.

Twelve solids were created, each representing a separate mineralogical domain and defining high-grade vein mineralization in each zone. Samples were capped for all variables within each domain. Block grades were estimated by Ordinary Kriging of composites within each domain. Densities of individual blocks were calculated using a regression formula based on 1,217 density measurements and iron, lead, zinc and copper grades.

Resource Details

The BRX and Klaza zones have each been subdivided into two areas separated by a post mineralization cross-fault. All four of these sub-zones host high-grade mineralization contributing to the reported resource estimate. Total inferred resources for each sub-zone are shown in Tables 3 through 6. The tables are shown at the end of this news release while the respective mineralization styles in each sub-zone are described below.

The BRX Zone has been tested by 94 diamond drill holes and 40 excavator trench exposures. Mineralization has been traced over a 2000 m strike length and from surface to a maximum depth of 520 m down-dip.

The Western BRX Zone was modeled for resource estimation to a depth of 320 m. KL-14-238, the deepest hole completed to date at the Western BRX Zone, intersected 16.29 g/t gold, 1,435 g/t silver, 5.57% lead and 6.23% zinc over 1.37 m. This hole was excluded from the resource as it intersected the zone at 520 m down-dip and represents a 200 m step-out from the resource modeled area. Detailed drilling beneath the Western BRX Zone resource will be the priority target of future exploration.

The Western and Central Klaza zones are located approximately 800 m northeast of the BRX Zone. They have been tested by 101 diamond drill holes and 26 excavator trench exposures. Mineralization has been traced over an 1850 m strike length and from surface to a maximum depth of 310 m down-dip.

Mineralization in the upper portion of the Central Klaza Zone differs from the other three resource areas because it occurs within a laterally extensive complex of steeply dipping and anastomosing veins, breccias and sheeted veinlets emplaced within a 25 to 100 m wide structural corridor. This mineralized complex appears to coalesce at depth and to the northwest, where it forms more discrete and higher grade veins similar to those in the Western BRX and Western Klaza zones. Areas of low-grade mineralization, which form a halo around the higher grade resource, are not included in this resource.

Mineralization and Deposit Type

Nine main mineralized structures and several subsidiary structures have been identified at the Klaza property within an area 4 km long and up to 2 km wide. The most extensively explored zones (BRX and Klaza) have each been traced along strike for 2.4 km and to depths of 520 m and 310 m down-dip, respectively. Drilling on the other seven mineralized structures is too widely spaced to permit resource estimation. In-fill and step-out drilling is planned for these structures.

Recently completed geophysical surveys suggest there is excellent potential for additional discoveries around known areas of mineralization, in undrilled areas along strike and within the hanging wall and footwall of the system.

Mineralization at the Klaza property shares a number of key similarities with Carbonate Base-Metal Gold (CBM)-style deposits. CBM's are a recently recognized sub-class of epithermal deposits that encompass a family of similar deposits located around the Pacific Rim. Multi-million ounce gold deposits classified as CBM include Barrick Gold's Porgera Mine (Papua New Guinea), Rio Tinto's formerly producing Kelian Mine (Indonesia) and Continental Gold's Buritica project (Colombia).

Klaza and other CBM deposits feature multiple precious metal-rich structures that are formed peripheral to mineralized porphyry systems. The presence of carbon dioxide gas within the mineralizing hydrothermal fluids is key in facilitating precious metal deposition over large vertical extents, often in excess of one kilometre. Lead, zinc and copper are common in this type of deposit.

Metallurgy

The following metallurgical findings were made from testing a single Master Composite comprising samples from 2014 drilling at the Western BRX Zone. This test work was conducted by SGS Mineral Services in Vancouver under the guidance of Chris Martin, C.Eng., of Blue Coast Metallurgy Ltd., who is the independent QP for this section of the news release, based on the criteria defined by National Instrument 43-101. The following comments on metallurgy should be seen as preliminary in nature.

Preliminary testing supported by mineralogical work has pointed to the mineralization being responsive to conventional techniques widely practiced for these types of deposits. A straightforward float has yielded separate lead and zinc concentrates assaying 45% lead and zinc, respectively. Preliminary projections of lead and zinc recoveries to their respective concentrates would be in the range of 80-90% for lead and 75-85% for zinc. Further testing is ongoing to improve recoveries and grades, as well as reduce the levels of certain penalty elements.

While the final deportment and hence recovery of gold will only become evident once the process has been fully developed, testing to date has indicated that about 20-30% of the gold could be recovered as doré and a further 20-25% would report to the lead concentrate. Preliminary indications are that another 30-40% of the gold should be recoverable as a sulphide concentrate potentially rich enough in gold to be saleable for its gold value, and/or treated on site by pre-oxidation and leaching techniques. A preliminary projection of the aggregate economic gold recoveries would be in the range of 75-85%.

The silver mostly floats to the lead concentrate at grades in excess of 5,600 g/t (163 oz/ton). Silver recoveries to the lead concentrate are likely to be in the 65-80% range, while a further 10-20% may deport to the zinc concentrate.

Qualified Persons

The independent QP responsible for preparing the Klaza property initial resource are Gary H. Giroux, M.A.Sc., P.Eng. of Giroux Consultants Ltd., William A. Wengzynowski, P.Eng. of Skivik Holding Co. Ltd., and Chris J. Martin, C.Eng. of Blue Coast Metallurgy Ltd. All of the aforementioned QPs have reviewed and approved the contents of this news release.

Further details supporting the geological model, estimation procedure and metallurgical testwork will be available in a NI 43-101 report authored by Gary H. Giroux, P.Eng. of Giroux Consultants Ltd., William A. Wengzynowski, P.Eng. of Skivik Holding Co. Ltd., and Chris J. Martin C.Eng. of Blue Coast Metallurgy Ltd. The report will be posted under the Rockaven profile at www.sedar.com within 45 days from the date of this news release.

Matthew R. Dumala, P.Eng, a geological engineer with Archer, Cathro & Associates (1981) Limited is Rockhaven's designated QP for this news release within the meaning of NI 43-101 and has reviewed and validated that the information contained in the release is consistent with that provided by the QPs responsible for the initial resource.

About Rockhaven

Rockhaven is a well-managed gold and silver exploration company focused on growth through advancing its 100%-owned projects. For additional information concerning Rockhaven or its various exploration projects 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.

Table 3: Western BRX Zone - Inferred Resource Estimate Summary at Varying Gold Cut-off Grades
Au
Cut-off
(g/t)
Tonnes
>
Cut-off
(t)
Grade > Cut-off Contained Metal
Au
(g/t)
Ag
(g/t)
Au EQ
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Au
(oz)
Ag
(oz)
Au EQ
(oz)
Pb
(lb)
Zn
(lb)
Cu
(lb)
1.00 1,450,000 7.59 103.04 9.31 0.86 1.03 0.14 353,827 4,803,467 433,885 27,491,611 32,926,000 4,475,379
1.50 1,380,000 7.91 107.37 9.70 0.89 1.07 0.14 350,943 4,763,685 430,338 27,077,143 32,553,419 4,259,326
2.00 1,300,000 8.25 111.89 10.11 0.92 1.10 0.15 344,809 4,676,443 422,749 26,367,255 31,526,066 4,299,009
2.50 1,220,000 8.67 117.57 10.63 0.96 1.14 0.16 340,063 4,611,448 416,921 25,820,509 30,661,855 4,303,418
3.00 1,140,000 9.10 123.58 11.16 1.01 1.17 0.17 333,524 4,529,331 409,013 25,383,995 29,405,222 4,272,554
4.00 990,000 9.93 134.44 12.17 1.09 1.24 0.19 316,057 4,279,024 387,374 23,790,054 27,063,915 4,146,890
5.00 890,000 10.57 143.83 12.97 1.16 1.30 0.20 302,445 4,115,480 371,036 22,760,497 25,507,453 3,924,224
Gold equivalence (Au EQ) has been calculated using metal prices of $1200 per oz gold and $20.00 per oz silver and assumes 100% recoveries of both metals.Base metals were not used in the calculation of gold equivalence
Table 4: Central BRX Zone - Inferred Resource Estimate Summary at Varying Gold Cut-off Grades
Au
Cut-off
(g/t)
Tonnes
>
Cut-off
(t)
Grade > Cut-off Contained Metal
Au
(g/t)
Ag
(g/t)
Au EQ
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Au
(oz)
Ag
(oz)
Au EQ
(oz)
Pb
(lb)
Zn
(lb)
Cu
(lb)
1.00 3,320,000 2.11 91.33 3.63 0.72 0.81 0.12 225,217 9,748,382 387,690 52,699,236 59,286,641 8,783,206
1.50 2,140,000 2.58 115.52 4.51 0.92 0.94 0.14 177,507 7,947,892 309,971 43,404,559 44,348,136 6,605,042
2.00 1,310,000 3.14 139.17 5.46 1.07 1.04 0.16 132,246 5,861,353 229,935 30,902,159 30,035,743 4,620,884
2.50 900,000 3.56 156.58 6.17 1.18 1.08 0.18 103,009 4,530,642 178,519 23,413,064 21,428,906 3,571,484
3.00 680,000 3.83 155.18 6.42 1.12 0.97 0.19 83,731 3,392,545 140,274 16,790,386 14,541,674 2,848,369
4.00 240,000 4.87 206.44 8.31 1.51 0.95 0.25 37,577 1,592,891 64,125 7,989,543 5,026,534 1,322,772
5.00 78,000 5.74 174.24 8.64 1.27 0.6 0.2 14,394 436,942 21,677 2,183,897 1,031,762 343,921
Gold equivalence (Au EQ) has been calculated using metal prices of $1200 per oz gold and $20.00 per oz silver and assumes 100% recoveries of both metals.Base metals were not used in the calculation of gold equivalence
Table 5: Western Klaza Zone - Inferred Resource Estimate Summary at Varying Gold Cut-off Grades
Au
Cut-off
(g/t)
Tonnes
>
Cut-off
(t)
Grade > Cut-off Contained Metal
Au
(g/t)
Ag
(g/t)
Au E
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Au
(oz)
Ag
(oz)
Au EQ
(oz)
Pb
(lb)
Zn
(lb)
Cu
(lb)
1.00 519,000 5.97 246.39 10.08 0.74 0.89 0.03 99,615 4,111,227 168,135 8,467,064 10,183,360 343,259
1.50 515,000 6.00 247.59 10.13 0.75 0.90 0.03 99,344 4,099,410 167,667 8,515,345 10,218,414 340,614
2.00 502,000 6.11 250.00 10.28 0.76 0.91 0.03 98,611 4,034,825 165,858 8,411,066 10,071,145 332,016
2.50 501,000 6.12 250.14 10.29 0.76 0.91 0.03 98,576 4,029,043 165,726 8,394,311 10,051,083 331,354
3.00 490,000 6.20 251.58 10.39 0.76 0.92 0.03 97,672 3,963,266 163,726 8,210,005 9,938,427 324,079
4.00 426,000 6.60 257.57 10.89 0.79 0.95 0.03 90,393 3,527,653 149,187 7,419,428 8,922,097 281,750
5.00 384,000 6.82 262.83 11.20 0.81 0.95 0.03 84,197 3,244,794 138,277 6,857,250 8,042,454 253,972
Gold equivalence (Au EQ) has been calculated using metal prices of $1200 per oz gold and $20.00 per oz silver and assumes 100% recoveries of both metals.Base metals were not used in the calculation of gold equivalence
Table 6: Central Klaza Zone - Inferred Resource Estimate Summary at Varying Gold Cut-off Grades
Au
Cut-off
(g/t)
Tonnes
>
Cut-off
(t)
Grade > Cut-off Contained Metal
Au
(g/t)
Ag
(g/t)
Au EQ
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Au
(oz)
Ag
(oz)
Au EQ
(oz)
Pb
(lb)
Zn
(lb)
Cu
(lb)
1.00 3,780,000 2.90 49.86 3.73 0.60 0.78 0.05 352,428 6,059,336 453,417 50,000,782 65,001,016 4,166,732
1.50 3,010,000 3.32 51.59 4.18 0.65 0.86 0.05 321,281 4,992,442 404,489 43,133,390 57,068,793 3,317,953
2.00 2,510,000 3.64 53.68 4.53 0.68 0.88 0.05 293,735 4,331,788 365,932 37,628,454 48,695,647 2,766,798
2.50 1,990,000 4.00 56.67 4.94 0.72 0.93 0.05 255,914 3,625,662 316,342 31,587,795 40,800,902 2,193,597
3.00 1,530,000 4.38 60.64 5.39 0.77 0.96 0.06 215,450 2,982,851 265,164 25,972,628 32,381,459 2,023,841
4.00 760,000 5.35 71.66 6.54 0.91 1.10 0.07 130,722 1,750,940 159,904 15,247,152 18,430,623 1,172,858
5.00 400,000 6.13 74.32 7.37 0.93 1.15 0.08 78,832 955,755 94,761 8,201,186 10,141,252 705,478
Gold equivalence (Au EQ) has been calculated using metal prices of $1200 per oz gold and $20.00 per oz silver and assumes 100% recoveries of both metals.Base metals were not used in the calculation of gold equivalence

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