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Goldhaven Resources Corp
Symbol GOH
Shares Issued 53,459,598
Close 2021-04-26 C$ 0.50
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Goldhaven completes phase 1 drilling at Rio Loa

2021-04-26 10:44 ET - News Release

Mr. Daniel Schieber reports


Goldhaven Resources Corp. has released the results of the recently completed phase 1, five-hole (1,793 metres) 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 groundwater, higher-temperature alteration minerals and anomalous pathfinder geochemical elements (arsenic, bismuth and 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 kilometres (km) south of Gold Fields Ltd.'s Salares Norte deposit (5.2 million ounces equivalent of gold scheduled to produce 450,000 ounces (oz) of gold per annum) and six km south of Gold Fields' Horizonte discovery.

Daniel Schieber, Goldhaven's chief executive officer, 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." Mr. Schieber continues: "Goldhaven's team is committed to exploring its highly prospective 251-square-kilometre 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 km by 1.25 km, which is interpreted to represent a steam heated alteration zone that may be related to epithermal gold mineralization at depth. All five holes in the phase 1 program intersected significant intervals of silicification and argillic alteration which remain open at depth.

Qualified person

Daniel MacNeil, PGeo, 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 was retained as a duplicate. Control samples (accredited standards and blanks) are inserted into the sample intervals regularly prior to dispatch to an ISO 9001:2008 certified laboratory in Chile. Samples are dried (if necessary), weighed, crushed (80 per cent less than two millimetres (mm)) and riffle split (400 grams to 600 grams) out, and pulverized to 95 per cent less than 106 microm. The remainder is retained (coarse reject). Pulps are analyzed for gold by fire assay (40 grams) with ICP-AES finish, for silver by four-acid digest with AAS and for 32-multielement by four-acid ICP-AES.

Path forward

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 continuing 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 is a Canadian junior exploration company active in the highly gold-endowed and silver-endowed Maricunga gold belt of northern Chile. The Maricunga belt measures 150 km north-south and 30 km east-west and is host numerous mines 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 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 Fields' Salares Norte deposit (5.2 million ounces of gold equivalent; and 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 as 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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