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Goldhaven Resources Corp (2)
Symbol GOH
Shares Issued 13,187,969
Close 2023-11-28 C$ 0.09
Market Cap C$ 1,186,917
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Goldhaven moves Smoke Mountain to drill testing phase

2023-11-29 13:18 ET - News Release

Mr. Bonn Smith reports

GOLDHAVEN'S SMOKE MOUNTAIN POLYMETALLIC PROJECT ADVANCES TO DRILL TESTING: GOLD, SILVER, COPPER, MOLYBDENUM

Goldhaven Resources Corp. has advanced the polymetallic Smoke Mountain project to the drill testing phase based on new results. The updated targeting work has leveraged new surface geochemistry and airborne geophysics. The Smoke Mountain Polymetallic project is located in the central British Columbia porphyry-epithermal belt, south of Houston.

Goldhaven chief executive officer Bonn Smith stated: "New geochemistry and geophysics, coupled with the original 7.42 g/t [grams per tonne] gold sample on the property, has substantially increased our confidence in the gold and copper prospectivity of Smoke Mountain, where we have outlined a 3.5-by-2.5-kilometre area with coincident ZTEM [Z-axis tipper electromagnetic] and soil anomalies just 26 km northwest of the Huckleberry mine. This will be an exciting year for the company as we advance a spectrum of new porphyry, polymetallic and structurally controlled gold targets to the drill testing stage."

Smoke Mountain drill targets

Continuing exploration targeting at Smoke Mountain incorporates historical mineral exploration data, government geological data, exploration data generated by Goldhaven in 2021 and 2022 (soil, stream sediment and rock samples), as well as airborne magnetic and electromagnetic data collected by Goldhaven in 2022.

Smoke Mountain surface geochemistry

In 2022, 58 stream sediment samples, 931 soil samples and 50 rock samples were collected during a focused surface exploration campaign designed to advance the Smoke Mountain project which is prospective for copper-gold-molybdenum porphyry mineralization and gold-silver epithermal mineralization.

The 2022 sampling has established a six by 3.1 km area of copper, molybdenum and silver anomalism on the Smoke Mountain property. Gold, copper, silver and molybdenum ranges for stream sediment, soil and rock samples are provided herein.

Internal to this area of interest, soil geochemical results highlight a series of copper anomalies (greater than 31.75 parts per million copper) with subordinate molybdenum, gold and silver anomalies.

These may be associated with porphyry copper-style or precious-metal-bearing epithermal mineralization. The copper anomalies (and clusters of anomalies) of interest are large and constitute attractive exploration drilling targets. Furthermore, these anomalies are coincident with or along the flanks of large magnetic and conductivity features.

High-priority follow-up

Goldhaven is currently building out a work program for 2024 that will focus on 1) drill target delineation; 2) expansion of grids and mapping areas to extend known anomalous areas as well as to identify additional target areas; and 3) drill permitting. The priority objective for the company is to drill test some of the defined target areas in Q3/Q4 of 2024. The work plan will include:

  1. Drill permitting -- 2,500 metres over approximately eight holes;
  2. Detailed geophysical inversion work on the new survey data;
  3. Evaluation of lidar data and updated data interpretation and context to geochemical anomalies;
  4. Induced polarization (IP) ground geophysics to add confidence to the new target areas;
  5. Expanded mapping and stream sediment/soil sampling programs;
  6. Plan a 2,500 m first-pass drill program to test new high-priority targets.

Highly prospective region

Goldhaven's 8,461-hectare Smoke Mountain property is strategically situated within an extensive 85-kilometre polymetallic belt that is highly prospective for gold-silver-zinc epithermal systems, porphyry copper-gold deposits, as well as replacement-style and breccia-hosted gold- and silver-rich magmatic-hydrothermal mineralization. The property is road-accessible from Houston via a gravel forest service access routes off Highway 16.

Exploration activity has been renewed in this historic mining region, propelled by the continuing expansion of advanced exploration projects and mines including:

  • Universal Copper's Poplar project (18 km northeast of Smoke Mountain) hosting 152.3 million tonnes at 0.32 per cent Cu indicated and 139 Mt at 0.29 per cent Cu inferred;
  • Surge Copper's Berg project (15 km southwest of Smoke Mountain) with reserves of 610 Mt at 0.27 per cent Cu measured and indicated and 28.1 Mt at 0.22 per cent Cu inferred;
  • Imperial Metals' Huckleberry project (26 km southeast of Smoke Mountain) containing an indicated 180.7 Mt at 0.315 per cent Cu and 48 Mt at 0.263 per cent Cu inferred.

Note: The mines and advanced exploration and development projects in the central B.C. porphyry-epithermal belt provide geologic context for the Smoke Mountain property. However, this is not necessarily indicative that the Smoke Mountain project will host similar grades or tonnages of mineralization.

The historic central B.C. porphyry-epithermal belt is re-emerging as an important copper-gold-silver jurisdiction as evidenced by increased staking activity and exploration drilling. The region is quickly becoming known for its long mineralized drill intercepts, including Universal Copper's 216 m interval grading 0.54 per cent CuEq, and has the potential to host some of the largest copper-polymetallic discoveries in British Columbia.

In recent news, Surge Copper discovered a new high-grade silver-rich zone in 2022 drilling increasing the number of target areas and exploration upside.

These results in the immediate vicinity of Goldhaven's Smoke Mountain project showcase the exceptional regional endowment and metallogenic character of the Late Cretaceous arc rocks hosted within this belt. Goldhaven's exploration potential lies in the untested and underexplored alteration and mineralization trends, as well as newly identified geophysical targets.

Analytical methods

The rock, stream sediment and soil samples were sent to Actlabs, 9989 Dallas Dr., Kamloops, B.C., Canada. Soil and stream sediment samples were dried at 60 degrees, sieve to minus 177 micrometres (minus 80 mesh; preparation S1: dry) and analyzed according to method UT-1-15g, aqua regia-inductively coupled plasma mass spectrometry, 63 elements, 15-gram subsample. Soil samples that failed to yield a 15-gram subsample of minus 177 micrometres material were analyzed using a 0.5-gram analysis and sample size aliquots were reported. Rock samples were crushed and pulverized (mild steel) to 95 per cent passing 105 micrometres with sand cleaning after each sample (preparation RX1: crush, pulverize). Analytical methods include method UT-1: aqua regia-ICP-MS, 0.5-gram subsample and method 1A2B-30: Au by FA-AA, 30-gram subsample. In addition to the routine field samples, 86 quality assurance samples (field duplicates, certified reference materials and quartz blanks) were inserted before sample shipment.

Qualified person

Dr. Alan Wainwright, PhD, 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.

About Goldhaven Resources Corp.

Goldhaven Resources is a Canadian junior metals exploration company focused on acquiring and exploring highly prospective land packages in Canada. Goldhaven is making exploration progress at its Smoke Mountain property 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 claim in Newfoundland's central Newfoundland gold belt. Pat's Pond is strategically located in close proximity to Marathon Gold's 3.14-million-ounce Valentine gold project and on strike from the Boomerang/Domino volcanogenic massive sulphide deposit. Pat's Pond is highly prospective for gold, copper, silver and zinc and has large-scale discovery potential. Goldhaven engages pro-actively with local and indigenous rightsholders and seeks to develop relationships and agreements that are mutually beneficial to all stakeholders.

We seek Safe Harbor.

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