23:31:38 EDT Sun 19 May 2024
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Goldhaven Resources Corp (2)
Symbol GOH
Shares Issued 18,107,493
Close 2024-04-16 C$ 0.16
Market Cap C$ 2,897,199
Recent Sedar Documents

Goldhaven to acquire Powerline uranium project

2024-04-16 14:08 ET - News Release

Mr. Bonn Smith reports

GOLDHAVEN ENTERS OPTION AGREEMENT TO ACQUIRE 100% INTEREST IN THE POWERLINE URANIUM PROJECT

Goldhaven Resources Corp. and Ameranium Resources Corp. entered into an option agreement (the Powerline option agreement) dated April 15, 2024, for the purchase by Goldhaven of 100-per-cent legal and beneficial interest in and to 630 lode claims in Grand county, Utah, covering 13,008 acres. Gordon Ellis is a director of both Goldhaven and Ameranium.

Goldhaven chief executive officer Bonn Smith states: "Ameranium has done incredible work identifying the Powerline uranium project, at a time when the world's focus is quickly turning to uranium and nuclear power due to their significant role in the quest for achieving net-zero emissions by 2050. With this deal, Goldhaven commits to playing a crucial part in the closing of the uranium supply gap. Nuclear power represents hope, especially for the younger generations, and that hope begins with the exploration and discovery of uranium deposits, today. There has never been a better time to be, or become, a Goldhaven shareholder."

Ameranium's research results: the Powerline uranium project

Ameranium purchased, reprocessed and re-interpreted commercial seismic data from the 1980s, cross-analyzing these data against gamma ray logs from numerous historical abandoned oil and gas wells. These data, combined with geological logs and projections from surface mapping, outlined a very prospective target zone extending across the 13-kilometre-(eight-mile)-wide Powerline uranium property.

The required environmental and archaeological surveys have been completed and permits to carry out drilling have been issued by the United States Bureau of Land Management. Drilling can commence at any time following the posting of the necessary reclamation bond.

Powerline project highlight drill targets

Target No. 1: The Samson Powerline 12-1 well, near the centre of the Powerline property. Gamma ray geophysical logs indicate a 35.4-metre-(116-feet)-thick zone of uranium mineralization within which a 19.0 m (62.4 ft) thick section is estimated to have uranium grade of 0.0258 per cent U3O81.

Target No. 2: The Texaco government McKinnon 1 well, located in the eastern part of the Powerline property. A private report suggests that this intersection was the highest gamma ray anomaly ever reported in an oil well at the time it was drilled (1966).

Determining high-grade uranium mineralization zones

Gamma ray logs are a common geophysical log used in downhole surveying of wells drilled by the oil and gas industry. They are used to assist in identifying lithological units in a well. When radioactive elements decay, they emit radiation that can be measured by the logging instrument. This amount of radiation is typically scaled in API (application programming interface) units, a standardized system established by the American Petroleum Institute (API).

Figures in the original version of this news release both show zones of anomalous API readings (greater than 200 API). The highly anomalous values detected by the gamma ray logs from these wells are likely to be indicative of much higher grade radioactive material. The local uranium-rich environment suggests that the reported radioactive records are from higher grade uranium.

The Samson Powerline 12-1 well is the primary well of interest with multiple anomalies identified in the Chinle formation at about 2,700 ft with readings well in excess of 400 API.

Phase 1 and 2 drill programs

Phase 1 work program includes drilling the Samson Powerline 12-1 hole to obtain core, fresh sample material, confirm extent and grade of the mineralized zones, and complete down-hole geophysical surveys. Assuming positive drilling results from phase 1, phase 2 will be initiated, consisting of multiple drill holes around Samson Powerline 12-1, and a twinning of the Texaco government McKinnon 1 and other historical wells.

Uranium in Utah and the United States

The Powerline uranium project is located within one of more than 30 uranium districts recognized by the Utah Geological Survey. Utah is a mining-friendly state with a long history of mining. According to information published by the Utah Geological Survey, total uranium production in Utah is documented to have been 122,497,605 pounds of U3O8 which would have a current value (May, 2023) of approximately $6-billion (U.S.).

Most of the known uranium deposits in the U.S. are hosted by sedimentary rocks. A figure in the original version of this release shows that the traditional uranium production has been from sedimentary deposits in the Colorado plateau and the basins of Wyoming. The Powerline project lies within sedimentary rocks of the Colorado plateau, America's most prolific uranium mining region, which has produced over 328 million pounds U3O8 (at 0.2 to 0.4 per cent U3O8) since the 1950s.

The uranium supply gap and U.S. legislation

Uranium demand is expected to increase continuously over the next 50 years as the demand for more environmentally acceptable sources of energy become entrenched and as the population grows. The U.S. is the world's largest producer of nuclear power, accounting for about 30 per cent of worldwide generation of nuclear electricity. The U.S. imports 90 per cent of its annual uranium requirement despite holding the world's fourth-largest reserves.

Seeking to cut its reliance on Russia (which supplies more than one-fifth of its uranium) the United States House passed a bill in December that would ban importing Russian uranium from 2028, and requiring the U.S. to source a portion of its nuclear fuel (20 tonnes of HALEU -- high-assay low enriched uranium fuel needed to run most advanced reactors in the country) to come from domestic sources by the end of 2027.

"Enriched uranium is key to unlocking the boundless potential for clean and reliable nuclear energy. Just as importantly, it's a pillar of American national security. Unfortunately, the U.S. lacks capacity to fully produce enriched uranium, and it has resulted in an unsafe reliance on Russia -- a bad actor who could cut off uranium exports to us at any time."

-- United States Senator, Jim Risch

In situ recovery methods and nearby resources

The top of the favourable target zone in the Samson Powerline hole is at a depth of 823 m (2,700 ft). Although relatively deep, the interpreted mineralized zone is well below the potable water table and has exceptional potential to be amenable for uranium mining by in situ leach and recovery methods (ISL). ISL was developed in Wyoming in the 1960s and 1970s for the purpose of extracting uranium from the mineralized zones where they are located, in example in the ground.

The buried deposits are thought to lie at depths ranging from 300 to 1,000 m, which thanks to the advent of ISL are now considered very attractive targets. Deposits of this type and grade account for approximately 46 per cent of worldwide uranium production.

Field work on the Powerline uranium project can be carried out year-round, with occasional brief interruptions due to muddy conditions in March and April. Mining operations could be carried out year-round.

The town of Moab is the county seat for Grand county and is located approximately 29 km by paved road and 13 km by maintained gravel road from the project. Moab has an adequate supply of essential services including medical services, schools, churches, a variety of stores and accommodations. The population in the surrounding communities is diverse and large enough to provide a skilled work force. There is sufficient power available and adequate water in the project area to support a mining operation.

Summary of option agreement

The Powerline option agreement sets out that Goldhaven may acquire a 100-per-cent interest in and to the property by exercising two separate options (first option and second option), whereas the first option shall expire by July 1, 2024, and the second option expires by Dec. 31, 2025.

By exercising the first option, Goldhaven may acquire an undivided interest in and to 40 lode claims encompassing approximately 800 acres of the property in consideration of 8.8 million common shares of Goldhaven.

Goldhaven may acquire the remaining 590 lode claims in the property encompassing approximately 12,208 acres by exercising the second option and in consideration of 17.6 million common shares for the remainder of the property.

In the event that Goldhaven does not exercise the first option and the second option by such foregoing deadline dates, such option or options shall expire and be of no force or effect. Further, if the first option is not exercised by its deadline being July 1, 2024, the second option shall automatically expire on July 2, 2024, and be of no force or effect.

Goldhaven shall prepare a Form 2A Listing Statement and file same together with the supporting National Instrument 43-101F1 technical report with the Canadian Securities Exchange and on SEDAR+.

In addition to the share considerations, Goldhaven shall also make an aggregate one-time land payment of $103,950 (U.S.) to Ameranium in cash by Aug. 1, 2024, and reimburse Ameranium up to $35,000 upon execution of this agreement, as a non-refundable deposit, for out of pocket expenses related to the review of historical data pertaining to the property.

Further, so long as the first option or the second option are in effect and not expired, Goldhaven shall be responsible for all BLM and county holding costs and payments. If Goldhaven is not able to pay such costs, while still being liable for such costs, then Goldhaven shall provide Ameranium with a minimum of 60 days prior written notice to Ameranium to enable Ameranium to cover such payment on the basis that the Goldhaven shall indemnify Ameranium for such payments when Goldhaven has sufficient funds to provide such indemnity.

The exercise of both options shall be subject to completion of a financing by Goldhaven of not less than $1-million.

The shares issued upon exercise of the first option and the second option shall be subject to the applicable restrictions of the Canadian securities laws, and Ameranium shall not trade the shares before four months and one day after the issuance date of such shares and the shares issued under the first option shall be escrowed for 10 calendar days following the posting of the Form 2A Listing Statement together with the supporting 43-101F1 technical report with the CSE and on SEDAR+.

Once Goldhaven decides to exercise an option, then Goldhaven shall give a written notice of exercise to Ameranium before exercising such option which notice shall designate a date for closing of the respective sale of the property.

Ameranium and Goldhaven are obliged to indemnify each other for any damage that is effectively suffered by Ameranium or Goldhaven as a result of falseness or inaccuracy of the statements and guarantees made by each party to the other party even after the Powerline option agreement is terminated.

When Goldhaven exercises the first option to acquire the 40 lode claims or the second option to acquire the reaming 630 lode claims, Ameranium shall convey an undivided 100-per-cent interest in and to the respective claims upon exercise of such options. The undivided 100-per-cent interest shall vest in Goldhaven upon exercise of each option.

If Goldhaven fails to perform its obligation under the agreement, then the Powerline option agreement shall terminate and Goldhaven will not be able to exercise any option. Goldhaven may terminate the agreement by giving a written notice of termination before 30 days to Ameranium after which the agreement shall be of no force and effect.

Financing details

Details on the $1-million financing are forthcoming.

Qualified person

Seymour M. Sears, BA, BSc, PGO, 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 mineral exploration targets in North America. The company is making exploration progress at its Smoke Mountain property which is located in the highly prospective central British Columbia porphyry-epithermal belt, where a new 2.5-kilometre-long Cu-Au-Zn (copper-gold-zinc) mineralization trend has been identified. Pro-active engagement with stakeholders and indigenous rightsholders to achieve mutually beneficial relationships is an integral part of Goldhaven's strategy.

We seek Safe Harbor.

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