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Rockhaven Announces Financing and 8,000 m Diamond Drill Program at Klaza Project, Yukon
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Rockhaven Resources Ltd. (TSX VENTURE:RK) ("Rockhaven") is pleased to announce plans for 2016 explor
About this update from Rockhaven Resources Ltd.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2016) - Rockhaven Resources Ltd. (TSX VENTURE:RK) (\"Rockhaven\") is pleased to announce plans for 2016 exploration at its 100% owned Klaza gold-silver property, located in the Dawson Range Gold Belt of southern Yukon. The proposed work program is scheduled to start in mid-June and will include 8,000 m of diamond drilling and additional metallurgical test work. The main objective of the 2016 program is to enhance the Klaza project economics, which were recently reported in a technical report titled \"Technical Report and PEA for the Klaza Au-Ag Deposit, Yukon, Canada for Rockhaven Resources Ltd.\" (the \"PEA\") (See Rockhaven news release and technical report, both dated March 1, 2016*). The 2016 diamond drilling will utilize two drills and will focus on: Better defining and extending areas of near-surface mineralization, especially within areas that are included in the current mineral resource but are excluded from the proposed mine plan as presented in the PEA; Testing numerous adjacent structures and targets with multi-element soil geochemical and geophysical signatures that are similar to those of the known mineralized zones; Exploring east of the Klaza deposit within an area that has shown promise to host porphyry-style (copper-molybdenum-gold) mineralization associated with a 1600 by 800 m soil geochemical and geophysical anomaly; and, Collecting drill core for metallurgical testing to investigate the possibility of reducing processing costs and lowering cut-off grades through pre-concentration, as recommended in the PEA. In order to fund the proposed program, Rockhaven is announcing a private placement of up to $2,515,000. The placement will include the sale of up to 8,750,000 flow-through units and 4,500,000 non-flow-through units. Each flow-through unit will be sold at a price of $0.20 and will consist of one flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. Each non-flow-through unit will be sold at a price of $0.17 and will consist of one non-flow-through common share and one-half (1/2) of a non-flow-through share purchase warrant. A full warrant from either of the flow-through or the non-flow-through units will entitle the holder to purchase one additional non-flow-through common share at a price of $0.25 for a period of 18 m...