Vancouver, British Columbia--(Newsfile Corp. - May 7, 2024) - GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS0) ("GoldHaven" or the "Company") announces that the Company has filed on SEDAR an independent technical report (the "Report") prepared in accordance with National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI 43-101") which concluded that the Powerline Uranium Project (the "Property") is a property of merit that warrants an extensive multi-phased exploration and drill program.
GoldHaven CEO, Bonn Smith, states, "The first drill hole will be carried out close to the historic Samson well near the centre of the Powerline Property, as the gamma ray readings in that well at certain depths are quite literally off the charts (see Figure 1). Once we gather core from the anomalous depths (the red zones in Figure 1) we will be able to determine continuity of the uranium mineralization in this section of the Property, as well as increase our confidence in the estimated uranium grade throughout the Powerline Project."
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Attractive Uranium Grades
The Powerline Uranium Project lies within sedimentary rocks (sandstone) of the Colorado Plateau. With sandstone-style uranium deposits, grades in the 0.01% U3O8 range can be attractive due to the advent of In-Situ Leaching (ISL) mining practices.
Historical gamma ray geophysical logs within the Samson well (near the centre of the Powerline Property) indicate a 35.4 m (116 ft) 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% U3O8 (Hite, 2015).
This estimate of uranium grade is based upon interpretation of gamma ray geophysical logs carried out in the well when it was drilled in 2007. The information from these logs is considered reliable and relevant to uranium mineralization since the logging instrument was calibrated to detect shale units that are of interest in oil and gas drilling and are likely to under estimate the uranium content in the anomalous zone.
A qualified person has not done sufficient work to classify these historical grade estimates as accurate and the issuer is not treating the historical estimates as valid. A drill hole planned in phase 1 is designed to recover core for assay and carry out new gamma ray logging to provide calibration data for more precise grade interpretation.
The full Report dated April 15, 2024, and entitled "NI 43-101 Technical Report on the Powerline Uranium Project, Grand County, Utah, USA", can be found on the Company's website at https://goldhavenresources.com/uranium/powerline-uranium-project-utah/ and on SEDAR under the Company's issuer profile at www.sedar.com.
Qualified Person
Seymour M. Sears, B.A., B.Sc., 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 Corp. 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 mineralization trend has been identified. Proactive engagement with stakeholders and Indigenous rightsholders to achieve mutually beneficial relationships is an integral part of GoldHaven's strategy.
On Behalf of the Board of Directors
Bonn Smith, Chief Executive Officer
For further information, please contact:
Bonn Smith, CEO
www.GoldHavenresources.com
bsmith@goldhavenresources.com
Office Direct: (604) 638-3073
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE-Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Release References
Hite, R.J., 2015: Private Calculation in the Files of Ameranium Resources Corp.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included herein including, without limitation, the intended use of the proceeds received from the Offering, the possible acquisition of the Projects, the Company's expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, and the receipt of any necessary regulatory or corporate approvals in connection with the Offering and the Assignment, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the inability to close the Offering, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
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