Rockhaven Resources Ltd. [RK-TSXV] said Friday August 2 that it is moving to raise up to $4 million to fund exploration at its Klaza gold project in the Yukon Territory.
In keeping with that plan, Rockhaven said it has arranged a private placement that will consist of the following:
- Up to seven million units priced at 12 cents each, for gross proceeds of $840,000. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at 20 cents for a period of 60 months from the date of closing.
- Up to 18 million structured flow-through units priced at 17 cents each for gross proceeds of up to $3.06 million. Each structured flow-through unit consists of one flow-through common share and one share purchase warrant. Each warrant will have the same terms as the 20-cent warrants.
On Friday, Rockhaven shares were unchanged at 13 cents. The shares are currently trading in a 52-week range of $0.085 and 18.5 cents.
Rockhaven’s key asset is the wholly-owned Klaza Project, located in the Dawson Range Gold Belt of southern Yukon and hosts one of the highest-grade gold deposits ever found in the territory.
Rockhaven recently announced an updated resource estimate for the high-grade Western BRX, Central BRX, Central Klaza and Western Klaza zones. The project contains an indicated resource of 686,000 ounces of gold and 14 million ounces of silver (or 907,000 ounces of gold equivalent.
Inferred resources now stand at 507,000 ounces gold and 13.9 million ounces of silver (725,000 ounces of gold equivalent.
The updated resource estimate, announced in June, 2018, included results from approximately 13,300 metres of in-fill and expansion diamond drilling completed subsequent to the previous estimate in 2015.
The resource estimate and recent metallurgical test work have highlighted multiple priority targets for further resource expansion and definition, the company has said.
“The Klaza Project hosts high-grade gold and silver resources that are near surface, road accessible and located within one of the safest mining jurisdictions in the world,” said Rockhaven CEO Matt Turner.
Klaza hosts a large hydrothermal system that is concentrated within a 4-km long by 3-km wide structural corridor. The company said current mineral resource areas have only been systematically explored to a depth of about 275 metres, but well mineralized intersections occur as deep as 450 metres.
Eleven known mineralized zones have been identified within the corridor and all are open for expansion along strike and to depth. The deposit model for the Klaza deposit suggests the zones could be well mineralized to depths of 1,000 metres or more below surface, the company has said.