NTV

Northaven Resources Corp. (TSX VENTURE:NTV) is pleased to announce that it has
obtained an historical technical report (the "Report") dated 1971 containing a
positive feasibility review and recommendation for production at that time on
its Regal Silver polymetallic mine property 31 km north east of Revelstoke, B.C.
accessed by a 10 kilometer mine service road off the Trans-Canada Highway.


The Report, written by M. C. Robinson, P.Eng. and J.D. Guild in May 1971,
contains a complete feasibility review of the Regal Silver Mine, including a
reserve report, mine plan, processing recommendations and mill plans. The
Report, which was prepared using a silver price of $1.75 per troy ounce ("troz")
makes a positive recommendation for production, including the establishment of a
500 ton per day concentrator with a 400 ton per day silver, lead and zinc
circuit and a 100 ton per day tin, tungsten and copper circuit. Metallurgical
recoveries, based upon an extensive metallurgical study conducted by Energy,
Mines and Resources in Ottawa and 10 others, which were subsequently reviewed by
Bacon Donaldson, Vancouver (1983), are 86% for silver, 90% for lead and 70% for
zinc with 64% recovery of tungsten, with the majority of the silver reporting
with the lead. 


The Regal Silver Mine has had a long and varied history with small amounts of
production up to 1953. The Mine is largely developed with over 22,000 feet
(6,707 meters) of horizontal adits, cross-cuts and raises over ten levels in
place which cover a vertical distance approximately 1,000 feet (305 meters) from
the No 1 level at the 5,555 feet (1,693.6 meter) elevation down to the No. 10
level at 4,555 feet (1,388.7 meter) elevation. Very little work and no known
production has taken place since completion of the Report in 1971. 


Mineralization within the mine is comprised of galena, sphalerite, pyrite,
tetrahedryite, cassiterite, stannite, scheelite and various silver minerals in a
quartz-carbonate matrix deposited in fracture zones. These zones are expressed
as a series of sub-parallel structurally controlled veins, striking
northwesterly and dipping to the northeast at angles varying between 65 degrees
near surface, flattening to nearly 25 degrees at 300 meters of depth, which vary
in width from 1 foot to 30 feet (0.3 to 9.1 meters), with an average width of
nearly 8 feet (2.44 meters).


The Report bases its analysis on the following reported mineralization:



----------------------------------------------------------------------------
                                                         Tungsten   Tungsten
                                Silver    Lead    Zinc      (WO3)      (WO3)
Category(i)              Tons   (troz)     (%)     (%)       tons          %
----------------------------------------------------------------------------
"Probable Ore"(i)     114,146     3.24    3.32    1.58      9,060       1.09
----------------------------------------------------------------------------
"Possible Ore"(i)     323,911     3.15    3.26    1.61      9,700       1.02
----------------------------------------------------------------------------
(i) These reserve categories pre-date and are non-compliant with National   
Instrument 43-101 ("NI 43-101"). The Company has not independently verified 
the above results and considers them to be "Historical Estimates" under NI  
43-101 and is not relying on them as current NI 43-101 compliant mineral    
resources or reserves.                                                      



Mineralization classified in the Report as "Probable Ore" corresponds to "a
Probable Mineral Reserve" and "Possible Ore" to an "Inferred Mineral Resource"
under NI 43-101, based on calculations and costs at the time of the Report, but
additional work by a "Qualified Person" under NI 43-101 will be required to
upgrade or verify the Historical Estimate to current NI 43-101 standards,
including confirming current potential for economic recovery for any
mineralization to be classified as a 'Reserve' by way of a feasibility study.
This work will include additional mapping, assaying and drilling to verify
quantity, grade and category of mineral resource, review and updating of all
cost data to current levels, as well a review of the proposed mine plan,
metallurgical processing recommendations in the Report and economic, pricing and
other factors related to the recommendations in the Report. The Company is
currently reviewing the Report with third party consultants to determine the
costs and parameters for upgrading the Report to full NI 43-101 standards and
plans to prepare an updated report for publication in due course.


The Report appears to have been prepared in a competent and diligent manner and
Company considers it to be reliable, subject to verification and upgrading to
current standards. The Company also considers the Report particularly relevant
in that, after careful consideration, the Report authors found the project to be
economically viable and recommended production at that time. Although the
reported reserves will require re-verification, since the mine was never put in
to production after the date of the Report, any resource that existed at that
time is still in place. Also, although there has been a significant escalation
in many costs since the date of the Report, metal prices have also significantly
increased, likely even more than relevant costs. The Report based its
calculations on a price of $1.75 per troz for silver and $0.145 per pound for
lead and zinc. Recent prices have been 6- 10 times that amount (silver: $22.57
per troz; lead: $0.973 per lb.; zinc: $0.86 per lb. - Kitco, Nov 4, 2013). In
addition, there have been a number of significant improvements in access,
infrastructure and availability of resources and materials in the Revelstoke
area subsequent to the date of the Report, which should have a positive impact
on overall economic viability.


The Report indicates there is also excellent potential for upgrading or
improving mineral resources in and around the Mine. 


Reserve blocks in the Report were calculated mainly by level assays extending,
in most cases, a maximum of 25 feet (7.62 meters) above and below the assay
level. Since mine level separations average approximately 100 feet (30.48
meters), over 50% of most of the mineralization within the vein structures has
not been adequately sampled and has consequently been treated as "Possible Ore"
and not "Probable Ore", even though it lies within the vein structure.
Additional assay information developed by subsequent drilling should increase
the sampling density and provide better definition to the confidence level of
the Reserve calculations, which could significantly increase the amount or
quality of identified mineral resources. 


The Report notes that, although there are at least 5-6 veins identified in the
mine area, only one ("No 5 vein") provided 95% of the reported reserve, with
most of the other veins being excluded due to limited exploration or
development. None of the veins reported in the Mine have been drilled to depth
and all remain open in both strike directions.


Geological mapping executed to date (2013), including the mapping on the veins
in the Mine, has been very limited. The Report also notes that are at least 14
other veins exposed at surface for distances of up to 2,400 feet (731.7 meters)
which have not yet been fully mapped and have received only limited exploration.
All 20+ veins are open at both ends and to depth. The authors conclude that "the
presence of additional economic mineral occurrences appears likely". There is
currently insufficient exploration to define a mineral resource based on this
information, and the quantity and possible grade of any such potential resource
should be considered conceptual until delineated by subsequent mapping, sampling
and drilling. 


In addition to exploration targets in and immediately around the existing mine
area, existing data from the mine and the surrounding region supports a
geological model that offers a much larger exploration target. 


The Regal Silver Mine lies at the southeastern end of an anomalous zone of
mineralization identified as being over 2,500 meters long and approximately 300
meters wide. Approximately 6,500 meters northwest, on the same anomalous zone,
the Allco Silver showing has been identified as being 300 meters wide and over
3,000 meters long. Prior limited production of hand-picked ore from the Allco
Silver Workings yielded average grades of 1,230 g/t silver (35.87 troz/ton), 15%
zinc and 40% lead (Minfile # 082N016). Data from the Company's previously
reported ZTEM geophysical program shows a strong geophysical anomalous zone that
corresponds closely to the geology and extends over 6 kilometers in length,
connecting both projects. As a conceptual model, if both projects are part of a
continuous mineralizing structure with average width of 300 meters and
approximate length of 6 kilometers, this structure may contain an exploration
target of 3.1-76+ million tons of mineralization (assuming identification of
4-20 veins averaging 1-3 meters each and average depth of 400 meters and 10%
mineralization), which could in turn contain grades ranging from 1.5 troy ounces
(troz) of silver (Ag) per metric tonne, 1.5% lead (Pb) and 1.0% zinc (Zn) to 3.0
troz Ag per metric tonne, 3.5% Pb and 2.0% Zn, plus quantities of recoverable
tin and tungsten. 


The Company plans to test this model, subject to financing, by further mapping,
sampling and drilling starting with extensions of known zones of mineralization
at the Regal Silver Mine and at the Allco Silver Workings and expanding further
through the target zone between the projects.


"We are very excited by this Report," said Malcolm Fraser, Chief Geologist for
Northaven. "Not only does it strengthen our confidence in the Regal Silver Mine,
it also provides support for a geological model with a very large exploration
target adjacent to the Mine, which, if confirmed, could make this into a very
large project." 


The Company plans to advance the Regal Silver toward possible production and
testing the target in the coming year, subject to funding. 


To view the maps associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/Northaven-Dec312-Maps.pdf.


This news release has been reviewed with respect to technical information by
Phil Southam, P. Geo., an independent Qualified Person under National Instrument
43-101. 


On behalf of the Board of Directors of Northaven Resources Corp.

Allen D. Leschert, CEO

All other technical data herein is based on information contained in technical
reports or summaries prepared by independent third parties which has not been
independently verified by the Company, and which remains subject to confirmation
by subsequent evaluation. Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news
release. This news release may contain assumptions, estimates, and other
forward-looking statements regarding future events. Such forward-looking
statements involve inherent risks and uncertainties and are subject to certain
factors, many of which are beyond Northaven's control, which may cause actual
results or performance to differ materially from those currently anticipated in
such statements. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northaven Resources Corp.
Malcolm Fraser
President
604 696-3608
malcolm@northavenresources.com


Northaven Resources Corp.
Allen Leschert
CEO
604 696-3600
allen@northavenresources.com
www.northavenresources.com

(TSXV:NTV)
Historical Stock Chart
From Jun 2024 to Jul 2024

(TSXV:NTV)
Historical Stock Chart
From Jul 2023 to Jul 2024