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GoldHaven Resources Corp. (CSE: GOH) (OTCQB: ATUMF)

GoldHaven Resources Corp. (CSE: GOH) (OTCQB: ATUMF) (formerly Altum Resources Corp.), a Canada-based company engaged in the business of acquiring and exploring mineral resource properties, recently announced its entry into agreements to acquire seven advanced gold projects in the Maricunga Gold Belt of Chile that hosts over 100 million ounces of gold within the last 10 years.

Chilean Gold Properties Being Acquired

On April 17, 2020, GoldHaven Resources entered into an agreement to purchase a 100% interest in two gold projects located in the Maricunga Gold Belt of Northern Chile. The first property, Rio Loa, is located 25 kilometers south of Gold Fields Ltd.’s Salares Norte, where, this year, a five-million-ounce discovery was made. The second property, Coya, is located only 10 kilometers east of the Kinross La Coipa open pit mine, which has produced over 7.5 million ounces of gold to date.

Rio Loa Project

Initial geophysical studies of the Rio Loa site have exposed highly anomalous ardennite and lead values, a key characteristic of gold mineralization within silicified resistive bodies. The studies have also produced initial findings which are similar to those seen at contiguous mines, such as Salares Norte (operated by Gold Fields), which has over five million ounces in estimated gold deposits.

The potential economics for the site look particularly promising when taking the unit costs at the neighboring Salares Norte mine into account. Gold Fields has estimated that its production AISC (all-in sustainable costs) will approximate $552 per ounce and have forecast a 2.3-year payback period for its initial investment, assuming a $1,300 per ounce gold price.

Coya Project

The Coya site is located within close proximity to one of the richest and largest epithermal gold and silver districts in Chile and is in close proximity to active mining sites, specifically the La Coipa mine owned by Kinross. A study carried out in 2017-2018 on the Coya site of 796 rock chip samples found favorable gold and silver values, in some cases ranking as high as 764 grams/tonne of gold and 719 grams/tonne of silver – values which are near certain indicators of potential gold and silver deposits. The La Coipa mine (Kinross) has produced over 6.9 million ounces of gold to date.

On August 11, 2020, GoldHaven Resources acquired five potential gold projects in the Maricunga Gold Belt of Northern Chile. The Maricunga hosts discoveries within the last 10 years of over 100 million ounces of gold and over 450 million ounces of silver. These newly acquired properties are in close proximity to seven other mines, which possess an estimated aggregate of 81 million ounces of gold in total reserves.

GoldHaven’s five new projects cover a total area of approximately 22,600 hectares, or 226 square kilometers, located in the northern portion of the Maricunga Belt in proximity to the 5 million-ounce gold equivalent Salares Norte project owned by Gold Fields. Gold Fields announced in April 2020 its intention to proceed with the development of Salares Norte at a cost of $860 million, with a $138 million expenditure budgeted for 2020.

The Maricunga Belt extends approximately 150 kilometers north-south and 30 kilometers east-west, straddling the border between Chile and Argentina. This region hosts known mineral resources of more than 100 million ounces of gold, 450 million ounces of silver and 1.3 billion pounds of copper.

The Maricunga project’s opportunity came about as a result of a $150 million initiative launched by the Chilean Economic Development Agency (“CORFO”), with the objective of encouraging exploration and mining prosperity in Chile and strengthening Chile’s position as a world leader in the sector.

As part of CORFO’s program, a total of $15.3 million was given to private equity fund IMT Exploration to evaluate 403 projects, beginning in 2011. This led to a generative program carried out from 2016 to 2019, resulting in 126 potential epithermal targets from which 57 field evaluations were made. Due diligence work followed on 19 of these. Work programs were then conducted, including geological mapping, rock and soil sampling and TerraSpec (PIMA) analyses on geochemical grids for alteration mapping, and, as a result, the five high-priority Maricunga projects were identified. No drilling has been carried out on any of the Maricunga projects.

Securing Financing for Upcoming Operations

In conjunction with its announcement regarding its acquisition of five Chilean mining interests, GoldHaven Resources also detailed plans for a non-brokered private placement of 11.5 million units at a price of $0.35 per unit, for gross proceeds of $4,025,000. Each unit will consist of one share of the company and one warrant, the latter of which can be exercised to acquire an additional share of the company for a period of 18 months from the date of issuance at a price of $0.50 per share. Net proceeds from the offering are intended to be used to fund general expenses, as well as exploration and drilling of its mineral properties.

Gold Prices Hit Record High in 2020

Gold prices have been on a remarkable run in 2020, breaking above $2,000 per ounce for the first time on record. Having begun the year at $1,515 per ounce, the precious metal has seen a huge surge on the back of widespread economic uncertainty stemming from governments’ worldwide propensity to expand the money supply, from the reduction of the value of the U.S. dollar as expressed by the decrease in the U.S. dollar index, and from the very real economic effects of the COVID-19 pandemic.

Global central banks have carried out 144 interest rate cuts thus far in 2020, reducing rates by a cumulative 5,035 basis points (http://nnw.fm/jzZt0). Meanwhile, the IMF has estimated that global governments have introduced fiscal support measures amounting to over $9 trillion since the start of the pandemic (http://nnw.fm/Or9rI). The resulting weakness in the U.S. dollar and eventual inflationary pressures stemming from these measures has prompted a number of investment banks to boost their near-term outlooks for gold prices, with Bank of America raising its 18-month gold price target to $3,000 per ounce (http://nnw.fm/PQJtc).

Leadership Team

David Smith, President, CEO and Director, has been immersed in the mining industry for the last eight years, working in corporate development and finance. Prior to GoldHaven Resources, Smith cofounded a multifaceted real estate development and sales company, which has now been in operation for over 35 years. He also cofounded two successful environment-focused companies listed on the Toronto Stock Exchange. Both companies were sold independently and returned a significant profit for shareholders.

Darryl Jones, Chief Financial Officer, is a finance executive and CPA with over 30 years of public company and project buildout experience. Most recently, Jones served as the CFO of Lupaka Gold Corp., retiring in June 2018. Prior to that, Jones serves as CFO of Corriente Resources, which was sold to CRCC-Tongguan in May 2010 for C$680 million.

Patrick Burns, VP Exploration and Director, is a Canadian geologist with over 40 years of experience throughout the Caribbean and Central and South America. He played a direct role in the discovery of the Escondida porphyry copper deposit in Chile and has been involved in publicly traded mining companies, predominantly in Chile, for 35 years.

Marla Ritchie, Corporate Secretary, brings over 25 years of experience in public markets to the GoldHaven team. Throughout this time, she has worked as an administrator and corporate secretary specializing in resource-based exploration companies. Currently, Ritchie is the corporate secretary for several companies, including International Tower Hill Mines Ltd. and Trevali Mining Corp.

Gordon Ellis, Director; has over 50 years’ experience in mining and resource development. A professional engineer and entrepreneur, he has held multiple senior management and director roles with public mining companies, as well as a multi-billion-dollar ETF fund. Ellis holds an MBA in international finance and a Chartered Directors designation.

Scott Dunbar, Director is a professor and head of multiple departments at the University of British Columbia, including mineral extraction and mining innovation, as well as mining engineering. He has been involved in projects around the world in regard to mining exploration, geotechnical engineering and mine design. Dunbar received his PhD in geophysics and civil engineering from Stanford University.

Investment Considerations
  • GoldHaven Resources Corp. recently announced its entry into agreements to acquire seven advanced gold projects in Chile.
  • On April 17, 2020, GoldHaven Resources entered an agreement to purchase a 100% interest in two gold projects located in the Maricunga Gold Belt of Northern Chile.
  • On August 11, 2020, GoldHaven Resources acquired five additional potential gold projects in the Maricunga Gold Belt.
  • In conjunction with its August announcement, GoldHaven Resources detailed plans for a non-brokered private placement that’s expected to generate gross proceeds of $4,025,000.
  • Gold prices have been on a remarkable run in 2020, breaking above $2,000 per ounce for the first time on record.
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