Havilah Provides an Exploration Update for its Rice Lake Project and Announces Debt Settlement
Havilah Provides an Exploration Update for its Rice Lake Project and Announces Debt Settlement
Toronto, Ontario, March 4, 2019 /CNW/ - Havilah Mining Corporation ("Havilah" or the "Company")
(TSXV: HMC) is pleased to provide an exploration update for its properties in the Rice Lake greenstone
belt of southeastern Manitoba. Havilah continues to make significant progress towards the 2019 field
season in a number of key areas.
The Company recently completed ground-staking of 11,150 hectares, thus increasing its total land position
in the belt to more than 53,000 hectares. This strategic acquisition provides the Company with a dominant
and continuous land position along and adjacent to the crustal -scale Wanipigow Fault, over a total strike
length of 80 kilometres. Major gold occurrences in the Rice Lake belt, including the True North mine at
Bissett, Manitoba, which has produced approximately 2 million ounces of gold, are associated with
structures that splay off this regional ‘break’. T he newly acquired ground provides an unprecedented
opportunity to explore this fault system at a district scale.
Concurrently, the Company has contracted EarthEx Geophysical Solutions Inc. to compile, level and merge
high-resolution aeromagnetic datasets acquired by previous operators. This data will facilitate geological
mapping and compilation of the district at scales suitable for the definition of project-scale targets.
As part of this initiative, the Company has also entered into a contract with Geotech Ltd. to acquire new
high-resolution aeromagnetic data over two key, historically underexplored areas totalling roughly 21,500
hectares at the lateral extents of the Rice Lake belt. This helicopter-borne survey will consist of 4,733 line-
kilometres flown at a spacing of 50 metres, with a terrain clearance of 30 metres. The results will complete
a seamless aeromagnetic dataset over the entire exposed length of the Wanipigow Fault in Manitoba, and
thus facilitate geological mapping, structural analysis and target generation. Data acquisition is expected
to be completed early in the second quarter 2019.
Havilah exploration personnel are currently compiling and digitizing historical data in advance of a summer
2019 field exploration program planned to include prospecting, bedrock mapping and surficial geochemistry
in areas of structural complexity identified through the use of high- resolution LiDAR imagery and historical
mapping.
Dr. Scott Anderson, Vice President, Exploration, commented, “We are extremely excited about this
opportunity to systematically explore the Rice Lake greenstone belt at a district scale, using state-of-the-
art exploration methodologies and a scientifically rigorous understanding of the local to regional controls on
gold mineralization. Our ongoing consolidation of the land position in this historically fragmented district
allows Havilah to explore at a scale and scope unavailable to previous operators. We are currently building
our exploration team and putting in place the foundational blocks for a successful exploration campaign”.
Debt Settlement
The Company is also pleased to announce th at it has negotiated the settlement of $30,000 related to
historical accounts payable for a third-party consultant to Bison Gold Resources Inc. (a subsidiary of the
Company) in consideration for the issuance of 100,000 common shares of the Company at a deemed price
of $0.30 per common share. The debt settlement is subject to receipt of all required regulatory approvals,
including the approval of the TSX Venture Exchange. The common shares issued pursuant to the debt
settlement will be subject to a statutory hold period which will expire four months and one day from the date
of closing of the debt settlement.
Qualified Person Statement
Dr. Scott Anderson, Ph.D., P.Geo., is the Qualified Person as defined by NI 43-101 who has reviewed and
approved the contents of this news release. Dr. Scott Anderson is also a Competent Person (as defined in
the JORC Code, 2012 edition) who is a practicing member of Engineers Geoscientists Manitoba (being a
'Recognised Professional Organisation' for the purposes of the ASX Listing Rules). Dr. Scott Anderson is
employed on a full-time basis as Vice President, Exploration of the Company.
About the Rice Lake greenstone belt
The Rice Lake greenstone belt is situated at the western extent of the Uchi Subprovince of the Archean
Superior Province, approximately 150 kilometres northeast of Winnipeg, Manitoba and 110 kilometres west
of Red Lake, Ontario. It represents the Manitoba extension of the Red Lake and Birch- Uchi greenstone
belts in Ontario, which have collectedly produced in excess of 30 million ounces of gold. Like the Red Lake
belt, the Rice Lake belt records more than 300 million years of magmatism, sedimentation and orogenic
activity along the south margin of the North Caribou Terrane – the ancient nucleus of the western Superior
Province. Additionally, the Rice Lake belt is bounded by crustal-scale faults and contains fault -controlled
basins of ‘Temiskaming-like’ fluvial-alluvial clastic rocks, which are important empirical guides to areas of
high potential for orogenic gold deposits of the type found elsewhere in the Superior Province, most notably
in the Timmins camp (Abitibi greenstone belt) in Ontario.
About Havilah Mining Corporation
Havilah is a junior gold producer and explorer that owns the True North mine and mill complex , and is
currently reprocessing historic tailings on a seasonal basis . In addition to operating True North in Bissett,
Manitoba, Havilah holds approximately 53,000 hectares of highly prospective land within and adjacent to
the Rice Lake greenstone belt. Havilah believes its land package is a prime exploration opportunity , with
potential to develop a mining district centred on its True North facility. The Company also owns the Tully
project near Timmins, Ontario, and intends to focus on both organic growth opportunities and accretive
acquisition opportunities in North America.
Havilah's True North complex and exploration land package are located within the traditional territory of the
Hollow Water First Nation, signatory to Treaty No. 5 (1875). Havilah looks forward to maintaining open, co-
operative and respectful communication with the Hollow Water First Nation in order to build mutually
beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Ron Clayton
President and CEO
For more information, please contact:
Scott Anderson, Ph.D., P.Geo
Vice President, Exploration
(204) 792-7194
www.havilahmining.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward- looking statements. Often, but not always, forward- looking
statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward- looking statements reflect the Company's beliefs and assumptions based on information
available at the time the statements were made. Actual results or events may differ from those predicted in
these forward- looking statements. All of the Company's forward- looking statements are qualified by the
assumptions that are stated or inherent in such forward- looking statements, including the assumptions
listed below. Although the Company believes that these assumptions are reasonable, this list is not
exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and
other factors which may cause the actual results, performance or achievements to be materially different
from any future results, prediction, projection, forecast, performance or achievements expressed or implied
by the forward-looking statements. All statements that address expectations or projections about the future,
including, but not limited to, statements about exploration plans and the timing and results thereof, the
proposed debt settlement and contemplated approvals of the TSX Venture Exchange, are forward-looking
statements. Although Havilah has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be
no assurance that forward-looking statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Havilah Mining Corporation