President and CEO Gareth Thomas said it was the widest, high-grade drill intercept at Shovelnose and assays were pending for another hole which had contained visible gold.

"We are initiating a fully financed, follow-up drill campaign to begin in early November as we look to advance this important new discovery," he said.

Sable Resources (TSXV: SAE), which had a day earlier announced a strategic alliance with Westhaven over the Spences Bridge gold belt that Sable believes is prospective for Fruta del Norte style mineralisation, rose 28%.

Westhaven had acquired a 70% stake in Shovelnose in 2011 from Strongbow Exploration and then entered a purchase agreement to take full ownership in 2015, with Strongbow retaining a 2% NSR.

Westhaven has a treasury of about C$1 million (US$0.77 million), according to a company presentation last month.

Its shares rose 118.92% to C81c yesterday, capitalising it at $63.4 million, good news for directors and management who own about 40% of the stock.