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Third vein discovery at Shovelnose lifts Westhaven

Westhaven Ventures (TSXV: WHN) is continuing to attract investor attention after confirming the discovery of a third vein zone within a year at its Shovelnose gold project near Merritt in British Columbia.
Third vein discovery at Shovelnose lifts Westhaven Third vein discovery at Shovelnose lifts Westhaven Third vein discovery at Shovelnose lifts Westhaven Third vein discovery at Shovelnose lifts Westhaven Third vein discovery at Shovelnose lifts Westhaven

Summer drilling at Westhaven’s Shovelnose gold project in BC. Image: @loripaslawski

Staff reporter

The company said the third vein contained high-grade gold and silver, including 1.20m at 36.8g/t gold and 259g/t silver, within a wider 7.11m at 9.42g/t gold and 69.36g/t silver from 370.92m.

"The presence of high-grade mineralisation below 1100m elevation in the deeper third vein zone broadens the vertical range of such mineralisation at South Zone," exploration manager Peter Fischl said.

Westhaven announced a 20,000m drill programme in February, to follow up on its South Zone discovery last year which drew strong interest and sent its share price up 980% over 2018 to help put it at the top of the 2019 TSX Venture 50 list.

The company raised C$2.5 million (US$1.9 million) in a placement at $1.1325 per flow-through share in February to fund exploration at Shovelnose, one of its four projects in the Spences Bridge Gold Belt.

It had $1.27 million (US$0.95 million) in cash and equivalents at the end of June.

Its share price went from below 20c before its October discovery to a peak of $1.43 in December.

Westhaven gained 20% on Friday to close at $1.14, capitalising it at $102 million (US$76.6 million).