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Westhaven points to Fruta del Norte similarities

Westhaven Ventures (TSXV: WHN) has announced high-grade results including 2.16m at 100.5g/t gold and 133.44g/t silver from ongoing drilling at its Shovelnose project in British Columbia’s Spences Bridge Gold Belt.
Westhaven points to Fruta del Norte similarities Westhaven points to Fruta del Norte similarities Westhaven points to Fruta del Norte similarities Westhaven points to Fruta del Norte similarities Westhaven points to Fruta del Norte similarities

Drilling continues at Westhaven’s Shovelnose gold project in BC

Staff reporter

The company believes the SBGB has world-class potential, saying in a presentation last week its "classic low-sulphidation epithermal vein system" was similar to deposits including Fruta del Norte in Ecuador, where the 5 million ounce reserve grading 8.7g/t gold is being developed by Lundin Gold.

Westhaven's above result was from Vein Zone 1, while a highlight from the latest results at Vein Zone 2 was 5m at 7.61g/t gold and 34.5g/t silver.

The company, which soared on its South Zone discovery 12 months ago, confirmed a third vein zone discovery at the project last month.

"The ongoing, fully-financed drill programme continues to successfully intersect high-grade gold and, importantly, has extended the strike length of the South Zone vein system by 170m to 840m," president and CEO Gareth Thomas said.

Westhaven closed a placement at C$1.05 per unit last week, which raised about $6.7 million (US$5 million), to expand ongoing work at Shovelnose and for working capital and/or work related to its other properties in BC.

Management holds about 32% of its equity.

Its shares spent much of 2018 around the 20c mark prior to its Shovelnose discovery before touching $1.43 on December 31.

They fell 14% or 16c to close at 96c yesterday, capitalising it about $92.5 million (US$70 million).