EXPLORATION & DEVELOPMENT

Westhaven wowed by more high grades at Shovelnose

Westhaven Gold has reported one of the shallowest, high-grade Vein Zone 1 intercepts to date at its Shovelnose project’s South Zone in British Columbia.

Staff reporter
 Westhaven Gold is adding a third rig to drill its Shovelnose project in BC

Westhaven Gold is adding a third rig to drill its Shovelnose project in BC

Westhaven reported 0.45m at 614g/t gold and 2,070g/t silver, part of a 41.55m intercept grading 8.17g/t gold and 34.64g/t silver from 82m.

An inaugural resource is due before year-end at the South Zone.

President and CEO Gareth Thomas said it was encouraging to see the expansion of mineralisation and continuity of high grade within the South Zone.

"With the recent exploration success at the FMN Zone [15.97m of 9.15g/t gold and 27.43g/t silver], and with several high-priority targets generated from ongoing exploration programmes including geophysics, geochemistry and prospecting, a third drill is being mobilised to the property," he said.

The Grenville Thomas-chaired company was aiming to drill about 40,000m this year at its flagship project in the Spences Bridge Gold Belt.

It had about C$10 million in cash, according to a presentation this week.

Westhaven had raised $15 million in an upsized offering at 70c per unit in March.

Its shares (TSXV: WHN) have spanned 50c-$1.25 over the past year and closed up 2.6% yesterday to 77c, valuing it at $97 million (US$80 million).

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