Westhaven Ventures Inc. [WHN-TSXV] on Monday released impressive drilling results from its Shovelnose property near Merritt, British Columbia. The 15,542-hectare gold property is located within the prospective Spences Bridge gold belt.
The company said highlights from drilling included Hole SN19-10, which returned 52.22 metres of 5.13 g/t gold and 17.32 g/t silver, including 18.50 metres of 11.39 g/t gold and 40.21 g/t silver in Vein Zone 2.
The shares advanced on the news, rising 3.49% or $0.03 to 89 cents on volume of 386,350. The shares are currently trading in a 52-week range of 14 cents and $1.43.
Westhaven holds a 100% interest in over 35,000 hectares of ground on four properties within the Spences Bridge Gold Belt (SBGB), an area that the company believes is highly prospective for epithermal type gold mineralization.
The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge Group. Talisker Resources Ltd. [CSE-TSX, TSKFF-OTCQB] and Westhaven have a combined control of 86% of the SBGB [225,000 hectares]. Any ground acquired by Talisker within five-kilometres of Westhaven’s existing properties is subject to a 2.5% net smelter return royalty.
In addition, Westhaven has a 30-day right of first refusal for a three-year period for any properties outside this five-kilometre radius.
The Shovelnose property is located near the southern end of the SBGB and borders a major B.C. highway known as the Coquihalla. The proximity to highway infrastructure permits year-round exploration at the property.
Westhaven Chairman Grenville Thomas is a former Welsh coal miner who is best known for his role in discovering one of Canada’s richest diamond deposits in the Northwest Territories. At that time of the Diavik diamond discovery, Thomas was running Aber Resources Ltd.
“The high-grade gold intercepts in Vein Zone 2 extend the scope of expanding the South Zone,” Westhaven CEO Gareth Thomas said in a press release. “Drilling continues to explore the extent and demonstrate the continuity of two parallel vein zones approximately 125 metres apart,” he said.
Thomas said the goal of the current drill program is to keep extending these parallel zones, along with the strike length, and to target the preferred horizons where the gold precipitates out. The summer drill program, employing two rigs, is ongoing and 12 holes have been completed totaling approximately 5,000 metres. Assays will be released regularly as the program progresses, he said.
Westhaven Exploration Manager Peter Fischl said hole SN19-10 confirms the potential for bonanza grades in Vein Zone 2. “Such grades were first encountered in Zone 2 last year in hole SN18-18 [13.67 metres of 4.29 g/t gold and 21.87 g/t silver, including 3.27 metres of 15.35 g/t gold and 75.72 g/t silver]. Hole SN19-10 also indicates that significant gold grades can occur over broader widths, like those encountered in Vein Zone 1, as seen in SN18-15,” he said.
Drill hole SN18-15 returned 46.20 metres of 8.95 g/t gold and 65.47 g/t silver, including 5.00 metres of 14.70 g/t gold and 215 g/t silver.