Westhaven Gold posts new high-grade South Zone results at Shovelnose Project, British Columbia
Westhaven Gold Corp. [TSX-V: WHN; OTCQB: WTHVF; FRA: 1W5] reported the completion of 117-hole (37,242m) resource infill drilling program at the South Zone gold and silver deposit on the Shovelnose property in southern British Columbia.
Exploration drilling will continue through to mid-December, with six drills operating on the property to support exploration, geotechnical and hydrogeological programs ahead of the South Zone pre-feasibility study (PFS), targeted for completion in the second half of 2027.
Ken Armstrong, President and CEO of Westhaven, commented:
“The latest infill results continue to demonstrate the strength and continuity of high-grade mineralization within the South Zone deposit, highlighted by drill hole SNR26-149 which has returned 23.00 metres grading 6.69 g/t Au and 42 g/t Ag and drill hole SNR26-125 which has returned 5.53 metres grading 16.51 g/t Au and 134 g/t Ag.
With resource infill drilling now complete, our focus is shifting to exploration drilling and the ongoing geotechnical and hydrogeological work required to advance the South Zone PFS. At the same time, revisions to the geological and mineralization models are well underway and will support an updated Mineral Resource Estimate (“MRE”) for the South Zone, which will form the basis for PFS mine planning which remains on schedule.”
Key Highlights – New South Zone infill drill results include highlight assays of 23.00m grading 6.69 g/t Au and 41.7 g/t Ag; 5.53m grading 16.51 g/t Au and 133.5 g/t Ag; 14.59m grading 4.38 g/t Au and 27.6 g/t Ag; 10.30m grading 3.51 g/t Au and 23.5 g/t Ag; 6.04m grading 5.79 g/t Au and 3.5 g/t Ag; 16.41m grading 2.07 g/t Au and 23.2 g/t Ag
5.97m grading 5.34 g/t Au and 10.6 g/t Ag; 1.5m grading 20.90 g/t Au and 29.1 g/t Ag and 6.07m grading 4.56 g/t Au and 7.6 g/t Ag.
Approximately 10,000 metres of exploration, hydrogeological and geotechnical drilling has been completed to date, including 10 exploration drill holes testing areas below and to the north of the South Zone deposit (5,008m). Exploration drilling is expected to continue through to December 15, 2026, and technical drilling programs remain on track for completion in Q4 2026.
The company has realized gross proceeds of CDN$3,122,366 from the recent exercise of 14,770,114 warrants.
The 2026 work programs are being funded under a strategic earn-in agreement with Dundee Corp., whereby Dundee may earn up to a 60% interest in Westhaven’s four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000-metre resource infill and exploration drill program and ongoing PFS work at Shovelnose, including a CDN$4,000,000 geotechnical and hydrogeology drill program announced in a Westhaven news release dated September 22, 2026.
The company also reported that all subscriber and broker warrants related to an October 2024 brokered private placement and expiring October 19, 2026, were exercised for gross proceeds of CDN$3,122,366. After exercise of 14,770,114 warrants, the company has 275,023,832 issued and outstanding shares (314,511,385 fully diluted).
South Zone Mineral Resource Infill Drilling: Assay results from the 117-hole (37,242m) resource infill drill program at the South Zone deposit continue to show excellent continuity of mineralization in each of Vein Zones 1, 2 and 3.
Results have been received from an additional 19 infill drill holes, bringing the total number of reported drillholes to 91. Earlier assays from the infill drilling program can be found in previous Westhaven news releases.
The resource drilling program was designed to infill the deposit at nominal 25m centres with results to be included in an updated mineral resource estimate to support a PFS targeting completion in H2 2027.
Westhaven is a gold and silver focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold and silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~60,263 hectares within four properties spread along this underexplored belt.
The Shovelnose gold and silver project is the most advanced property, with a 2025 updated Preliminary Economic Assessment that validates the project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine production of 56,000 ounces gold and 313,000 ounces silver with a CDN$454 million after-tax net present value (at a 6% discount rate) and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of CDN$1.00=US$0.72).