Westhaven Ventures Inc. [WHN-TSXV] was an active trader Monday January 21 after the company tabled results from a recently completed drill campaign at its Shovelnose property near Merritt, southern British Columbia.
The shares fell 24.2% or 29 cents to 91 cents on a volume of 2,205,900 shares traded. The 52-week range is 9.5 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 15,542-hectare 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 and a moderate climate permits year-round exploration at the property.
The recent drill campaign consisted of five holes, totaling 2,183 metres of diamond drilling.
Highlights include 12.90 metres of 12.11 g/t gold and 94.31 g/t silver, including 1.40 metres of 92.80 g/t gold and 641.54 g/t silver in drill hole SN18-21.
“The latest phase of exploration drilling is highly encouraging,” Gareth Thomas, President and CEO, said in a press release. “Assay results demonstrate that the newly discovered second vein zone contains high grade gold,” he said. “This second vein zone is significant because it substantially increases the tonnage potential of the South Zone.”
“This follow-up drill program tested the strike extension and vertical extent of the auriferous quartz veins first encountered in holes SN18-14 and SN18-15,” added Westhaven Exploration Manager Peter Fischl. He said drilling cut higher grade gold mineralization at shallower elevations in two subparallel zones of quartz veins spaced 100 to 150 metres apart [Zones 1 and 2].
Continuity to the southeast is affected by cross-faulting.
Fischl said ground based geophysical surveys, which can detect both vein zones in the subsurface will be extended along strike to confirm continuity in the mineralized veins.
Westhaven is planning to initiate a fully-financed drill program in February, 2018, the company.
“Follow-up drilling will also test for strike extensions to the south and for adding rhyolite-hosted vein zones to the north,” Fischl said.
In summary, high-grade gold and silver mineralization discovered by Westhaven is present at the Shovelnose South Zone, one of many gold-bearing prospects on the claim block. Mineralization occurs in two subparallel epithermal quartz veins and related zones of quartz vein stockwork.
Diamond drilling has intercepted gold mineralization related to these vein zones over a distance of 720 metres, along strike and over a vertical extent of 320 metres.
Within the 720 metres of gold mineralization [between holes SN18-15 to SN16-08] Westhaven says it can confidently track the vein zones over 320 metres of strike length from SN18-15 to SN18-12 where holes cut the zone at oblique angles.
Infill drilling will be used to further delineate these zones in a northwestward direction.