Westhaven Gold Corp. (WHN:TSX.V) announced details regarding drilling operations it plans to undertake during 2021 at its 17,623-hectare Shovelnose gold property located 30 km south of Merritt, B.C. The firm stated that Shovelnose is situated within the Spences Bridge Gold Belt, which it identified as a highly prospective gold district.
The company's President and CEO Gareth Thomas commented, "Having closed the previously announced $15 million bought deal financing, plus having qualified for an additional $2 million Mining Exploration Tax Credit (METC), the company is fully funded for 2021 and well into the 2022 season."
"Objectives for 2021 are to find more gold-silver zones on the Shovelnose property, complete a maiden resource at the South Zone, and extend the high-grade mineralization at the newly discovered FMN and Franz Zones. With the financing now complete we've requested the assay lab to release all finalized assays. We will release assays once received and interpreted," Thomas added.
The company said that at the beginning of February 2021 it resumed drilling at the newly discovered FMN zone. The first drill was concentrated on extending the gold-silver mineralization encountered here in fall of 2020 where assay results returned 7.78 m of 14.84 g/t Au and 39.40 g/t Ag.
In mid-February, a second rig commenced drilling at the South Zone, focusing on step-out and infill drilling. The firm aims to complete a maiden resource at the South Zone.
The firm stated that over the course of 2021 it intends to conduct about 40,000 meters of diamond drilling at numerous exploration targets, many of which were generated from CSAMT and DC Resistivity surveys carried out last year.
The company added that it will also institute a large regional exploration program which will include prospecting, mapping, stream sediment and soil sampling. The goal of the program will be to target and further delineate work performed in previous years.
Westhaven noted that it expects to benefit from the British Columbia Mining Exploration Tax Credit (METC). The company explained that the METC was established as a permanent incentive to promote and support mining investment. The firm advised that the amount of the credit is quite substantial totaling 30% of its qualifying exploration expenditures. Therefore, calculated based upon the qualifying exploration expenditures that the firm incurred in 2020, Westhaven reported that in 2021 it has qualified and will file for a METC of CA$2.079 million.
Westhaven indicated that the Shovelnose property lies off of a major highway and has ready access to power and rail lines. The property is within commuting distance of Merritt, B.C and in addition is near other large producing mines, which play a key role in reducing overall operating costs. The firm explained that it has a controlling interest in four wholly owned gold properties including Shovelnose, encompassing 37,000 hectares that stretch along the historically underexplored Spences Bridge Gold Belt.
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