Ongoing positive drill results out of Shovelnose gold-silver project in British Columbia bode well for a rerating of Westhaven Gold Corp.'s (WHN:TSX.V) stock once the company releases a maiden resource, which is expected in the near term.
Westhaven's drilling at Shovelnose had to be curtailed this summer due to an evacuation order related to an area wildfire but is back on track, having resumed work.
So far this year, the Vancouver-based, gold-focused explorer completed more than half of its planned 40,000 meter Shovelnose drill campaign. Results are in for 17 holes drilled in the South zone, representing both exploration and resource drilling, and are reported in a news release. (Results of another 16 holes are pending.)
Including intercepts like 265m of 0.49 grams per ton (0.49 g/t) gold and 1.84 g/t silver, these new results confirm that wide swaths of disseminated gold-silver are present along with the known high-grade gold-silver veins.
Drilling also confirmed the continuity of vein Zones 1, 2 and 3 and the presence of lower grade mineralization between vein zones 1 and 2. This appears to be a halo that could encompass all three vein zones. This mineralization further supports potential for a bulk-tonnage resource at Shovelnose's South Zone.
Shovelnose is one of Westhaven's quartet of gold projects, all located along the Spences Bridge Gold Belt, Canada's newest gold district. There, the company controls a large land package of 37,000 hectares containing high-potential targets.
This 110 kilometer-long belt contains mostly unexplored intermediate to felsic volcanic rocks, highly prospective for epithermal-style gold mineralization. Westhaven's other projects along the belt are Prospect Valley, Skoonka and Skoonka North.
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