The gold-hosting trend on Westhaven Gold’s flagship Shovelnose project in British Columbia covers just a small fraction of the district-scale property.
Now, Westhaven has hit high-grade gold well off that trend … and it’s pointing the way to potential discoveries that could make Shovelnose a multi-million-ounce gold project.
High-grade gold, in a great location … in size.
That’s the essence of the Westhaven Gold (TSXV:WHN; OTC:WTHVF) story.
The company has a dominant position on the Spences Bridge Gold Belt in south-central British Columbia, with no less than four large properties.
That portfolio is led by flagship project Shovelnose, which has district-scale size and potential.
Since it made the high-grade gold discovery at the project in 2018, Westhaven has drilled off an 830,000-ounce gold-equivalent resource on the project’s South zone (654,000 indicated ounces of gold equivalent and 176,000 ounces of inferred gold equivalent).
It has also established the presence of high-grade gold further along to the northwest on the Zone One Trend, on the FMN and Franz targets.
That zone now spans 4 kilometres in strike … and yet it still covers only a small fraction of Shovelnose.
Now, for the first time, Westhaven has hit high-grade gold off the Zone One Trend, with the compelling implication that it can find even more high-grade deposits elsewhere on the property.
A high-grade hit at MIK
The hit in question came from the MIK target at Shovelnose.
Located about 150 metres southwest of the Zone One Trend, MIK just hit the highest-grade gold intercept off the main trend that hosts all the major discoveries to date.
Hole 360 from this program at MIK returned an impressive 3.7 metres of 17.6 g/t gold, including 1.7 metres of 27.6 g/t gold.
Hole 362, another hole of note from this program, cut 2.4 metres of 3.4 g/t gold and 15.7 g/t silver, including 0.44 metres of 12.9 g/t gold and 73.2 g/t silver.
MIK has so far been traced for 120 metres along strike and remains open to the north and south.
Mineralization was encountered in all three holes reported with an additional five holes pending assay. The gap between MIK and the Zone One Trend is now viewed as prospective for additional near-surface, vein-hosted gold.
The company will look to mobilize the drill back to the MIK target in the near term and remains fully financed for the program.
Stepping back from the Zone One Trend proper, you can see from the graphic below that Shovelnose’s mineralization bears remarkable similarities with the world-class Hishikari Mine vein swarm in Japan.
That deposit has produced 7.75 million ounces of gold at eye-popping grades of 30 g/t-40 g/t.
Shovelnose is obviously at a much earlier stage than Hishikari, but as you can see from the following field map of the project, the red line that is the Zone One Trend covers just a very small portion of the property.
Recent surface sampling on Shovelnose has identified several promising targets for further drilling, including an area of hydrothermal outcrop located approximately three kilometres southeast of the South zone.
The “re-discovery” hit at MIK provides an example that Westhaven’s geologists can use to target similar surface expressions of gold elsewhere on the property.
Bottom line: The exploration upside at Shovelnose remains wide open and Westhaven will continue to aggressively test new targets with the drill bit.
An ideal location
As far as a site for a future mine goes, this project could hardly be in a better location.
Shovelnose is a mere 2.5-hour drive from Vancouver and a 30-minute drive from the town of Merritt. Its just 5 kilometres from the Coquihalla Highway.
A powerline is on the property, and the area has been heavily logged, so an abundance of forestry roads are in place.
Shovelnose’s location in south-central British Columbia sets it up for year-round exploration, and Westhaven is fully financed for its 25,000-metre drilling program in 2023.
More drill results are on the way
What makes now a great time to be looking closely at Westhaven Gold?
Only this: The company has assays at the lab from the remaining five holes drilled at MIK.
If these holes return similar grades to Hole 360, it could light a fire under Westhaven’s share price.
Longer term, the opportunity to drill-test other targets within Shovelnose’s district-scale property boundary opens up the door to more discoveries.
With the presence of high-grade gold now established off the resource-hosting Zone One Trend, the sky’s the limit for what future exploration could uncover for Westhaven.
One thing’s for sure:
The company’s current valuation hardly reflects the established value at the South zone, much less the enormous exploration upside that exists over the rest of the large Shovelnose project.
If you’re looking for gold exploration story that could deliver the kind of high-grade discoveries that make the market stand up and take notice, you’d do well to begin doing your due diligence on Westhaven Gold before more drill results come in.
IMPORTANT DISCLOSURE: The Information contained here is a paid advertisement and is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Prior to making any investment decision, it is recommended that readers consult directly with the public company and seek advice from a qualified investment advisor. The corporate information included in this was provided by Westhaven Gold in order to help investors learn more about their company. The information provided is purely and solely the responsibility of Westhaven Gold who has reviewed and approved all material for accuracy. Stockhouse does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. Investing in securities is speculative and carries risk. Persons who wish to buy or sell securities should only do so at their own risk and in consultation with their registered securities advisers. Stockhouse does not own stock in Westhaven Gold.