Westhaven Ventures (TSX-V:WHN) continues to hone in on higher grade gold within the large mineralized system at its Shovelnose Gold Project in British Columbia (roughly two hours east of Vancouver). With its latest news release out Monday, Westhaven highlighted an intercept grading 2.6 grams/tonne gold over over 28.7meters including 2.9meters grading 9.7 grams/tonne. With mineable widths of nearly 3 meters and approaching 10 grams per tonne gold, these results are likely to grab a lot of attention.
This hole is highly encouraging because it continues WHN’s trend of improving gold mineralized widths and/or grades with each drill hole it puts into the ground at Shovelnose.
WHN CEO Gren Thomas summed up the best drill result to data at Shovelnose:
“SN18-03 is the most encouraging hole drilled to date on Shovelnose, where Westhaven has carried out numerous small drill programs over a period of 8 years and outlined a number of gold rich zones. The Company is looking forward to receiving the assays from the remaining four holes as all four holes intersected silicification and quartz veining at various depths over a strike length of 200m. A summer drill program will commence in June….The South Zone was only discovered at the end of 2017 and has had limited work to date. It is now the priority focus at Shovelnose and we are confident that similar zones of gold mineralization will be found elsewhere within this newly discovered area.”
Westhaven decided to release the assays for hole SN18-03 as quickly as possible after receiving them which ended up resulting in a mid-day NR on Monday. A majority of the drill results from this ongoing drill program are still pending. The Company has instructed the lab to release results once all remaining holes are completed. Investors should expect a complete release summarizing all of the remaining four holes at Shovelnose – this news should be out by the end of May.
In a hard to impress junior mining market investors chose to sell the news following WHN’s NR, however, selling this news may prove to be a mistake as the remaining four holes at Shovelnose could be as good, or even better than SN18-03. If this proves to be the case then Westhaven has just made a giant step forward toward proving that it could have an economic gold resource on its hands at Shovelnose. From my vantage point, a C$9 million market cap doesn’t even come close to properly valuing the potential that exists within Westhaven’s 32,000 hectare property package in the Spences Bridge Gold Belt (SBGB).
From a long term technical perspective a decisive breakout above C$.17 in WHN would be highly significant. Such a breakout could potentially carry enough momentum to reach the C$.25 level over the near term, meanwhile the C$.12 level should provide strong support on dips:
We used the late day weakness in WHN shares to add to our position. We like the company’s prospects and look forward to the assays of the remaining four holes at Shovelnose with eager anticipation.
UPDATE: It turns out that Westhaven Ventures Founder & CEO Gren Thomas added roughly 160,000 shares between C$.15-C$.16 on Monday afternoon after WHN released the results from hole SN18-03. This purchase brings Mr. Thomas’ position to nearly 11 million shares (~17% of total shares outstanding), making him by far the largest shareholder of Westhaven.
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