VANCOUVER, British Columbia, July 08, 2019 (GLOBE NEWSWIRE) — Westhaven Ventures Inc. (TSX-V:WHN) is pleased to provide an exploration update from its ongoing work program at its 15,542 hectare Shovelnose gold property, located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia.
Highlights of Ongoing Field Program
- A detailed soil sampling program is ongoing; approximately 1,150 samples have been collected to date (majority of analyses pending).
- Prospecting has discovered two rhyolite-hosted hydrothermal breccia outcrops; one approximately 6 kilometres to the southeast of the South Zone and a second approximately 2 kilometres to the north-northeast of the South Zone.
- A soil sample returned 493 ppb gold, approximately 2 kilometres to the east-northeast of the South Zone.
- Geological mapping; covering underexplored areas of the property.
The field program is ongoing and includes prospecting, geological mapping and soil sampling. The objective of this program is to delineate more drill targets outside of the South Zone. Gareth Thomas, Westhaven’s President & CEO, stated, “The majority of the 155 km2 Shovelnose property has seen very little exploration to date. Management firmly believes there will be more mineralized vein systems, as evident in the South Zone, discovered on the property.”
The summer drilling program is ongoing and to date two diamond drill rigs have completed 5 holes for approximately 1,900 metres. Westhaven is planning on drilling approximately 20,000 metres at Shovelnose in 2019. Assays are pending for all holes.
Since 2018, Westhaven has completed 34 diamond drill holes for a total of 13,474 metres in the newly discovered South Zone. Limited drilling to date has located and traced substantial epithermal quartz veining over a strike length of 720 metres and a vertical range of 320 metres. The size and grade of this vein system remain to be determined and will require extensive drilling to test its full potential. The South Zone, as presently outlined, consists of two subparallel vein systems up to 490 metres in length (Veins 1 and 2) and related zones of sheeted quartz veinlets.
Qualified Person Statement
Peter Fischl, P.Geo., who is a Qualified Person within the context of National Instrument 43-101, has read and takes responsibility for this release.
The company announces that it has granted 300,000 incentive stock options to consultants. The incentive stock options have an exercise price of $0.70 per share, are valid for a 5-year period from the date of grant, and are subject to regulatory approval. The company’s Stock Option Plan allows for the issuance of up to 10% of issued and outstanding share capital in the form of incentive stock options. As a result of this grant, the company has 7,850,000 stock options issued, representing 8.8% of the issued and outstanding share capital.
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge Group. Talisker Resources and Westhaven have a combined control of 86% of the SBGB (225,000ha). Any ground staked by Talisker within 5 kilometres of Westhaven’s existing projects will be subject to a 2.5% NSR. In addition, Westhaven has a 30-day Right of First Refusal (ROFR) for a three-year period on any of Talisker’s properties outside this 5-kilometre radius.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, President, CEO & Director
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5521 or visit Westhaven’s website at www.westhavenventures.com