Westhaven Hits Broad High-Grade Gold Intersection, Multiple Bonanza-Grade Gold Intersections At Shovelnose
Southern BC gold explorer Westhaven Ventures (TSX-V:WHN, OTC:WTHVF) delivered stellar drill results Monday morning with the announcement of assays for holes SN19-09, SN19-10, and partial assays for hole SN19-11. While hole SN19-11 returned 2.98 meters of 176.33 grams/tonne gold and 131.43 grams/tonne silver, including 1.00 meter of 521 grams/tonne gold and 381 grams/tonne silver in Vein Zone 1, Westhaven chose to highlight a 52.22 meter intersection of Vein Zone 2 in hole SN19-10 as the headline to Monday morning’s news release:
Prior to Monday’s news the market hadn’t been paying much attention to Vein Zone 2 at the Shovelnose gold property as it had yet to generate comparable drill intercepts to Vein Zone 1 (which has returned multiple broad intersections of 10+ g/t gold). With the news that hole SN19-10 intersected 52.22 meters of 5.13 grams/tonne gold, including 18.5 meters grading 11.39 grams/tonne gold, the picture suddenly changes and the potential for Vein Zone 2 to host a significant number of high grade gold ounces becomes a very real possibility.
It’s common for epithermal gold deposits to consist of multiple, high grade gold veins as is evidenced at mines such as Sumitomo’s Hishikari Mine in Japan or Newmont Goldcorp’s Cerro Negro in Argentina. Management is confident that there are more veins to be found yet at Shovelnose.
Westhaven CEO Gareth Thomas inspecting the core for hole SN19-10 which ended up intersecting high-grade gold over more than 50 meters in the Second Vein Zone at Shovelnose.
Westhaven CEO Gareth Thomas offered the following thoughts on the potential for Westhaven to continue expanding the scale and grade of the South Zone at Shovelnose:
“The high-grade gold intercepts in Vein Zone 2 extend the scope of expanding the South Zone. Drilling continues to explore the extent and demonstrate the continuity of two parallel vein zones approximately 125 metres apart. The goal of the current drill program is to keep extending these parallel zones, along with the strike length, and to target the preferred horizons where the gold precipitates out. The summer drill program, employing two rigs, is ongoing and 12 holes have been completed totaling approximately 5,000 metres. Assays will be released regularly as the program progresses.”
Westhaven reported partial assays for hole SN19-11 which included a one meter intercept grading 521 grams/tonne gold and 381 grams/tonne silver. The portion of hole SN19-11 that would have intersected Vein Zone 2 is still pending assays. Perhaps most importantly is the fact that Vein Zone 2 is still open to the north/northwest and could theoretically hold as many ounces as Vein Zone 1.
Westhaven has completed roughly 5,000 meters of drilling over 12 holes during the current phase of drilling at Shovelnose. The drillers will complete 1-2 more holes before taking a week long break before drilling resumes again.
Westhaven’s exploration manager Peter Fischl is encouraged by the broad high-grade intersection of the Second Vein Zone in hole SN19-10 and Westhaven management firmly believe they are on the brink of finding more vein zones at Shovelnose, and that the best holes still have yet to be drilled. Investors can expect a steady flow of news including regular updates with drill results over the coming months.
Westhaven CFO Shaun Pollard (left) listening to Exploration Manager Peter Fischl explain the current phase of drilling at Shovelnose.
The chart technicals have recently tracked Westhaven’s surging fundamental momentum and WHN shares are back above their rising 200-day moving average, at the highest levels since early April:
WHN.V (Daily – One Year)
After the recent rally the C$.75 level should now serve as support. Upside levels of interest are important support/resistance near C$1.00 followed by C$1.20 and then the all-time high at C$1.43.
Disclosure: Author is long WHN.V shares at the time of publishing and may choose to buy or sell at any time without notice.
The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. Westhaven Ventures Inc. is a high-risk venture stock and not suitable for most investors. Consult Westhaven Ventures Inc.’s SEDAR profile for important risk disclosures.
EnergyandGold has been compensated for marketing & promotional services by Westhaven Ventures Inc. so some of EnergyandGold.com’s coverage could be biased. EnergyandGold.com, EnergyandGold Publishing LTD, its writers and principals are not registered investment advisors and advice you to do your own due diligence with a licensed investment advisor prior to making any investment decisions.
This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.