VANCOUVER, British Columbia, Oct. 02, 2018 (GLOBE NEWSWIRE) — Westhaven Ventures Inc. (TSX-V:WHN) is pleased to report partial results from its recently completed drill campaign at its 15,542 hectare Shovelnose gold property, located within the prospective Spences Bridge Gold Belt (SBGB), approximately 30 kilometres south of Merritt, British Columbia. The program consisted of 10 holes totaling 3,721 metres of diamond drilling.
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Highlights from the program include:
- Highest grade gold assays to date, including 1.65m of 175 g/t gold (Au) and 249 g/t silver (Ag), including 0.65m of 285 g/t Au and 255 g/t Ag.
- VG (visible gold) has been encountered in 5 drill holes, including 6 separate areas in hole SN18-14.
- 20-metre quartz vein encountered in hole SN18-15.
- The strike length of the South Zone has been extended a further 300 metres southeast for a total of 700 metres.
Gareth Thomas, President & CEO of Westhaven stated, “With each successive drill program, we improve significantly on targeting higher-grade gold mineralization. We continue to expand the known strike of the mineralized vein system. Given the improving gold grades and the increasing strike length, we believe Shovelnose has the potential to host an economic gold deposit. For the first time since we began drilling in 2011, we have encountered visible gold in drill core. We have observed visible gold in holes SN18-08, SN18-10, SN18-12, SN18-14 and SN18-15. We are fully financed for a follow-up drill program scheduled to commence at the end of October.”
*Awaiting assays for holes SN18-10, SN18-11 and the remainder of hole SN18-12. ALS Laboratories are still processing some samples where their prepared duplicates failed, hence the delay in reporting. The remainder of these assays should be received in 7-10 days. Assays for holes SN18-13 to SN18-17 are expected in 4-6 weeks.
| SOUTH ZONE DRILLING (SN18-08 to SN18-12) | |||||
| Hole | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) |
| SN18-08 | 254.35 | 283.75 | 29.40 | 0.26 | 0.81 |
| incl | 279.00 | 283.75 | 4.75 | 0.78 | 2.13 |
| 296.00 | 303.00 | 7.00 | 0.31 | 1.61 | |
| SN18-09 | 340.57 | 348.60 | 7.63 | 0.25 | 2.71 |
| 373.50 | 402.00 | 28.50 | 0.52 | 5.15 | |
| incl | 374.90 | 389.65 | 14.75 | 0.88 | 6.57 |
| incl | 386.30 | 389.65 | 3.35 | 2.14 | 17.01 |
| SN18-10 | *Assays pending | ||||
| SN18-11 | *Assays pending | ||||
| SN18-12 | 123.80 | 125.35 | 1.55 | 0.60 | 1.60 |
| 125.35 | 127.00 | 1.65 | 175.00 | 249.00 | |
| incl | 125.35 | 126.00 | 0.65 | 285.00 | 255.00 |
| incl | 126.00 | 127.00 | 1.00 | 103.50 | 245.00 |
| 127.00 | 155.00 | 28.00 | 0.61 | 5.18 | |
| incl | 128.00 | 133.00 | 5.00 | 1.42 | 11.50 |
| *Assays pending from 162m to 302m | |||||
Drilling to date is limited so true widths cannot be definitively determined however based on the geology of the vein zone with a moderate dip to the west, true widths are estimated to be about 90% of reported interval lengths.
Peter Fischl, Exploration Manager goes on to add, “The current drill campaign has confirmed the potential for high grade gold mineralization at Shovelnose as first indicated by historic sampling of vein float on the property. Higher grades at the South Zone appear to be following shallower portions of the vein system and will be the focus of follow-up drilling.” Please visit our website at www.westhavenventures.com for pictures of the core.
In May 2018, Westhaven completed 2,639 metres of diamond drilling in 7 holes in the South Zone. This program successfully increased the strike length of the known gold mineralization and resulted in the most significant drill intersection to date at Shovelnose. Hole SN18-03, which was reported in a news release dated May 7, 2018, intersected 17.7m of 3.9 g/t Gold (Au), including 2.9m of 9.7 g/t Au. All other holes that have successfully targeted this structure have encountered broad intercepts containing gold-bearing quartz veins.
Shovelnose Gold Property Overview
There is evidence of a significant mineralized alteration system within the property where float samples grading 119 g/t Au (Gold) and 273 g/t Ag (Silver), veins exposed by trenching grading 66 g/t Au, and wide low-grade alteration zones typical of epithermal gold deposits. Recent drilling intersected 17.7 metres of 3.9 g/t Au and 2.9 metres of 9.7 g/t Au. For further information on the Shovelnose Gold Property, please visit: http://westhavenventures.com/projects/shovelnose-gold/details/
Warrant Exercise
Since the beginning of September 2018, Westhaven has received gross proceeds of $1,142,887 due to warrant exercise. This has resulted in the issuance of 7,730,667 shares. As of the date of this news release, the Company now has 78,161,473 common shares issued and outstanding.
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.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
“Gareth Thomas”
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 604-681-5558 or visit Westhaven’s website at www.westhavenventures.com
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.
QA/QC
Core samples were prepared using the PREP-31 package in ALS’s Kamloops facility each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250 g is taken and pulverized to better than 85 % passing a 75 micron (Tyler 200 mesh, US Std. No. 200) screen. 0.5g of this pulverized split is digested in aqua regia and analyzed via ICP-MS and ICP-AES (method code ME-MS41L), which reports a 53-element suite of elements. All results greater than 100 ppb gold were reanalyzed by ALS using their Fire Assay with an AAS finish, method code Au-AA23 (30g sample size). Additional Au screening is performed using ALS’s Au-SCR24 method, select samples are dry screened to 100 micron. A duplicate 50g fire assay is conducted on the undersized fraction as well as an assay on the entire oversize fraction. Total Au content, individual assays and weight fractions are reported. All analytical and assay procedures are conducted in ALS’s North Vancouver facility. A QA/QC program included laboratory and field standards inserted every 25 samples.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f59dcda0-e2ec-4d0d-b099-19e35908a712