Stockwatch Gold Summary for Jan. 11, 2024
2024-01-11 18:30 ET - Market Summary
by Stockwatch Business Reporter
Gareth Thomas's Westhaven Gold Corp. (WHN) lost one cent to 19.5 cents on 239,000 shares on word it has drilled a 125-metre interval grading 0.3 gram of gold and 1.77 grams of silver per tonne in the Alpine zone at its Shovelnose project, near Merritt in British Columbia. The hit was among assays from the final 37 holes drilled in last year's drill program. Just over half of the holes did not intersect gold. There was a second long hit, also at Alpine. It spanned 82.4 metres, with grades slightly lower than the headline hole. There were better grades, but all of them over shorter intervals -- the best returned 2.21 grams of gold and 3.86 grams of silver across two metres.
Mr. Thomas, president and CEO, was nevertheless enthused with the work last year, which produced "several new gold mineralized areas of interest." He touted a mineralized corridor at Shovelnose, where assays earlier this year had yielded 17.61 grams of gold and 31.5 grams of silver per tonne across 3.68 metres in an area where "multiple vein and structures appear to coalesce."
This could be significant, Mr. Thomas beams, given assays from other areas with significant zones of veining. He points to results from the South zone, now five years old, where a 12.66-metre interval graded 39.31 grams of gold per tonne, from the FMN zone two years ago, where a hole yielded 37.2 grams of gold per tonne across 23.03 metres, and from the Franz zone, where another 2022 hole yielded 73.5 grams of gold per tonne across 6.2 metres.
Westhaven lists the South zone with nearly three million tonnes indicated at 6.38 grams of gold and 34.1 grams of silver per tonne and another 1.33 million tonnes inferred at just over half those grades. With nearly 780,000 ounces of gold and four million ounces of silver, the company completed a preliminary economic assessment last summer. The dream sheet called for a $150-million mine with a gaudy valuation, but exploration continues.