VANCOUVER, British Columbia, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) is pleased to announce that it has entered into a strategic transaction with Talisker Resources Ltd. (TSX:TSK) (“Talisker”) which will, together with additional staking completed by Westhaven, expand the Shovelnose gold property by 24,000 hectares to 41,623 hectares . The Shovelnose is located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, B.C.
Westhaven entered into a property purchase agreement dated August 19, 2024 (the “Agreement”) with Talisker to acquire 12 claims covering 23,550 hectares contiguous with its Shovelnose gold property (the “Claims”). Westhaven has staked an additional 450 hectares. Please see claims map below.
- Westhaven has increased its exposure to this emerging epithermal gold district; Spences Bridge Gold Belt.
- Exploration by Westhaven has highlighted a corridor that hosts South Zone, FMN and Franz, extends for over 11km and trends into these claims to the southeast.
- The southeast extent of this corridor is highly prospective, containing anomalous epithermal pathfinders; antimony (Sb) and mercury (Hg), and the recently discovered Certes showing, where banded mercury-bearing, high level epithermal quartz has been identified. Please see maps below.
- The Certes showing (located ~6km to southeast of the South Zone) and the southeast extent of the corridor has not been drill tested.
- The presence of high-level quartz veins and anomalous Sb-Hg geochemistry, suggests that the southeast extent of the Shovelnose epithermal corridor is more preserved, raising the potential for additional discoveries within this area.
Gareth Thomas, President & CEO, states, “Property wide prospecting, sampling, and mapping continue to generate new zones of interest outside of the main discovery and resource areas at Shovelnose. Cumulative geochemical and geophysical data continues to highlight a potentially significant mineralized corridor that projects across the Shovelnose property in a northwest-southeast orientation.” Thomas goes on to add, “This corridor which now spans more than 11 kilometres, includes the Franz, FMN, Line 6 and South zones and soon-to-be drill tested, Certes Zone. By acquiring and staking these claims, Westhaven has increased the potential exposure to this mineralized corridor as well as prospective ground identified by Talisker’s exploration efforts.”
Pursuant to the Agreement, Westhaven will acquire the Claims from Talisker by paying $20,000 in cash, granting a 1% Net Smelter Royalty (NSR) on the Claims and issuing an aggregate of 1,500,000 common shares of the Company. The shares will be subject to contractual restrictions to be released in equal installments at 4 months, 8 months and 12 months from the date of issue. Westhaven will have the option to buyback the 1% NSR at anytime for $1,000,000.
The transaction remains subject to satisfaction of closing conditions customary for transactions of this nature as well as TSX Venture Exchange approval (“TSXV”). In addition to the contractual restrictions outlined above, all of the shares issuable pursuant to the Agreement will be subject to applicable resale restrictions under Canadian securities laws and the rules and policies of the TSX Venture Exchange.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
"Gareth Thomas”
Gareth Thomas, President, CEO & Director
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.
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.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~60,950 hectares (~609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. 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.westhavengold.com
Shovelnose - Newly Acquired Claims
Rock Geochemistry – Antimony (Sb)
Rock Geochemistry – Mercury (Hg)
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a457ff86-ea2e-47cf-82cf-773698104557
https://www.globenewswire.com/NewsRoom/AttachmentNg/efc3d238-ead7-4300-af20-711568f283a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/cb34698b-6851-4631-8acc-0b64a37554d3
