Westhaven Gold (TSXV: WHN) has unveiled highly encouraging drill results from the outcrop called “The Franz Zone” at the Shovelnose gold project in British Columbia. Among the standout results is drill hole SN23-337, a step-out hole spanning 25 metres, which intercepted an impressive 24.95 metres of 14.66 grams per tonne (g/t) gold and 35.52 g/t silver, commencing at a shallow depth of only 21.25 metres.
The specifics of drill hole SN23-337 areas follows:
- 24.95 metres (m) of 14.66 g/t gold (Au) and 35.52 g/t silver (Ag)
- Including 13.0 metres of 27.25 g/t Au and 52.44 g/t Ag
- Including 0.66 metres of 280 g/t Au and 222 g/t Ag
- 15.9 metres of 1.49 g/t Au and 27.69 g/t Ag
- Including 2.0 metres of 6.55 g/t Au and 101.3 g/t Ag
(*For additional drill assays, please refer to the May 31, 2023 news release.)
The continuation of high-grade gold and silver findings in the Franz Zone does not come as a surprise, given that Westhaven previously intercepted 473 gram-metres of gold during its last drilling campaign in the area. The bonanza-grade mineralization displays remarkable continuity from beneath the exposed bedrock outcrop down to a depth of approximately 70 metres.
Situated 1 kilometre northwest of the FMN Zone, where Westhaven’s crew achieved the highest gold-silver intercept ever recorded on the property at 857 gram-metres gold, the Franz Zone has displayed immense potential. Meanwhile, the South Zone, located a couple of kilometres southwest along the same trend as Franz, boasts a gold equivalent resource of 1.1 million ounces. In January 2022, Westhaven published a pit-constrained mineral resource estimate (MRE) for the South Zone, featuring 791,000 ounces of gold and 3,894,000 ounces of silver in the Indicated category, along with 263,000 ounces of gold and 1,023,000 ounces of silver in the Inferred category. With new discoveries beyond the pit resource and the presence of bonanza-grade results, Shovelnose has the potential to evolve into a multi-million-ounce gold camp.
While investors have been eagerly awaiting an updated resource calculation based on underground development at Shovelnose since the initial MRE, the focus has now shifted to a preliminary economic assessment (PEA) to envision an underground mining scenario for the South Zone. Westhaven has thus far maintained a cost-effective drilling operation and aims to determine if those economic advantages extend to a mining operation.
Additional assays from Shovelnose are currently pending, and Westhaven is financially equipped to sustain the remaining drill season. The drilling rig has been mobilized and is now actively operating at the Kirton target, situated near the western margin of the Shovelnose claim block.
Shovelnose is one of four projects owned by Westhaven along the Spences Bridge Gold Belt, encompassing a combined mineral claim area of 37,502 hectares (370 square kilometres). These projects are stratigraphically positioned along a 90-kilometre trend of the Spences Bridge Group of rocks. Initially, Skoonka Creek served as the flagship high-grade property until the remarkable success achieved at Shovelnose shifted the focus. The unexplored Skoonka North claims possess some of the highest gold silt samples among the properties and have yet to undergo drilling.
Projects that offer easy accessibility, proximity to a skilled workforce, and operate within a secure jurisdiction are in high demand. Notably, Franco Nevada, the leading gold-focused royalty and streaming company, participated in the financing of Westhaven and is a significant stakeholder, underscoring the potential value of the South Zone. Such developments are expected to attract larger mining companies to this emerging gold district.
About the author: Jack Graham has more than 20 years of experience as a writer and editor specializing in Canadian small and micro-cap stocks.
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