Westhaven recently closed a C$15 million bought deal financing [and has qualified for an additional C$2 million Mining Exploration Tax Credit] and is now well-funded to complete its exploration initiatives at Shovelnose for 2021, which include:
Drilling approximately 40,000 meters via multiple diamond drill rigs
Discovering additional gold-silver zones on the Shovelnose property
Completing a maiden resource at the South Zone where preliminary metallurgical testing is underway
Extending high-grade mineralization at the newly-discovered FMN and Franz Zones
Initiating a large regional exploration program including prospecting, mapping, stream sediment, and soil sampling
In early 2021, Westhaven resumed drilling at Shovelnose with a focus on extending the known gold-silver mineralization at the newly-discovered FMN zone. As part of that drilling, it has already announced the intersection of high-grade gold-silver in multiple zones. Highlights include:
Westhaven CEO, Gareth Thomas — whom you’ll be hearing more from in a moment — commented via press release:
"With this significant high-grade gold-silver drill intercept at the FMN Zone, our theory that more high-grade centres occur along this major NW-SE structure has proven correct. Hole SN21-161 (15.97m of 9.15 g/t Au and 27.43 g/t Ag) is approximately 700m away from the Franz Zone discovery drill hole SN20-101 (7.78m of 14.84 g/t Au and 40.68 g/t Ag). Our Exploration Manager, Peter Fischl talked about a "kink" in the structure and its importance for potential mineralization along key structures exhibiting strike-slip movement. Our team is gaining a better understanding of the structural controls on the Shovelnose Property which is important as we focus the majority of the fully funded 2021 drilling on exploration targets on this large and underexplored property. In addition, drilling in the South Zone, which is geared towards the completion of an inaugural maiden resource estimate by years-end, continues to intersect significant widths of high-grade gold-silver mineralization and demonstrate continuity of veins (SNR21-02: 79.00m of 2.73 g/t gold and 15.78 g/t silver)."
Drilling has also commenced via a second rig with a focus on step-out and infill drilling at the South Zone.