Westhaven Gold (TSXV: WHN) has reported new high grade drill results from its ongoing program at its Shovelnose gold property in British Columbia, as it looks to expand resources in its next update in early 2023.
Highlights of the drill results included 2 metres grading 39.67 grams gold per tonne and 30.38 grams silver starting from 104 metres depth in hole SN22-240; and 24.9 metres grading 3.47 grams gold and 5.04 grams silver starting from 83 metres in hole SN22-240.
"These results confirm continuity of both high-grade and bulk tonnage style gold over a wide area, which remains open in all directions," Gareth Thomas, the company's CEO said in a press release, adding that the management is confident that these areas will help grow the property's existing resource .
Located about 30 km south of Merritt, the project covers 17.6 sq. km and is accessible by the Coquihalla Highway at the Coldwater exit. The property has an indicated resource of 10.5 million tonnes grading 2.32 grams gold and 11.43 grams silver for 791,000 oz. gold and 3.8 million oz. silver.
Inferred resources add 9.1 million tonnes grading 0.89 gram gold and 3.47 grams silver for 263,000 oz. gold and 1.23 million oz. silver.
So far, Westhaven has drilled about 70 holes totalling 21,000 metres this year and aims to double that by the end of the year. It also hopes to release an updated resource estimate in the first quarter of 2023.
The Shovelnose property includes "relatively underexplored volcanic rocks" that "are highly prospective for epithermal style gold mineralization," the company said.
Highlights of the project's drill results, released by the company on June 6, included 15 metres grading 5.69 grams gold and 343.57 grams silver starting from 281.97 metres in drillhole SN22-229; and 38.2 metres grading 3.36 grams gold and 11.48 grams silver starting at 42.8 metres in drillhole SN22-213.
At press time in Toronto, shares of Westhaven Gold were trading at 42.5 ? within a 52-week trading range of 33 ? and 75 ?. The company has 127.2 million common shares outstanding.