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Westhaven Ventures Inc
Symbol WHN
Shares Issued 84,957,291
Close 2018-12-18 C$ 1.00
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Westhaven Ventures completes drilling at Shovelnose

2018-12-19 10:24 ET - News Release

Mr. Gareth Thomas reports


Westhaven Ventures Inc. has provided an update on its recently completed drill program at its 15,542-hectare Shovelnose gold property, located within the prospective Spences Bridge gold belt (SBGB), which borders the Coquihalla Highway, 30 kilometres south of Merritt, B.C.

Fall drill program

Westhaven has completed another 2,183 metres of diamond drilling in five holes. Due to a scheduled holiday break, pending assays will be released in early 2019 when received.

Drilling highlights include:

  • Epithermal vein mineralization has been intersected in all drill holes.
  • Multiple occurrences of visible gold have been encountered in holes SN18-18 and SN18-21.
  • Ginguro banding has been encountered in holes SN18-18, SN18-20, SN18-21 and SN18-22.
  • A separate vein zone has been intersected in holes SN18-18, SN18-20, SN18-21 and SN18-22 that is situated approximately 150 metres to 200 metres down section from the vein zone encountered in holes SN18-14 and SN18-15.

Hole SN18-18 intersected the projected up-dip extension by 97 metres of the mineralization encountered in hole SN18-14 (zone 1 -- main zone). SN18-18 is collared 102 metres northeast from SN18-14, which returned 17.77 metres of 24.50 grams per tonne gold and 107.92 grams per tonne silver. Hole SN18-18 also first identified a second zone of colloform-crustiform banded quartz veins with visible gold (zone 2 -- footwall zone), occurring 150 metres down section from zone 1. SN18-19 collared 100 metres southeast of SN18-15 did encounter veining despite significant cross-faulting and displacement of the main vein zone. Follow-up work is under way, including interpretation of the ground and airborne magnetic surveys to help understand this fault system.

SN18-20 intersected the projected downdip extension by 140 metres of zone 1 mineralization encountered in hole SN18-15. SN18-20 is collared 100 metres southwest from SN18-15, which returned 46.20 metres of 8.95 grams per tonne gold and 65.47 grams per tonne silver. A second zone of banded quartz veining was encountered in SN18-20, 100 metres down section of zone 1, and likely represents zone 2. SN18-21 intersected the projected downdip extension by 50 metres of the zone 1 mineralization encountered in hole SN18-14 and is located 38 metres to the southwest. Hole SN18-21 also encountered the projected downdip extension by 170 metres of zone 2 veining intersected in SN18-18. SN18-22 is collared 100 metres to the northwest of SN18-14 and it encountered the northwestward continuation of vein zones 1 and 2.

Gareth Thomas, president and chief executive officer of Westhaven, stated: "This newly discovered second vein zone has the potential to significantly increase the size and scale of the South zone gold discovery. We are planning to initiate a fully financed drill program in early 2019, not only to follow up on recent drilling success in the South zone, but to drill test targets generated from recently completed magnetic surveys (geophysics initiatives)."

The Spences Bridge gold belt (SBGB)

Westhaven owns a 100-per-cent-interest in four properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those that host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure, allowing for cost-effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate-to-felsic volcanic rocks dominated by the Cretaceous Spences Bridge group. Sable Resources and Westhaven have a combined control of 86 per cent of the SBGB (225,000 hectares). Any ground staked by Sable within five kilometres of Westhaven's existing projects is subject to a 2.5-per-cent net smelter return royalty. In addition, Westhaven has a 30-day right of first refusal (ROFR) on any properties outside this five-kilometre radius.

Westhaven Ventures is a Canadian-based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia.

Qualified person statement

Peter Fischl, PGeo, who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this release.

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