Mr. Gareth Thomas reports
WESTHAVEN PROVIDES AN EXPLORATION UPDATE ON SHOVELNOSE
Westhaven Ventures Inc. has released an exploration update from its continuing work program at its 15,542-hectare Shovelnose gold property, located within the prospective Spences Bridge gold belt, which borders the Coquihalla Highway 30 kilometres south of Merritt, B.C.
Highlights of continuing field program:
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A detailed soil sampling program is continuing; approximately 1,150 samples have been collected to date (majority of analyses pending).
- Prospecting has discovered two rhyolite-hosted hydrothermal breccia outcrops; one approximately six kilometres to the southeast of the south zone and a second approximately two km to the north-northeast of the south zone.
- A soil sample returned 493 parts per billion gold, approximately two km to the east-northeast of the south zone.
- Geological mapping; covering underexplored areas of the property.
The field program is continuing and includes prospecting, geological mapping and soil sampling. The objective of this program is to delineate more drill targets outside of the south zone. Gareth Thomas, Westhaven's president and chief executive officer, stated: "The majority of the 155-square-kilometre Shovelnose property has seen very little exploration to date. Management firmly believes there will be more mineralized vein systems, as evident in the south zone, discovered on the property."
Drilling update
The summer drilling program is continuing and to date two diamond drill rigs have completed five holes for approximately 1,900 metres. Westhaven is planning on drilling approximately 20,000 m at Shovelnose in 2019. Assays are pending for all holes.
Since 2018, Westhaven has completed 34 diamond drill holes for a total of 13,474 m in the newly discovered south zone. Limited drilling to date has located and traced substantial epithermal quartz veining over a strike length of 720 m and a vertical range of 320 m. The size and grade of this vein system remain to be determined and will require extensive drilling to test its full potential. The south zone, as presently outlined, consists of two subparallel vein systems up to 490 m in length (veins one and two) and related zones of sheeted quartz veinlets.
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.
Options
The company announces that it has granted 300,000 incentive stock options to consultants. The incentive stock options have an exercise price of 70 cents per share, are valid for a five-year period from the date of grant and are subject to regulatory approval. The company's stock option plan allows for the issuance of up to 10 per cent of issued and outstanding share capital in the form of incentive stock options. As a result of this grant, the company has 7.85 million stock options issued, representing 8.8 per cent of the issued and outstanding share capital.
The Spences Bridge gold belt
Westhaven owns a 100-per-cent interest in four properties covering over 35,000 hectares within the prospective Spences Bridge gold belt, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-effective exploration. The Spences Bridge gold belt is a 110 km northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge group. Talisker Resources and Westhaven have a combined control of 86 per cent of the Spences Bridge gold belt (225,000 hectares). Any ground staked by Talisker within five km of Westhaven's existing projects will be subject to a 2.5-per-cent net smelter return. In addition, Westhaven has a 30-day right of first refusal for a three-year period on any of Talisker's properties outside this five km radius.
About Westhaven Ventures Inc.
Westhaven 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.
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