Westhaven Expands Claim Package at the Shovelnose Gold Property
August 22 2024 - 9:03AM
Westhaven Gold Corp. (TSX-V:WHN) is pleased to
announce that it has entered into a strategic transaction with
Talisker Resources Ltd. (TSX:TSK) (“Talisker”) which will, together
with additional staking completed by Westhaven, expand the
Shovelnose gold property by 24,000 hectares to 41,623 hectares .
The Shovelnose is located within the prospective Spences Bridge
Gold Belt (SBGB), which borders the Coquihalla Highway 30
kilometres south of Merritt, B.C.
Westhaven entered into a property purchase agreement dated
August 19, 2024 (the “Agreement”) with Talisker to acquire 12
claims covering 23,550 hectares contiguous with its Shovelnose gold
property (the “Claims”). Westhaven has staked an additional 450
hectares. Please see claims map below.
- Westhaven has increased its exposure to this emerging
epithermal gold district; Spences Bridge Gold Belt.
- Exploration by Westhaven has highlighted a corridor that hosts
South Zone, FMN and Franz, extends for over 11km and trends into
these claims to the southeast.
- The southeast extent of this corridor is highly prospective,
containing anomalous epithermal pathfinders; antimony (Sb) and
mercury (Hg), and the recently discovered Certes showing, where
banded mercury-bearing, high level epithermal quartz has been
identified. Please see maps below.
- The Certes showing (located ~6km to southeast of the South
Zone) and the southeast extent of the corridor has not been drill
tested.
- The presence of high-level quartz veins and anomalous Sb-Hg
geochemistry, suggests that the southeast extent of the Shovelnose
epithermal corridor is more preserved, raising the potential for
additional discoveries within this area.
Gareth Thomas, President & CEO, states, “Property wide
prospecting, sampling, and mapping continue to generate new zones
of interest outside of the main discovery and resource areas at
Shovelnose. Cumulative geochemical and geophysical data continues
to highlight a potentially significant mineralized corridor that
projects across the Shovelnose property in a northwest-southeast
orientation.” Thomas goes on to add, “This corridor which now spans
more than 11 kilometres, includes the Franz, FMN, Line 6 and South
zones and soon-to-be drill tested, Certes Zone. By acquiring and
staking these claims, Westhaven has increased the potential
exposure to this mineralized corridor as well as prospective ground
identified by Talisker’s exploration efforts.”
Pursuant to the Agreement, Westhaven will acquire the Claims
from Talisker by paying $20,000 in cash, granting a 1% Net Smelter
Royalty (NSR) on the Claims and issuing an aggregate of 1,500,000
common shares of the Company. The shares will be subject to
contractual restrictions to be released in equal installments at 4
months, 8 months and 12 months from the date of issue. Westhaven
will have the option to buyback the 1% NSR at anytime for
$1,000,000.
The transaction remains subject to satisfaction of closing
conditions customary for transactions of this nature as well as TSX
Venture Exchange approval (“TSXV”). In addition to the contractual
restrictions outlined above, all of the shares issuable pursuant to
the Agreement will be subject to applicable resale restrictions
under Canadian securities laws and the rules and policies of the
TSX Venture Exchange.
On behalf of the Board of DirectorsWESTHAVEN GOLD
CORP.
"Gareth Thomas”
Gareth Thomas, President, CEO & Director
Qualified Person Statement
Peter Fischl, P.Geo., who is a Qualified Person
within the context of National Instrument 43-101 has read and takes
responsibility for this release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company
advancing the high-grade discovery on the Shovelnose project in
Canada’s newest gold district, the Spences Bridge Gold Belt.
Westhaven controls ~60,950 hectares (~609.5 square kilometres) with
four gold properties spread along this underexplored belt. The
Shovelnose property is situated off a major highway, near power,
rail, large producing mines, and within commuting distance from the
city of Merritt, which translates into low-cost exploration.
Westhaven trades on the TSX Venture Exchange under the ticker
symbol WHN. For further information, please call 604-681-5558 or
visit Westhaven’s website at www.westhavengold.com
Shovelnose - Newly Acquired
Claims
Rock Geochemistry – Antimony
(Sb)
Rock Geochemistry – Mercury
(Hg)
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a457ff86-ea2e-47cf-82cf-773698104557
https://www.globenewswire.com/NewsRoom/AttachmentNg/efc3d238-ead7-4300-af20-711568f283a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/cb34698b-6851-4631-8acc-0b64a37554d3
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