Main Facts: Expanding the Horizon at Shovelnose
Westhaven Gold Corp. [TSXV: WHN; OTCQB: WTHVF; FRA: 1W5] has announced the successful receipt of its fifth batch of assay results from the ongoing 35,000-metre resource infill drilling program at its flagship Shovelnose gold and silver property in southern British Columbia. The current campaign, which utilizes four active drill rigs, is focused on the South Zone deposit, a centerpiece of Westhaven’s exploration efforts within the Spences Bridge Gold Belt.
The latest results provide a compelling narrative of growth for the project. By confirming high-grade mineralization in areas previously under-evaluated in the 2025 Preliminary Economic Assessment (PEA), the company has demonstrated that the South Zone remains open for significant expansion. Two specific drill holes—SNR26-110 and SNR26-117—have emerged as geological cornerstones of this update, reporting substantial gold and silver grades that suggest the deposit’s footprint could be larger, and its internal economics more robust, than previously modeled.
Chronology: A Multi-Phase Journey Toward Pre-Feasibility
The path to the current 2026 exploration program is the result of years of systematic work within the Spences Bridge Gold Belt. Westhaven has spent the last several years delineating the epithermal systems that define the Shovelnose property.
The Evolution of the Program
- Early Discoveries: Initial exploration defined the high-grade potential of the South Zone, establishing it as a priority target for underground development.
- The 2025 PEA Milestone: In early 2025, Westhaven released an updated Preliminary Economic Assessment. This document outlined a vision for an 11-year underground mining operation, projecting average annual production of 56,000 ounces of gold and 313,000 ounces of silver. With an after-tax Net Present Value (NPV) of CDN$454 million and an Internal Rate of Return (IRR) of 43.2%, the project established itself as a high-margin opportunity.
- The Strategic Earn-In Agreement: A pivotal moment occurred with the partnership with Dundee Corp. Under this strategic earn-in agreement, Dundee committed to funding up to CDN$85 million in project expenditures across Westhaven’s four Spences Bridge properties. The first phase of this commitment—a CDN$30 million injection—is currently underwriting the massive 50,000-metre total drill program, which encompasses the current 35,000-metre infill campaign and ongoing Pre-Feasibility Study (PFS) work.
- Current Operational Status: As of late 2026, the company has completed 85 drill holes totaling 26,581 metres. This represents approximately 75% of the planned program, with teams expected to remain in the field through mid-December to capitalize on favorable weather and operational momentum.
Supporting Data: Technical Analysis of Assay Results
The technical data provided in the latest batch confirms the exceptional continuity of mineralization across Vein Zones 1, 2, and 3. The infill program, designed with a nominal 25-metre grid spacing, is providing the high-resolution data required to upgrade the mineral resource classification for the upcoming PFS.
Key Assay Highlights
The most significant findings from the recent batch of six holes underscore the potential for resource growth:
- SNR26-117: This hole delivered a standout intersection of 10.04 metres grading 12.18 g/t gold and 102.7 g/t silver. Crucially, this intercept occurs below the deepest mining stopes currently contemplated in the 2025 PEA, suggesting that the mine life could be extended by accessing deeper, high-grade material.
- SNR26-110: Located in the southeastern portion of the deposit, this hole intersected 37.34 metres grading 6.24 g/t gold and 54.7 g/t silver. This interval, coupled with additional segments (5.98m at 1.86 g/t Au and 6.00m at 3.50 g/t Au), confirms that the southeastern margin of the South Zone is host to thick, high-grade mineralization that requires further delineation.
- Additional Drill Data:
- SNR26-111: Returned 2.00m at 1.03 g/t Au and 4.50m at 2.29 g/t Au.
- SNR26-112: Returned 2.00m at 4.56 g/t Au and 7.50m at 1.57 g/t Au.
- SNR26-115: Intercepted 2.00m at 1.63 g/t Au.
- SNR26-118: Returned multiple intervals, including 4.80m at 2.20 g/t Au and 4.40m at 1.50 g/t Au.
Note: Reported intervals are downhole lengths. True widths are estimated at 70-80% of the reported intervals.
Official Responses: Leadership Perspective
Ken Armstrong, President and CEO of Westhaven, views these results as a validation of the company’s technical model. In his official statement, he highlighted the importance of the deeper mineralization:
"This latest batch of assays from the ongoing resource infill drilling includes two drill holes that confirm the presence of thick, high-grade gold and silver mineralization both below and at the southeastern margin of the South Zone deposit," Armstrong stated.
He placed particular emphasis on SNR26-117, noting its strategic importance in potentially increasing the project’s total contained ounces. "Drill hole SNR26-117 is of particular importance as its 10-metre interval grading 12.18 g/t Au and 103 g/t Ag has extended mineralization below the deepest proposed mining stopes in our 2025 PEA. Similarly, SNR26-110 has confirmed thick, high-grade mineralization at the southeastern edge of the deposit. Follow-up drilling is required in the vicinity of both of these holes, where there is clearly potential to increase contained ounces."
Implications: The Path to 2027 and Beyond
The implications of these drilling results are twofold: they increase the confidence level of the existing resource estimate and offer a clear path for expanding the mine’s inventory.
Strategic Importance for the PFS
The 25-metre infill grid is the "gold standard" for moving from an Inferred or Indicated resource to the Measured category. By tightening the drill density, Westhaven is systematically reducing geological risk. This is a vital prerequisite for the Pre-Feasibility Study (PFS) currently slated for completion in the second half of 2027.
Regional Exploration Upside
While the South Zone infill work commands the majority of the current focus, the greater Shovelnose property remains largely underexplored. The Spences Bridge Gold Belt spans over 60,000 hectares under Westhaven’s control. The strategic partnership with Dundee Corp. provides the financial muscle to move beyond the South Zone, allowing for simultaneous exploration of new targets within the belt while the PFS for Shovelnose moves forward.
Economic Resilience
The economic parameters established in the 2025 PEA were calculated using a gold price of US$2,400 per ounce. Given the current global precious metals environment, the high-grade nature of the South Zone deposit—characterized by epithermal-style, low-sulphidation mineralization—positions Westhaven to maintain robust profit margins even if market conditions fluctuate. The ability to add high-grade ounces below the current mining envelope is a powerful lever for enhancing the project’s net present value in the upcoming PFS.
Conclusion
Westhaven Gold Corp. is demonstrating a disciplined and highly effective approach to mine development. By balancing aggressive infill drilling with strategic exploration, the company is not only proving the viability of the South Zone deposit but is actively expanding its resource base. As the drill program continues through the end of the year, investors and industry observers alike will be looking for further confirmation of the mineralization trends identified in SNR26-110 and SNR26-117. With the financial backing of Dundee Corp. and a clear technical roadmap toward a 2027 PFS, Westhaven is well-positioned to advance Shovelnose from a promising exploration target to a significant gold-silver producer in the Canadian mining landscape.
Disclaimer: This report is for general information purposes only and does not constitute financial advice or a solicitation to buy or sell securities. Resource World Magazine Inc. does not guarantee the accuracy of the provided information. Investors are encouraged to conduct their own due diligence and consult with professional financial advisors before making any investment decisions.
