Drill Results
Westhaven Returns 54m Grading 8.99 g/t Au & 55 g/t Ag from Resource In-Fill Drilling and Initiates South Zone Pre-Feasibility Study, Shovelnose Gold and Silver Project, Southern British Columbia
Westhaven Gold Corp. Initiates PFS Following Dundee Partnership and High-Grade Drill Intercepts
Executive Summary
- Westhaven Gold Corp. reported significant drilling results from the South Zone deposit at its Shovelnose project, including a 54.0m intercept grading 8.99 g/t Au and 55 g/t Ag.
- The company has officially initiated a Pre-Feasibility Study (PFS) for the South Zone deposit, with completion targeted for H2 2027.
- The 2026 drilling program is expanding from two to four drill rigs by May 15, 2026, ahead of schedule.
- Completed drilling stands at 8,537m across 32 holes (~23% of planned resource drilling), with assay coverage for ~10% of the in-fill program.
- Planned work includes ~35,000m of infill drilling to support an updated Mineral Resource Estimate (MRE) and ~15,000m of exploration drilling.
- The company is developing Environmental Assessment (EA) level baseline programs alongside hydrogeological and geotechnical studies for the PFS.
Material Impact
- Execution vs. Expectation: The news represents execution of the strategic $85M earn-in agreement with Dundee Corporation announced in December 2025 and closed in February 2026. The drilling program scope (4 rigs, infill drilling) was explicitly outlined in prior announcements as part of the Phase 1 commitment ($30M).
- PFS Initiation: While the initiation of a PFS is a significant milestone, it was anticipated given the Dundee agreement included funding for "engineering studies supporting a Pre-Feasibility Study." This confirms management is adhering to the agreed-upon development path rather than introducing new strategic pivots.
- Drill Results: The intercepts (54m @ 8.99 g/t Au) are high-grade and consistent with the existing resource model used for the 2025 PEA. They validate the continuity of mineralization but do not represent a discovery of a new deposit or a fundamental change to the project economics that would alter the valuation thesis established by the Dundee deal.
- Market Context: The stock rallied significantly upon the Dundee announcement (from ~$0.17 to $0.31). This news serves to maintain momentum rather than create a new catalyst, as the market has already priced in the development potential and funding security provided by Dundee.
WHN · Price
Company Overview
- Company Name: Westhaven Gold Corp.
- Flagship Project: Shovelnose Gold and Silver Project (Southern British Columbia).
- Project Status: Development / Pre-Feasibility Stage.
- Mine Type: Underground high-grade underground mining scenario.
- PEA Economics (2025): 11-year mine life, average annual production of ~56,000 oz Au and 313,000 oz Ag. After-tax NPV (6% discount) of CDN$454 million, IRR of 43.2%.
- Location: Southern British Columbia, approximately 2.5 hours from Vancouver, with access to highway, powerline, and forestry roads.
- Land Base: Approximately 615 km² across the Spences Bridge Gold Belt (includes Shovelnose, Prospect Valley, Skoonka, Skoonka North).
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Jul 07, 2026 · 07:00