Drilling Returns High Grades at British Columbia Gold-Silver Property

Source: Streetwise Reports   07/20/2021

Westhaven Gold’s recent drill results and exploration work planned for H2/21 at Shovelnose are outlined in a Red Cloud Securities report.

In a July 8 research note, Red Cloud Securities analyst Taylor Combaluzier reported that Westhaven Gold Corp.’s (WHN:TSX.V) recently released drill results of five holes from Shovelnose’s South Zone returned “intercepts of significant grades and widths.”

These are demonstrated in highlights from four of the five holes, which Combaluzier reviewed. The gold grades in those ranged from 2.48 to 8.53 grams per ton (2.48–8.53 g/t), and silver grades from 11.30 to 17.69 g/t. Widths were as broad as 76.33 meters (76.33m).

Specifically, hole SNR21-07 showed 4.47 g/t gold (Au) and 17.69 g/t silver (Ag) over 41.25m. SNR21-06 demonstrated 8.53 g/t Au and 14.14 g/t Ag over 4.77m from Vein 1. SNR21-05 returned 2.93 g/t Au and 11.30 g/t Ag over 76.33m. SNR21-08 showed 2.48 g/t Au and 14.25 g/t Ag over 26.6m from Vein 2.

“The intercept from SNR21-05 results in an impressive gram meter value of ~224 g/t*m,” Combaluzier wrote.

“We are encouraged to see that Westhaven continues to enhance its understanding of the controls on the best mineralization at Shovelnose as drilling continues to return intercepts of significant grades and widths. In our view, continued positive results from the South Zone should bode well for the maiden resource (Q4/21),” the analyst wrote.

Looking forward, the analyst noted that Westhaven is adding a third rig to drill test the exploration targets. The first will be Target 3, defined via the geophysical survey, about 800m to the east of the South Zone. (The survey identified two additional targets.)

“Westhaven has only explored a small portion of the overall property, so there is lots of discovery potential remaining,” Combaluzier wrote.

Westhaven’s work planned for the rest of 2021, noted Combaluzier, includes continuing its 40,000-meter drill program, conducting metallurgical work for the South Zone’s Veins 1, 2 and 3 in Q3/21 and preparing a maiden estimate of the South Zone resource in Q4/21.

Red Cloud has not yet formally valued Westhaven. “The company currently trades at a discount to peers on an EV basis at $63M (peers at $92M). We believe there is significant potential for the stock to re-rate with ongoing positive drill results and a maiden resource,” Combaluzier wrote. Westhaven’s shares are currently trading at about CA$0.57.

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from Red Cloud Securities, Westhaven Gold Corp., Exploration Update, July 8, 2021

Part of Red Cloud Securities Inc.’s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

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