VANCOUVER, British Columbia, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) is pleased to announce preparation for a diamond drilling program at its 2,784 hectare Skoonka Creek Gold Property, located within the prospective Spences Bridge Gold Belt (SBGB), British Columbia.
Westhaven acquired a 100% interest in the Skoonka Creek Gold Property, subject to a 2% net smelter return royalty, in May of 2017. Previous owners, through prospecting, mapping, geochemistry, geophysics, and drilling, outlined several gold zones. The best drill intercept returned 12.80 metres (m) of 20.20 g/t gold (Au).
Skoonka Creek Gold Property Highlights:
- Road accessible and close to power, rail and major highways.
- Over $4.5 million spent by previous owners / operators.
- Significant areas of epithermal alteration and veining which are prospective for gold & silver mineralization have been outlined.
- 3,000-metre-long by 500-metre-wide structural corridor encompassing numerous gold and/or pathfinder element (arsenic, antimony, mercury, molybdenum) soil and rock geochemical anomalies.
Skoonka Creek High-Grade Drill Intercepts Include:
- 20.20 g/t gold over 12.80m (SC-008)
- 26.80 g/t gold over 3.31m (SC-007)
- 7.48 g/t gold over 4.10m (SC-006)
- 3.39 g/t gold over 4.67m (SC-038)
- 6.43 g/t gold over 1.20m (SC-039)
Gareth Thomas, President & CEO of Westhaven stated, “Prior to Westhaven’s discovery of high-grade gold at its 100% owned Shovelnose Gold Property, the Skoonka Creek Gold Property had the highest-grade gold drill intercepts across the entire Spences Bridge Gold Belt. In 2017, Westhaven identified the JJ-West target which is possibly the continuation of the high-grade JJ Vein zone last drilled in 2007. We look forward to applying what we have learned at our Shovelnose Gold Property to the Skoonka Creek Gold Property.”
Soil, rock sampling, and prospecting have uncovered anomalous pathfinder geochemistry that suggests the possible continuation of the JJ Vein zone to the southwest in a down-dropped fault block that has preserved the upper portions of an epithermal system anomalous in mercury, antimony and arsenic. These high-level pathfinders are coincident and on-trend with an airborne magnetic low of similar strike as the JJ vein zone to the northeast. Quartz float and outcrop found during recent prospecting and soil sampling at JJ-West further enhances the strength of this target. Ground and airborne geophysical surveys have identified linear magnetic features striking in a similar direction as the JJ Vein zone that may be related to and/or associated with additional zones of gold-silver mineralized veins. The drill program will consist of an initial 12 holes totalling 2,000m and will look to mobilize a drill to the property in late August.
For more information on the Skoonka Creek Gold Property please visit:
Westhaven has granted 260,000 incentive stock options to directors, officers, and/or consultants. The incentive stock options have an exercise price of $0.95 per share, are valid for a 5-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% of issued and outstanding share capital in the form of incentive stock options. As a result of this grant, the Company has 9,580,589 stock options issued, representing 9.4% of the issued and outstanding share capital.
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.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
Gareth Thomas, President, CEO & Director
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 37,000 hectares (370 square kilometres) with four 100% owned gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, in close proximity to power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low cost exploration. Westhaven is committed to the highest standards of environmental and social responsibility with a focus on generating positive outcomes and returns to all stakeholders. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-336-6921 or visit Westhaven’s website at www.westhavengold.com
Maps accompanying this announcement are available at: