Drilling 17g Shines Westhaven Gold’s Shovelnose Crown

Why It Matters

The drill intercepts confirm the South Zone’s high‑grade core, de‑risking the upcoming PFS and boosting Westhaven’s appeal to investors and strategic partners.

Key Takeaways

• Hole SNR26‑070 returned 23 m at 17 g/t gold, 111 g/t silver.
• South Zone drilling expands resource, supporting upcoming PFS.
• Dundee’s $85 M CAD ($62 M USD) investment gives up to 60% stake.
• Updated PEA shows $454 M USD NPV at $2,400/oz gold.
• Shares rose >5% to C$0.29, market cap $55 M USD.

Pulse Analysis

Westhaven Gold’s Shovelnose project sits in south‑central British Columbia, a region known for prolific gold‑silver systems. Recent drilling in the South Zone has uncovered multiple high‑grade intersections, most notably a 23‑metre stretch averaging 17 g/t gold and 111 g/t silver. Such grades are rare in bulk‑tonnage projects and suggest a robust, continuous mineralised envelope that could underpin a sizable underground operation. The results also reinforce earlier resource models, giving confidence that the deposit’s scale and grade assumptions are realistic.

The financial backdrop is equally compelling. Dundee Corp’s CAD $85 million (approximately US$62 million) commitment not only provides the capital needed for the remaining 50,000 metres of drilling but also positions the partner to acquire up to a 60 % equity stake. This infusion aligns with the updated PEA’s strong economics—a post‑tax net present value of US$454 million and a 43.2 % internal rate of return, based on a gold price of US$2,400 per ounce. The low pay‑back period of just over two years further underscores the project's cash‑flow resilience, making it attractive in a market that values rapid return on investment.

Looking ahead, Westhaven aims to complete a comprehensive resource update and deliver a prefeasibility study by late 2027. If the PFS confirms the current assumptions, the mine could produce roughly 637,000 ounces of gold and 3.5 million ounces of silver over an 11‑year life, with potential for expansion through satellite discoveries. The recent share price rally reflects market optimism, and the project’s progress may set a benchmark for junior miners seeking strategic partnerships to accelerate development in the Canadian mining corridor.