Westhaven Commences CSAMT Survey to Expand Targeting at Shovelnose Gold Property
VANCOUVER, British Columbia, May 20, 2020 (GLOBE NEWSWIRE) — Westhaven Ventures Inc. (TSX-V:WHN) is pleased to report it has commenced a CSAMT survey at its 17,623 hectare Shovelnose gold property. Shovelnose is located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia.
A Controlled Source Audio-frequency Magneto-Tellurics (CSAMT) survey will be carried out by Peter E. Walcott & Associates Limited. The survey will cover a 3 x 5-kilometre area proximal to the South Zone. An initial test will be carried out over the South Zone in an attempt to delineate mineralized zone signatures and other anomalous resistivity features of interest to depth. If successful, the survey will be expanded to cover up to 60-line kilometres.CSAMT is a low impact, ground geophysical survey method from which resistivity information can be obtained from sub-surface down to approximately 500 metres. The survey will be helpful in identifying zones of both resistive and conductive features that could represent silicification and clay alteration related to epithermal vein systems.Gareth Thomas, President and CEO of Westhaven, stated: “We have outlined many new drill targets over the past year through prospecting, mapping, ground geophysics and soil geochemistry. We are now refining the higher priority targets, generating new targets and CSAMT will aid in the process. Geophysics continues to play a significant role in successfully targeting high-grade gold veins at Shovelnose. The recently discovered Lear Zone (SN20-56 zone 3 returned 10.56m of 3.67 g/t Au) drill targeting was largely driven by geophysics. The Lear Zone presented as a resistivity high coincident with a magnetic low anomaly, as does the South Zone.”In addition to the CSAMT survey, additional Controlled Source Electro-Magnetic (CSEM) techniques will be tested in an effort to find a rapid cost-effective survey method which can be employed both within the South Zone and over other zones and targets within the property.Qualified Person StatementPeter Fischl, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.OptionsWesthaven announces that it has granted 475,000 incentive stock options to employees and consultants. The incentive stock options have an exercise price of $0.80 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 9,395,589 stock options issued, representing 9.7% of the issued and outstanding share capital.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 VENTURES INC.About Westhaven: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.westhavenventures.comA map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/424e351b-8516-4a65-9b3b-96ec848def77