Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Westhaven Gold (TSXV: WHN) has released new results from ongoing drilling at its wholly owned Shovelnose gold project. Covering 7,623 hectares, Shovelnose is the largest of the company’s four properties held within the Spences Bridge Gold Belt (SBGB) of British Columbia.
The current drill campaign is designed to follow up on higher-grade intersections from last year’s program (hole SN21-161: 9.15 g/t gold over 15.97 metres) and broader intervals of near-surface mineralization (hole SN21-188: 0.76 g/t gold over 57.8 metres).
Drilling is focused on the FMN zone, where the high-grade intersection occurred. The latest results include multiple gold-mineralized intercepts over 500 metres of strike length, including the highest gold-silver intercept (857.64 gram-metres) ever drilled on the Shovelnose gold property.
The highlighted drill hole SN22-212, which returned 23.03 metres of 37.24 g/t gold and 214.70 g/t silver, is over 2 kilometres from the heart of the South zone open-pit resource.
In January, Westhaven outlined an open-pit resource for the South zone totalling 10.6 million indicated tonnes grading 2.32 g/t gold and 11.43 g/t silver, plus 9.2 million inferred tonnes grading 0.89 g/t gold and 3.47 g/t silver.
“We believe the FMN zone has the potential to contribute significantly to the property wide precious metals inventory. It is not uncommon in enriched epithermal systems to discover multiple high-grade gold chutes and, given the strong nature of this system and low drill density in this area, we believe there is going to be more high-grade chutes discovered along this approximate 4-kilometre trend,” Westhaven CEO Gareth Thomas said in a news release.
“In addition to the drill currently located at the FMN zone, a second drill has been added at the Alpine zone focused on following-up on hole SNR21-55, which intersected 3.13 metres of 45.23 g/t gold and 195.64 g/t silver,” Thomas added.
