VANCOUVER, British Columbia, April 15, 2014 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (TSX-V: WHN ) is pleased to announce that it has signed an option agreement with a private vendor to acquire 100% of the Mona property, located approximately 5 kilometres east of Yellowknife, Northwest Territories.
The Mona Property
The Mona property consists of two contiguous mineral claims (~ 4,390 acres) that are located to the east of the Yellowknife Greenstone Belt, within a predominantly metasedimentary package, cut by a large mafic sill. The property comprises rocks that are prospective for gabbro-hosted nickel-copper and sediment-hosted gold deposits.
Prior reports have found there is evidence of nickel-copper mineralization hosted in mafic to ultramafic rocks that share characteristics to the Raglan Nickel Belt in northern Quebec and the Voisey's Bay nickel deposit in Labrador. Furthermore, this drill ready project shows evidence of Archean lode gold mineralization. With the addition of the Mona property, Westhaven will be drilling three prospective projects this coming field season.
Previous airborne geophysics conducted on the property identified a north-south trending linear magnetic high related to the Hay-Duck intrusive and six significant conductors. A ground geophysical survey was conducted over one of the conductors, which indicates a shallowly east-dipping body with a coincident magnetic high response. All geophysical features were ground truthed and fifteen grab samples were collected where surface expression was present. Three of the six conductors returned significant grab sample results, which indicate the presence of gold (up to 5.1 g/t Au) and nickel (up to 0.17% Ni). The property is fully permitted and a drill program is slated to commence in the near future.
Terms of the Agreement
Westhaven will have the exclusive option for a period of five years to acquire a 100% interest (subject to a 2.5% NSR) in and to the property by making aggregate cash or share payments of $485,000 (payment at discretion of Westhaven) to the Optionor, and issuing an aggregate of 100,000 common shares of Westhaven. For the full terms of the agreement please visit: www.westhavenventures.com/projects/mona_property/
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
"Gareth Thomas"
Gareth Thomas, Director
About Westhaven Ventures Inc.
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose and BEN projects in British Columbia and its Mona project in the Northwest Territories. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven's website at www.westhavenventures.com
Qualified Person Statement
L. John Peters, 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.
Westhaven Ventures Inc. Shaun Pollard 604-681-5558 www.westhavenventures.com
