Westhaven Gold Expands Shovelnose Gold Property Claims
Westhaven Gold Corp. Expands Shovelnose Gold Property
Westhaven Gold Corp. (TSX-V: WHN) has announced a significant expansion of its Shovelnose gold property, marking an important step in its strategic growth initiatives. The company has entered into a transaction with Talisker Resources Ltd. to acquire additional claims, increasing the size of the Shovelnose gold property from 17,623 hectares to an impressive 41,623 hectares. This development positions Westhaven within the Spences Bridge Gold Belt, an area recognized for its high potential in gold exploration.
Strategic Acquisition Details
As part of the agreement with Talisker, Westhaven will acquire 12 claims that cover an area of 23,550 hectares. This acquisition is augmented by an additional 450 hectares that the company has staked independently. Collectively, this expansion enhances Westhaven's foothold in one of Canada's emerging gold districts.
Prospective Exploration Corridor
Westhaven's exploration efforts have led to the identification of a mineralized corridor that encompasses the South Zone, FMN, and Franz zones, extending over 11 kilometers. This corridor’s southeast region, now integrated into Westhaven's claims, contains several promising features, including anomalous pathfinder elements such as antimony (Sb) and mercury (Hg).
Highlights from Current Exploration
Recent exploration has identified a significant geological feature known as the Certes showing, located approximately 6 kilometers southeast of the South Zone. This showing contains high-level epithermal quartz with mercury—indicating a rich mineralization that has yet to be drill tested. The geological indicators suggest that this area could house additional mineral discoveries.
Expressing Optimism for Future Discoveries
Gareth Thomas, President and CEO of Westhaven Gold Corp., remarked, “Our continuous prospecting and mapping throughout the property have unveiled new zones of interest beyond the known resource areas at Shovelnose. The data we have compiled indicates a potentially substantial mineralized corridor, further substantiating our optimism regarding upcoming exploration phases.”
Furthering Exploration Initiatives
This strategic acquisition not only increases Westhaven's exposure to the mineralized corridor but also integrates prospective grounds highlighted by Talisker’s previous exploration. The cumulative geological data strengthens the case for efficient and cost-effective exploration within the Shovelnose region.
Transaction Details and Considerations
Under the terms of the acquisition agreement, Westhaven is set to pay Talisker $20,000 in cash and will grant a 1% Net Smelter Royalty (NSR) on the claims. Additionally, the company will issue 1,500,000 common shares. These shares will be subject to a vesting schedule, with equal releases occurring at four months, eight months, and twelve months from their issuance date. Notably, Westhaven retains the option to buy back the 1% NSR at any time for a price of $1,000,000.
Regulatory Approvals and Compliance
The completion of this transaction is contingent upon customary closing conditions, including the approval from the TSX Venture Exchange. Furthermore, all shares granted as part of the agreement will comply with applicable resale restrictions under Canadian securities laws.
About Westhaven Gold Corp.
Westhaven Gold Corp. focuses on high-grade gold exploration within the Spences Bridge Gold Belt. With control over approximately 60,950 hectares (about 609.5 square kilometers), the company is positioned to capitalize on the richness of this underexplored region. Its Shovelnose property benefits from proximity to major infrastructure which translates into lower exploration costs.
Frequently Asked Questions
1. What recent expansion has Westhaven Gold Corp. completed?
Westhaven has expanded its Shovelnose gold property by acquiring additional claims, increasing its total area from 17,623 to 41,623 hectares.
2. What is the significance of the Spences Bridge Gold Belt?
The Spences Bridge Gold Belt is recognized as a prospective new gold district, containing features that could lead to substantial mineral discoveries.
3. What are the financial terms of the acquisition with Talisker?
Westhaven will pay Talisker $20,000, grant a 1% NSR, and issue 1,500,000 common shares as part of the agreement.
4. How does the geological data impact Westhaven's exploration strategy?
Geological data indicates a potentially significant mineralized corridor that enhances the likelihood of discovering new resources within the area.
5. Who can I contact for more information about Westhaven Gold Corp.?
For further information, potential investors can contact Westhaven Gold Corp. directly at 604-681-5558.
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