Westhaven Gold has completed more than 37,000 metres of drilling at its Shovelnose gold and silver project near Brookmere, with promising results in hopes of eventually developing an underground mine.
The Shovelnose project is Westhaven’s most advanced property within the Spences Bridge Gold Belt, an under-explored mineral belt in southern B.C. The company controls approximately 60,263 hectares across four properties in the belt.
Located on Shovelnose Mountain approximately four kilometres northeast of Brookmere and 30 minutes south of Merritt, the project was recently introduced to the local community at an open house at Valley Graze in Merritt.
The company recently announced the completion of a 117-hole, 37,242-metre resource infill drilling program at the South Zone deposit, with results showing continued concentrations of gold and silver across three identified vein zones.
Among the latest results, one drill hole intersected 23 metres of mineralization grading an average of 6.69 grams of gold per tonne and 42 grams of silver per tonne. Another returned 5.53 metres grading 16.51 grams of gold and 134 grams of silver per tonne, all considered very high quality.
Westhaven President and CEO Ken Armstrong said the results continue to demonstrate the strength and consistency of the mineral deposits, particularly in the southeastern portion of the South Zone.
“We’re in the guts of this deposit, the heart of it. It’s thick and it’s high grade,” said Armstrong.
The infill drilling program was designed to fill gaps between previously identified mineral deposits, helping the company develop a more accurate estimate of the amount of gold and silver underground.
The results will contribute to an updated mineral resource estimate, which will help guide mine planning as Westhaven works toward a pre-feasibility study (PFS) for the area, targeted for completion in the second half of 2027.
With the resource drilling now complete, the company is shifting its attention toward further exploration and technical investigations.
Approximately 10,000 metres of exploration, geotechnical and hydrogeological drilling has already been completed, including 10 exploration holes testing areas below and north of the South Zone deposit.
Six drill rigs are currently operating on the property, with exploration expected to continue until Dec. 15.
The company has also begun a $4-million sonic drilling program to investigate underground rock conditions and groundwater. That information will help determine how a potential mine could be safely designed and operated.
Armstrong said the company remains on schedule for its pre-feasibility study, with the ongoing technical work expected to support the next stage of development.
Considered the mineral belt’s “most advanced” gold and silver project property, A 2025 preliminary economic assessment outlined the potential for an 11-year underground mining operation at Shovelnose, with average annual production of approximately 56,000 ounces of gold and 313,000 ounces of silver – something Armstrong called a “robust, low cost and high margin” mining opportunity.
The assessment estimated an after-tax net present value of $454 million and a potential return on investment of 43.2 per cent, based on assumed gold and silver prices of US$2,400 and US$28 per ounce, respectively.
Those figures represent preliminary projections rather than an approved mine, with further drilling, engineering and financial assessments required before a final development decision can be made.
The company’s exploration and development work is being funded through a strategic agreement with Dundee Corp., which has committed to at least $30 million in initial project expenditures. Dundee could earn up to a 60 per cent interest in Westhaven’s four Spences Bridge Gold Belt properties through staged investments of up to $85 million.
Westhaven also reported receiving approximately $3.12 million in proceeds after investors exercised more than 14.7 million outstanding warrants.