Westhaven Gold Company (TSXV: WHN; OTCCP: WHTVF) Provide an update on its 2026 field activities at the Shovelnose gold and silver project in southern British Columbia, including initial mineral resource drilling results and the commencement of a pre-feasibility study (PFS) to evaluate potential mine development at the Southern District deposit.
This work is funded under a strategic profit agreement whereby Dundee Corp. To earn up to a 60% interest in Westhaven’s four Spences Bridge Gold Belt properties through up to C$85,000,000 in progress project expenditures. Under Phase 1, Dundee has committed a minimum of C$30,000,000, including a fully funded 50,000 meter drilling program and pre-feasibility work at Shovelnose.
Highlights: Drilling of 8,537 meters (32 holes) has been completed within the South Zone deposit, representing approximately 23% of the planned mineral resources drilling programme.
Assay results were received from 14 drill holes (3,500 metres; ~10% of planned drilling), with notable results including 54.0 meters grading 8.99 g/t gold and 55 g/t silver (SNR26-070) and 42.0 meters grading 4.35 g/t gold and 41 g/t silver (SNR26-63).
The training program is expected to increase from two exercises to four by May 15, 2026, ahead of schedule.
Initial drilling is focused on completing approximately 35,000 meters of mineral resource drilling at the South Zone deposit, with the aim of being included in the updated Mineral Resource Estimate (MRE) to support pay-for-performance, with completion expected in the second half of 2027.
The 2026 drilling program is also expected to include approximately 15,000 meters of exploratory drilling and additional drilling dedicated to hydrogeological, geotechnical and mineralogical studies in support of the PFS.
Core environmental, social and economic programs at the environmental assessment level are currently being developed, and their implementation will follow in support of future environmental assessment and application of environmental assessment.
Ken Armstrong, President and CEO of Westhaven, commented: “Resource drilling at the Southern Area Deposit is well under way and is achieving results that are in line with our expectations. Early drilling focused on fully defining the northwestern and southeastern edges of the deposit, with initial gold and silver grades and performances confirming the expected grades and continuity of mineralization in these areas.
The outstanding drill intervals reported today, including 54 meters grading 8.99 g/t Au and 55 g/t Ag from hole SNR26-072, reinforce the broad, high-grade nature of the South Zone deposit. Overall, the 2026 Shovelnose field program continues to ramp up as planned, with the third and fourth exercises scheduled to be operational by May 15 – two weeks ahead of schedule, positioning Westhaven for an active and productive field season.“
Southern Zone Mineral Resources Drilling: The 35,000 meter Southern Zone Mineral Resources drilling program is designed to fill deposits in nominal 25 million metres. To date, 32 holes (8,537 m) have been completed, representing approximately 23% of the planned program area. Preliminary results from 14 holes (3,500 m or 10% of the planned area) are reported in this press release.
Specific test highlights include: SNR26-61 returned 12.02 meters grading 3.34 g/t Au and 24 g/t Ag from a depth of 142.00 meters downhole. SNR26-63 returned 42.00 meters grading 4.35 g/t Au and 41 g/t Ag from a depth of 148.00 meters downhole. SNR26-68 returned 9.04 meters grading 3.98 g/t Au and 23 g/t Ag from 190.00 meters downhole, 6.03 meters grading 3.74 g/t Au and 27 g/t Ag from 218.00 meters downhole, and 6.70 meters grading 4.08 g/t Au and 19 g/t Ag from 228.97 meters downhole.
SNR26-69 returned 11.75 meters grading 3.89 g/t Au and 25 g/t Ag from 161.15 meters downhole, 9.50 meters grading 7.38 g/t Au and 68 g/t Ag from 184.50 meters downhole, and 1.26 meters grading 62.80 g/t Au and 330 g/t Ag from 198.04 meters downhole. The well.
SNR26-70 returned 54.00 meters grading 8.99 g/t Au and 55 g/t Ag from a depth of 152.00 meters downhole, including 23.00 meters grading 17.04 g/t Au and 111 g/t Ag from a depth of 169.60 metres.
SNR26-72 returned 6.90 meters grading 4.98 g/t Au and 18 g/t Ag from 237.50 meters downhole, and 4.49 meters grading 12.44 g/t Au and 46 g/t Ag from 257.00 meters downhole.
The above inspection intervals represent downhole intersections, not the true width. The true widths can be estimated at approximately 70-80% of the reported intervals.
Highlights from the South Zone included several high-quality drilling, including SNR26-70, which returned 54.0 meters averaging 8.99 g/t Au and 55 g/t Ag. The section, oriented northwest (310°), shows a strong continuity of mineralization hosted within structurally controlled quartz veins and hydrothermal breccia zones.
Southern Zone Pre-Feasibility Study: The financial feasibility study is expected to be completed in the second half of 2027 and will focus on evaluating development scenarios and mine design for the Southern Zone deposit at Schauvelnus. The PFS will establish the technical and economic framework necessary to advance the project towards a potential feasibility study. In addition to ongoing mineral resource drilling and the planned upgrade of the southern MRE area, several 2026 work streams are either underway or planned to support the PFS project, including mineralogical, hydrogeological and geotechnical studies. It is expected that additional drilling meters will be allocated to support this work. Baseline environmental, social and economic studies at the environmental assessment level are also under development and will be implemented to support pay for success and future environmental assessment application and project licensing processes.
Westhaven is a company focused on gold and silver exploration and development targeting low-sulfur, high-grade, refractory gold-silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls approximately 60,263 hectares within four properties spread along this unexplored belt.
The Shovelnose Gold and Silver Project is the most advanced property, with an updated 2025 preliminary economic assessment confirming the project’s potential as a robust, low-cost, high-margin underground gold mining opportunity for 11 years with average annual production of 56,000 ounces of gold and 313,000 ounces of silver with an after-tax net present value of C$454 million (at a 6% discount rate). and 43.2% internal rate of return (base case parameters of $2,400 per ounce of gold, $28 per ounce of silver and a CDN/USD exchange rate of $1.00 = $0.72).
On February 23, 2026, Westhaven entered into a strategic earn-out agreement whereby Dundee could earn up to a 60% interest in Westhaven’s four Spences Bridge Gold Belt properties through up to C$85,000,000 in progress project expenditures. Under Phase 1, Dundee has committed a minimum of C$30,000,000, including a fully funded 50,000 meter drilling program and pre-feasibility work at Shovelnose.
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