Subject: ANALYSTS' COMMENTS
Westhaven Drills 76.98 Metres Of 1.51 g/t Gold and 8.47 g/t Silver, Including 15.56 Metres of 4.52 G/T Gold and 25.99 g/t Silver; 2.02 Metres of 39.67 g/t Gold and 30.38 g/t Silver at the Shovelnose Gold Property
VANCOUVER, British Columbia, June 27, 2022 (GLOBE NEWSWIRE) -- Westhaven Gold Corp. (TSX-V:WHN) is pleased to announce drill results from its ongoing drill campaign at its 100% owned 17,623-hectare Shovelnose gold property. Shovelnose is located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia.
Highlights include:
- SN22-238 intersected 1.51 g/t gold (Au) and 8.47 g/t silver (Ag) over 76.98 metres (m) at the FMN Zone, starting at 24m below surface. Gold-silver mineralization at FMN has now been intersected over a strike length of approximately 500m, and to a vertical extent of up to 220m. A combination of near surface, broad intervals of gold-silver mineralization well above the cut-off grade in the South Zone initial maiden resource, as well as high grade intervals (SN22-212: 857.64 gram-metres gold), are all evident.
- SN22-236 intersected 1.08 g/t Au and 4.44 g/t Ag over 40.00m at the Alpine Zone extending Vein 2 mineralization, including 1.17m of 15.40 g/t Au and 73.50 g/t Ag. Recent drilling at Alpine has now been completed on four 50m-spaced sections covering a strike length of 150m along Vein Zone 2. This tighter drilling, which now covers a total strike length of 1 kilometre over Vein Zone 2, continues to intersect gold-silver mineralization. The gold-silver mineralization here is near surface.
- SN22-240 intersected 3.47 g/t Au and 5.04 g/t Ag over 24.89m at the FMN Zone, including 39.67 g/t Au and 30.38 g/t Ag over 2.02m.
- FMN Zone is over 2 kilometres northwest of the South Zone resource area. Given the strong nature of this system, and the low drill density in this area, management believes there will be more high-grade shoots and broad intervals of potentially bulk tonnage gold mineralization discovered along this ~4-kilometre trend.
- Vein Zones 1 and 2 will be targeted for further drilling over the 1km length between FMN and Alpine, where drilling is limited to shallow historic holes and more recent, broadly spaced step outs.
- Westhaven has drilled approximately 21,000m over 70 holes at Shovelnose in 2022. The Company is on pace to drill ~40,000 metres by year end and will look to have an updated resource estimate, including the FMN and Alpine Zones, by Q1, 2023.
Gareth Thomas, President & CEO, comments: "Systematic drilling of Vein Zone 1 at the FMN Zone has again successfully intersected gold-silver mineralization. These results confirm continuity of both high-grade and bulk tonnage style gold over a wide area, which remains open in all directions. Similarly, the Alpine Zone has been expanded with the intercept of 1.08 g/t Au and 4.44 g/t Ag over 40.00m, extending Vein 2 mineralization by 150 metres. Management is confident that these areas can contribute significantly towards growing the property's 1.1 million ounce gold equivalent mineral resource estimate."
Peter Fischl, Exploration Manager adds: "Drilling at Shovelnose continues at the FMN and Alpine target areas this year. Tighter spaced drilling over Vein Zone 2 at the Alpine target area has intersected significant widths of gold-silver mineralization above the cutoff grade of the open pit maiden resource released earlier this year for the adjacent South Zone target area immediately southeast of Alpine. The shallow and very gently dipping nature of Vein Zone 2 here adds to the open pit potential of the Alpine target area. The mineralization uncovered in the tighter drilling here may have a positive impact to any update to the maiden open pit resource. Infill and step out drilling at FMN continue to yield significant gold intersections in Vein Zone 1 and in post mineral heterolithic breccias that cut Vein Zone 1. The most recent results confirm that the post mineral breccias at FMN can host mineralization over significant widths at shallower levels (e.g.: 0.46 g/t Au over 29.08m in SN22-240, 1.16 g/t Au over 42.17m in SN22-211). The breccias are now considered a secondary target that can add to the bulk tonnage potential at FMN."
Recent drill results are summarized here:
| Hole_ID | Zone | From (m) | To (m) | Int (m) | Au (g/t) | Ag (g/t) | High Au (ppb) |
| SN22-231 | FMN | 23.00 | 26.00 | 3.00 | 0.27 | 4.06 | 269 |
| SN22-232 | Alpine | 69.00 | 70.00 | 1.00 | 0.31 | 2.10 | 305 |
| and | 85.00 | 86.20 | 1.20 | 0.32 | 1.51 | 323 | |
| SN22-233 | FMN | 162.00 | 174.49 | 12.49 | 0.32 | 1.45 | 888 |
| including | 170.00 | 172.00 | 2.00 | 0.89 | 1.56 | 888 | |
| SN22-234 | Alpine | 27.00 | 28.00 | 1.00 | 9.13 | 10.85 | 9130 |
| and | 90.00 | 93.00 | 3.00 | 0.40 | 2.48 | 413 | |
| SN22-235 | FMN | 162.00 | 170.21 | 8.21 | 0.75 | 3.20 | 3060 |
| including | 168.00 | 169.00 | 1.00 | 3.06 | 3.93 | 3060 | |
| and | 233.88 | 235.05 | 1.17 | 0.93 | 3.08 | 926 | |
| SN22-236 | Alpine | 53.00 | 93.00 | 40.00 | 1.08 | 4.44 | 15400 |
| including | 59.82 | 61.00 | 1.18 | 4.50 | 3.61 | 4500 | |
| including | 74.77 | 92.00 | 17.23 | 1.96 | 8.95 | 15400 | |
| including | 78.83 | 80.00 | 1.17 | 15.40 | 73.50 | 15400 | |
| and | 109.98 | 110.60 | 0.62 | 1.23 | 19.10 | 1230 | |
| SN22-237 | Alpine | 63.00 | 111.00 | 48.00 | 0.41 | 1.73 | 3170 |
| including | 96.89 | 100.23 | 3.34 | 1.92 | 8.51 | 3170 | |
| SN22-238 | FMN | 32.00 | 108.98 | 76.98 | 1.51 | 8.47 | 19650 |
| including | 41.93 | 49.06 | 7.13 | 1.91 | 7.70 | 4110 | |
| including | 87.39 | 102.95 | 15.56 | 4.52 | 25.99 | 19650 | |
| including | 87.39 | 90.33 | 2.94 | 11.82 | 42.31 | 19650 | |
| including | 95.95 | 98.00 | 2.05 | 10.74 | 63.03 | 14200 | |
| SN22-239 | Alpine | 67.00 | 69.00 | 2.00 | 0.51 | 3.16 | 769 |
| SN22-240 | FMN | 32.73 | 61.81 | 29.08 | 0.46 | 3.31 | 3570 |
| including | 54.05 | 60.04 | 5.99 | 1.45 | 9.09 | 3570 | |
| and | 83.00 | 107.89 | 24.89 | 3.47 | 5.04 | 61700 | |
| including | 104.00 | 106.02 | 2.02 | 39.67 | 30.38 | 61700 | |
| and | 135.96 | 156.04 | 20.08 | 0.24 | 8.15 | 825 | |
| SN22-241 | Alpine | no significant assay | 113 | ||||
| SN22-242 | FMN | 69.70 | 71.00 | 1.30 | 0.50 | 2.70 | 502 |
| SN22-243 | Alpine | 51.00 | 80.00 | 29.00 | 0.22 | 1.32 | 683 |
| and | 109.99 | 121.09 | 11.10 | 0.26 | 1.04 | 508 | |
| SN22-244 | FMN | 163.83 | 164.76 | 0.93 | 2.68 | 65.20 | 2680 |
| SN22-245 | Alpine | 51.00 | 76.00 | 25.00 | 0.74 | 3.12 | 6470 |
| including | 64.00 | 66.00 | 2.00 | 4.37 | 15.71 | 4630 | |
| including | 71.89 | 72.90 | 1.01 | 6.47 | 24.40 | 6470 | |
| and | 88.00 | 143.00 | 55.00 | 0.25 | 1.33 | 2360 | |
| including | 107.43 | 109.22 | 1.79 | 1.96 | 10.66 | 2360 | |
| SN22-246 | FMN | assays pending | |||||
| SN22-247 | Alpine | ||||||
| SN22-248 | Alpine | ||||||
| SN22-249 | N/A | ||||||
| SN22-250 | FMN | ||||||
| SN22-251 | N/A | ||||||
| SN22-252 | N/A | ||||||
| SN22-253 | FMN | ||||||
| SN22-254 | N/A | ||||||
| SN22-255 | FMN | ||||||
| SN22-256 | N/A | ||||||
Please click the following link to the 2021 & 2022 drill database tables of assay results:
2021 & 2022 drill database: https://www.westhavengold.com/projects/shovelnose-gold/maps/
Westhaven benefits from the B.C. Mining Exploration Tax Credit (METC) which is a permanent incentive to support investment in mining. The METC is a refundable B.C. income tax credit for eligible individuals and corporations conducting grassroots mineral exploration in B.C. and is worth 30% of qualified mining exploration expenditures. Westhaven has recently received a $2,161,933 refund related to exploration activities undertaken in 2021.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
"Gareth Thomas
Gareth Thomas, President, CEO & Director
Qualified Person Statement
Peter Fischl, P.Geo., who is a Qualified Person within the context of National Instrument 43-101 has read and takes responsibility for this release.
QA/QC
Core samples were prepared using the PREP-31 package in ALS's Kamloops facility. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250 g is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen. 0.75g of this pulverized split is digested by Four Acid and analyzed via ICP-MS (method code ME-MS61m (+Hg)), which reports a 49-element suite of elements. All samples are analyzed by Fire Assay with an AES finish, method code Au-ICP21 (30g sample size). Additional Au screening is performed using ALS's Au-SCR24 method, select samples are dry screened to 100 microns. A duplicate 50g fire assay is conducted on the undersized fraction as well as an assay on the entire oversize fraction. Total Au content, individual assays and weight fractions are reported. All analytical and assay procedures are conducted in ALS's North Vancouver facility. A QA/QC program included laboratory and field standards inserted every 25 samples. At least one field blank is inserted in every batch of 25 samples, with additional blanks inserted following samples with visible gold. Westhaven's ongoing Quality Assurance and Quality Control programs include auditing of all exploration data. Any significant changes will be reported when available.
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.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada's newest gold district, the Spences Bridge Gold Belt. Westhaven controls 37,000 hectares (370 square kilometres) with four 100% owned gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. 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.westhavengold.com.
PLAN MAP
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e00d287-6f5e-4230-9f47-bbe438d6066f
PLAN MAP WITH VEIN TRACES
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d5ad202-0687-4eaa-a305-d1a4ebef7303
CROSS-SECTIONS
Images accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff433c38-bc4a-4ee6-8f54-7a94a8fd8158
https://www.globenewswire.com/NewsRoom/AttachmentNg/dde811d9-1f6e-4344-9912-94cbf8576a9b
https://www.globenewswire.com/NewsRoom/AttachmentNg/2c7729f1-2750-4464-bfee-87b8e2b8f32f
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