This report is based on public company disclosures, filings and announcements reviewed by GSN; figures are as stated by the company and have not been independently verified.

Westhaven Gold Corp. (TSX-V: WHN) announced on September 22, 2026, that it has received the sixth batch of assay results from its ongoing resource infill drilling program at the South Zone gold and silver deposit on the Shovelnose gold property in southern British Columbia. The company stated that the drilling program is approaching completion and that the results are intended to support an updated Mineral Resource Estimate for the deposit.

According to the press release, the 35,000-meter infill program is supported by four drills and is on track for completion by the end of September. The company reported several highlight assays from the new batch, including 37.89 meters grading 5.29 grams per tonne of gold and 31.9 grams per tonne of silver, and 14.00 meters grading 13.09 grams per tonne of gold and 105.8 grams per tonne of silver. Other notable intervals included 32.06 meters grading 5.05 grams per tonne of gold and 28.1 grams per tonne of silver, as well as 30.00 meters grading 2.34 grams per tonne of gold and 15.9 grams per tonne of silver.

Westhaven Gold Corp. operates the Shovelnose gold property, which consists of four claims in the Spences Bridge Gold Belt. The company is currently focused on advancing the South Zone deposit through resource definition drilling and preparatory studies for a pre-feasibility study. The company said that the infill drilling is designed to infill the deposit at nominal 25-meter centers. To date, 109 drill holes totaling 34,265 meters have been completed, with six holes remaining to finish the current program. The results from these holes are expected to be included in an updated Mineral Resource Estimate that will form the basis for mine planning activities.

In addition to the infill drilling, the company announced the initiation of a 15,000-meter exploration drilling program. This program is expected to ramp up from one to four drills following the completion of the infill program. The company also stated that it has commenced a 4,000,000 Canadian dollar sonic drilling program. This program is intended to advance geotechnical and hydrogeological investigations required to support the South Zone pre-feasibility study. The company said the sonic drilling program is expected to continue through mid-December.

The current work programs are being funded under a strategic earn-in agreement with Dundee Corporation. Under this agreement, Dundee may earn up to a 60 percent interest in Westhaven’s four Spences Bridge Gold Belt properties through up to 85,000,000 Canadian dollars in staged project expenditures. The company noted that Dundee has committed a minimum of 30,000,000 Canadian dollars in the first phase, which includes the 50,000-meter resource infill and exploration drill program and ongoing pre-feasibility study work.

Key terms

Pre-feasibility study: A study that evaluates the technical and economic viability of a mining project in greater detail than a preliminary study. It includes more detailed engineering, cost estimates, and financial analysis to determine if a project is economically viable before committing to full-scale development.

Mineral Resource Estimate: A representation of the concentration and tonnage of mineralization in a deposit, estimated from specific geological evidence and knowledge. It is categorized based on the level of geological confidence, ranging from inferred to measured, and is used to assess the potential economic value of a deposit.

Infill drilling: A drilling program designed to increase the density of data points within a known mineralized area. This is done to reduce geological uncertainty and improve the accuracy of the Mineral Resource Estimate, which is critical for mine planning and economic evaluation.

Earn-in agreement: A contractual arrangement where one party can acquire an interest in a project by fulfilling specific obligations, such as exploration expenditures or funding studies. This allows the acquiring party to share the risk and cost of development while securing a future ownership stake.

Why it matters

High-grade drilling results at a project like Shovelnose provide data that can increase the estimated tonnage and grade of the mineral resource. A higher grade resource can improve the economic viability of a mine by potentially reducing the cost per ounce of gold produced. The completion of a pre-feasibility study is a standard step in the mining development lifecycle. It provides a more robust basis for financing and decision-making than earlier studies. However, a pre-feasibility study does not guarantee that a mine will be built. It is an internal evaluation that must be followed by a bankable feasibility study and regulatory approvals before production can begin.

What to watch

The documents state that the resource infill drilling program is on schedule for completion by the end of September. The company said the pre-feasibility study for the South Zone is targeting completion in the second half of 2027. The sonic drilling program for geotechnical and hydrogeological investigations is expected to continue through mid-December. The company also stated that the exploration drilling program will ramp up to four rigs through the remainder of 2026.

Sources