Westhaven Gold Corp. announced the results from its Mineral Resource Estimate (MRE) at its 100% owned 17,623-hectare Shovelnose Gold Property. The Shovelnose Gold Property is located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 km south of the City of Merritt, British Columbia (Canada).

The initial open-pit constrained MRE is of the South Zone, and was completed by P&E Mining Consultants Inc., based on a total of 145 surface drill holes (56,491 m), 25,920 drill core analyses, 3,302 bulk density measurements, and preliminary metallurgical testwork. Shovelnose South Zone MRE Highlights: 791,000 ounces of gold and 3,894,000 ounces of silver Indicated. 263,000 ounces of gold and 1,023,000 ounces of silver Inferred.

75% of the MRE in the higher confidence Indicated classification: 10.60 million tonnes at 2.47 g/t for 841,000 gold equivalent (AuEq) ounces. Average AuEq grade of Indicated MRE is 7 times higher than the cut-off grade, demonstrating excellent potential for future economic extraction. Indicated mineralization is largely associated with the individual vein zones, whereas the Inferred is associated with the broader Veinlet Domain.

This MRE is based on potential open-pit extraction " an MRE based on potential underground mining is in preparation and will be reported in the coming months. South Zone is just one of the many known mineralized zones on the Shovelnose Gold Property. Shovelnose is situated off a major highway, near grid power, rail, large producing mines, and within easy commuting distance from the City of Merritt.

A total of thirteen mineralization veins and an encompassing low-grade halo (‘Veinlet Domain') were interpreted and constructed, as shown in both plan view (Figure 1) and as a representative cross section. Models were developed for each vein using the drill core field logs and assays, and represent continuous gold and silver mineralization constrained with a cut-off value of 0.35 g/t AuEq (gold equivalent = Au g/t + Ag g/t/77.9) to a minimum thickness of 2 m drill core length. The 3-D constraining domain wireframes were treated separately for the purposes of rock coding, statistical analysis, compositing limits, and definition of the extent of potentially economic mineralization.

All mineralization veins were clipped by the overburden surface. The Mineral Resource was classified as either Indicated or Inferred based on the geological interpretation, variogram performance and drill hole spacing. Indicated Mineral Resources were classified within the veins using at least two holes within a spacing of 45 m or less.

Inferred Mineral Resources were classified for vein blocks at a lower density of drilling, and for the entire Veinlet Domain. Mineralization of the South Zone is considered to be potentially amenable to open pit mining methods, and the Mineral Resource Estimate reported herein is constrained within a pit shell based on a gold equivalent cut-off of 0.35 g/t. Additional mineralization exists outside of that pit shell. Mineralization at the South Zone may also be potentially economic for underground mining, however, that work has not yet been undertaken.

The reader is cautioned that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.