Westhaven Gold Corp has officially entered into a strategic transaction with Talisker Resources Ltd, a transaction where the former will conduct necessary staking to expand its Shovelnose gold property by 24,000 hectares and take it to 41,623 hectares. More on the same would reveal how Westhaven will acquire 12 claims covering 23,550 hectares contiguous with its Shovelnose gold property. As for staking, the company has staked an extra 450 hectares worth of land to enhance the given transaction. Another detail worth a mention here is rooted in the fact that Westhaven will acquire the Claims from Talisker by paying $20,000 in cash, while simultaneously granting a 1% Net Smelter Royalty (NSR) on the Claims. On top of that, it will also issue an aggregate of 1,500,000 common shares of the company. These shares, on their part, will be subject to contractual restrictions to be released in equal installments at 4 months, 8 months, and 12 months intervals, from their issuing date. Westhaven will also enjoy an option to buyback the 1% NSR at anytime for a flat sum of $1,000,000. Among other things, it ought to be mentioned that the transaction in question remains subject to satisfaction of closing conditions customary for transactions of this nature, as well as to TSX Venture Exchange’s approval. Furthermore, alongside the contractual restrictions outlined above, all of the shares issuable, pursuant to the Agreement will be subject to applicable resale restrictions. Having referred to the relevant supporting details, it’s time for us to turn our attention towards what all the stated transaction signifies on a slightly deeper level.
For instance, it shows Westhaven increasing its exposure to an emerging epithermal gold district. Next up, it effectively highlights a corridor that hosts South Zone, FMN and Franz, extending for over 11km and trending into claims to the southeast. Markedly enough, the southeast extent of this corridor happens to be highly prospective, containing anomalous epithermal pathfinders; antimony (Sb) and mercury (Hg), and the recently discovered Certes. By doing so, it also shows where exactly the bended mercury-bearing, high level epithermal quartz has been identified. With southeast extent of the corridor still not drill tested, the presence of high-level quartz veins and anomalous Sb-Hg geochemistry proposes a possibility that the southeast extent of Shovelnose epithermal corridor is more preserved, indicating a strong probability for an even greater amount of untapped discoveries within this area.
“Property wide prospecting, sampling, and mapping continue to generate new zones of interest outside of the main discovery and resource areas at Shovelnose. Cumulative geochemical and geophysical data continues to highlight a potentially significant mineralized corridor that projects across the Shovelnose property in a northwest-southeast orientation. This corridor which now spans more than 11 kilometers, includes the Franz, FMN, Line 6 and South zones and soon-to-be drill tested, Certes Zone. By acquiring and staking these claims, Westhaven has increased the potential exposure to this mineralized corridor,” said Gareth Thomas, President & CEO of Westhaven Gold Corp.
Making the whole development even more important is, of course, the existing stature of Westhaven. You see, founded in 2010, Westhaven’s rise up the stems from being a gold-focused exploration organization well-equipped to advance the high-grade discovery. At present, the company controls an estimated 60,950 hectares (~609.5 square kilometers) with four gold properties.
