-- Dundee (DC-A.TO) reported Thursday the latest in-fill drilling results from Westhaven Gold's (WHN.V) Shovelnose gold-silver project in British Columbia.
Dundee has an option to earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties including Shovelnose by funding up to C$85 million in staged project expenditures. Under the first phase, Dundee has committed a minimum of C$30 millon, inclusive of a fully funded 50,000m drill program at Shovelnose, which is funding the activities outlined and is expected to continue through the remainder of 2026.
Among drilling highlights, assays from 14 drill holes include 54.0 meters grading 8.99 grams per tonne (g/t) gold and 55 g/t silver, as well as 42.0 m grading 4.35 g/t gold and 41 g/t silver.
About 8,537 meters of drilling have been completed within the South Zone deposit, representing 23% of the planned mineral resource drilling program, Dundee said.
Initial drilling is focused on completing 35,000 m of mineral resource in-fill drilling at the South Zone deposit to support an updated resource estimate for a pre-feasibility study expected in the second half of 2027.
The 2026 drilling program is also expected to include 15,000 m of exploration drilling and additional dedicated drilling for hydrogeological, geotechnical and metallurgical studies.
"We are pleased with the early progress of the South Zone resource in-fill drilling program, which is advancing in line with our expectations and continuing to support our confidence in the continuity and quality of the deposit. The initial work is enabling us to better define the margins of the mineralized system and provides an important foundation for the next stages of technical work as we advance the project through the joint venture," Dundee President and Chief Executive Officer Jonathan Goodman said.
Shares in Dundee gained 5.6% yesterday.