Impact: Positive
Westhaven announced a maiden I&I mineral resource estimate (MRE) for its 100%-owned Shovelnose gold project totalling 1.05M oz Au and 4.92M oz Ag (~1.2M oz AuEq). We view this MRE positively as it beat our mineral inventory estimate for the South Zone of ~916k oz AuEq. We are also impressed that the company achieved its target of delivering a maiden resource by early 2022 – particularly given the weather and fire-related challenges it faced last year in southern B.C. We believe this maiden resource is a major de-risking milestone for Westhaven and that the +1M oz Au delineated at the South Zone is likely just the beginning of what could eventually become a multimillion-ounce gold camp.
