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Westhaven Gold: Drills Confirm Wide High-Grade Gold Continuity with Potential to Scale

CEO.CA Jun 2, 2026 12:40

Summary

Westhaven's Shovelnose project pairs a one-million-ounce gold-silver resource with AISC (All-In Sustaining Cost — what it really costs to produce an ounce) under $900.

Armstrong argues investors should judge a mine by after-tax margin per ounce rather than a 100,000-ounce annual production screen.

Infill drilling is confirming continuity of wide, high-grade intercepts, which reduces grade-capping risk in the resource estimate feeding the pre-feasibility study.

Dundee's $85 million partnership funds the campaign while Westhaven keeps 40% and stays free to sell that stake, with no corporate right of first refusal.

Sitting beside the Coquihalla Highway with power on site, the project avoids major infrastructure build-out and holds pre-production capital under $200 million.

Ken Armstrong's takeaways

  • Top takeaway His central argument is that Shovel Nose should be judged on margin rather than ounces per year — he puts after-tax margin near US$1,300 per gold ounce and rejects the 100,000 oz/yr benchmark he says most Canadian projects are held to.
  • He defends the roughly 56,000 oz/yr gold and 300,000-330,000 oz/yr silver production profile, citing Dundee's willingness to partner as support and the low capital intensity of the build as the reason the smaller scale is not a problem.
  • He expects the infill program to solidify rather than expand the roughly one million ounce gold-equivalent resource across three deposits, with the pre-feasibility study advancing in parallel through metallurgical samples in the lab and environmental and socioeconomic baseline studies starting ahead of the assessment process.
  • He frames near-term news flow as exploration-led, pointing to an airborne magnetic survey just completed over the southern Shovel Nose property, with new targets to be folded into a summer 2026 exploration program of roughly three times last year's metres.
  • He presents the company's four properties across roughly 100 km of the Spences Bridge belt as one epithermal system with the same plumbing, saying the current funding model is the first that allows proper follow-up along the full trend.