Westhaven stock takes hit after Shovelnose drill results

Shares of Westhaven Ventures Inc. (TSX-V: WHN) took a hit on Monday morning, down over 12% at market open and at one point traded at a six-month low of C$0.60. The company's market capitalization sits at just over C$57 million.

Earlier, the company had released results from its ongoing drill campaign at the Shovelnose gold property, highlighted by 28.72 metres of 2.97 g/t gold and 13.68 g/t silver, including 1.55 metres of 32.60 g/t gold and 130.68 g/t silver.

Drilling will continue at Shovelnose and expand from one drill to two drills this summer, says the company.

The 15,542-hectare Shovelnose project is located in the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia. It is one of four gold properties owned by the company in the SBGB.