Dundee Corporation (TSX: DC.A) has provided an update on Westhaven Gold Corp's 2026 field activities at the Shovelnose gold and silver project in southern British Columbia. The update includes initial mineral resource in-fill drilling results and the start of a Prefeasibility Study (PFS) evaluating potential mine development at the South Zone deposit.
Strategic Earn-In Agreement
On February 23, 2026, Dundee completed a strategic earn-in agreement with Westhaven, allowing Dundee to earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through staged project expenditures of up to CDN$85,000,000. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, including a fully funded 50,000m drill program at Shovelnose, which is funding the activities outlined in this release and is expected to continue through the remainder of 2026.
Key Highlights
- 8,537m of drilling (32 drill holes) completed within the South Zone deposit, representing ~23% of the planned mineral resource drilling program.
- Assay results from 14 drill holes (3,500m; ~10% of planned in-fill drilling) received, with notable results including 54.0m grading 8.99 g/t Au and 55 g/t Ag (SNR26-070) and 42.0m grading 4.35 g/t Au and 41 g/t Ag (SNR26-63).
- The drill program is expected to increase from two to four drills by May 15, 2026, ahead of schedule.
- Initial drilling focuses on completing ~35,000m of mineral resource in-fill drilling at the South Zone deposit, targeting inclusion in an updated Mineral Resource Estimate (MRE) to support the PFS, with anticipated completion in H2 2027.
- The 2026 drilling program is also expected to include ~15,000m of exploration drilling and additional dedicated drilling for hydrogeological, geotechnical, and metallurgical studies in support of the PFS.
- Environmental Assessment (EA) level environmental and socio-economic baseline programs are currently being developed, with implementation to follow in support of the PFS and future EA application.
Management Commentary
Jonathan Goodman, President and CEO of Dundee, commented: "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. We look forward to continuing this disciplined, data-driven approach with our partner as we work to unlock the long-term value of the assets."
South Zone Mineral Resource In-Fill Drilling
The 35,000m South Zone mineral resource drilling program has been designed to infill the deposit at nominal 25m centres. To date, 32 drill holes (8,537m) have been completed, representing approximately 23% of the planned program meterage. Initial results from 14 holes (3,500m or 10% of the planned meterage) are reported in this news release.
Selected Assay Highlights
- SNR26-61: 12.02m grading 3.34 g/t Au and 24 g/t Ag from 142.00m downhole
- SNR26-63: 42.00m grading 4.35 g/t Au and 41 g/t Ag from 148.00m downhole
- SNR26-68: 9.04m grading 3.98 g/t Au and 23 g/t Ag from 190.00m downhole, and 6.03m grading 3.74 g/t Au and 27 g/t Ag from 218.00m downhole, and 6.70m grading 4.08 g/t Au and 19 g/t Ag from 228.97m downhole
- SNR26-69: 11.75m grading 3.89 g/t Au and 25 g/t Ag from 161.15m downhole, and 9.50m grading 7.38 g/t Au and 68 g/t Ag from 184.50m downhole, and 1.26m grading 62.80 g/t Au and 330 g/t Ag from 198.04m downhole
- SNR26-70: 54.00m grading 8.99 g/t Au and 55 g/t Ag from 152.00m downhole, including 23.00m grading 17.04 g/t Au and 111 g/t Ag from 169.60 downhole
- SNR26-72: 6.90m grading 4.98 g/t Au and 18 g/t Ag from 237.50m downhole, and 4.49m grading 12.44 g/t Au and 46 g/t Ag from 257.00m downhole
