Mining operation as seen from overhead via/Dundee Corporation
A sizeable investment is coming from a multi-national Canadian mining firm into the so-called ‘Spences Bridge gold belt.’
Toronto-based Dundee Corporation and Vancouver-headquartered Westhaven Gold have announced the investor approval of an “earn-in agreement,” which will see Dundee invest a total of $85 million Canadian Dollars (CAD) to take up to a 60% stake in Westhaven’s four gold mining projects in the ‘belt.’
“We are delighted to officially close this strategic transaction, securing Dundee’s participation in one of Canada’s most compelling exploration and development opportunities,” said Jonathan Goodman, President and CEO of Dundee in a release issued Monday morning. “This partnership marks an important milestone for our growth strategy, bringing together Dundee’s financial strength and project expertise with Westhaven Gold’s exceptional assets and team.”
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Map of the so-called Spences Bridge Gold Belt and the mining projects connected to Westhaven [blue/grey], as well as other mining operations in the area/via Westhaven Gold
The over 40,000 hectare mining claim covers both sides of the Coquihalla Highway, though the vast majority of the claim lies to the southeast of the Coquihalla toward Princeton to the south.
“With Dundee funding up to $85 million (CAD) we are entering a period of accelerated exploration and development at Shovelnose,” said Ken Armstrong, President and CEO of Westhaven in a release. “The $30 million (CAD) in committed first phase funding will include $20 million (CAD) of resource and exploration drilling in 2026.”
“Dundee brings proven financial capacity and project execution capability, while Westhaven contributes deep operational strength and technical knowledge of the region,” added Armstrong. “Together, we are well positioned to advance the development potential of Shovelnose and unlock exploration upside across the Spences Bridge Gold Belt”
The Shovelnose project is one of four plots that Dundee has agreed to put money into along the so-called Spences Bridge Gold Belt, which runs along a stretch from the Canada/US border area south of Princeton to the northwest along a path which crosses near Lytton — an area of BC which helped spawn the Fraser River gold rush of the mid-19th century.
[CLICK PHOTO TO EXPAND] Prospectors sluicing for gold in the Fraser River during the mid-19th century Fraser River gold rush/via Westhaven Gold
The other two plots are the Skoonka gold project north of Lytton and the Skoonka North claim to the north of Spences Bridge.
As part of the confirmation of the deal revealed Monday morning, Dundee is expected to pump $20 million (CAD) into exploration financing at the four Westhaven sites before the end of the calendar year.
Not clear yet how many jobs or other opportunities this may generate for the region, though an updated Preliminary Economic Assessment of the Shovelnose project south of Merritt suggests the mining operation would have an approximately 11 year lifespan, employing around 130 people locally.
The company estimates the mine — with an initial start-up investment of $184 million (CAD) and a cost to operate the mine at just under $380 million (CAD) for 11 years, the amount of gold and silver generated from the mine would pay off all of those initial and continuing costs of a combined $564 million (CAD) — plus all taxes — in just over 2 years time.
This would leave the remaining 9 years as profit, with an average rate of return set at just over 43% — based on the price of gold trading at just over $4,100 (CAD) per ounce.
As of Monday, February 23, 2026, the spot gold price was trading at over $5,200 per ounce.
