Gowest Gold Continues to Advance Bradshaw Gold Deposit Towards Production
11 Setembro 2013 - 9:15AM
Marketwired Canada
Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(OTCBB:GWSAF) is
pleased to provide an update on its latest engineering and drilling activities
at its wholly-owned Bradshaw Gold Deposit (Bradshaw) (formerly Frankfield East),
on the Frankfield Property, part of the Company's North Timmins Gold Project
(NTGP).
HIGHLIGHTS
-- Completed 24 holes totalling 3,689 metres ("m") on summer infill core
drilling program at the Bradshaw Gold Deposit, on the Frankfield
property, in preparation for mine planning;
-- Completed underground access ramp design for advanced exploration at
Bradshaw;
-- Commenced mine stope planning; and,
-- Received grants for surface rights for 1,327 hectares of mining claims
in prospective areas east of Bradshaw.
Gowest's President and CEO, Greg Romain, said, "We are pleased with the steady
progress we have managed on developing this project to date and how we are
tracking our timeline. Meanwhile, we are also evaluating a number of potential
financing options in order to ensure that we have the optimum funding available
to bring Bradshaw into production and maximize shareholder value. We will
continue to provide the market with updates as developments occur."
INFILL DRILLING
Gowest completed 24 holes for 3,689 m of diamond core drilling during the June
to August period. This drilling is part of an ongoing 5,000 m summer phase that
is expected to be completed by the end of September, with further assays to
follow. The results of the drilling program will be used to optimize the bulk
sampling and subsequent test mining the Company plans to initiate at Bradshaw in
2014.
Highlights from the summer drilling (see Table) include:
-- 13.59 grams per tonne ("g/t") gold ("Au") over 3.4 m (89.3 m to 92.7 m)
GW13-251
-- 10.50 g/t Au over 2.8 m (204.2 m to 207 m) GW13-254
-- 8.29 g/t Au over 2.8 m (151 m to 154.2 m) GW13-247
-- 5.89 g/t Au over 6.7 m (158.4 m to 165.1 m) GW13-248
-- 5.27 g/t Au over 8.3 m (143.7 m to 152 m) GW13-249
As of September 2, a total of 47 infill drill holes for 7,907 m had been
completed on the Bradshaw Gold Deposit since the current drilling program began
December 5, 2012. All of these infill drill holes have successfully intersected
gold mineralization at various shallow depths of less than 200 vertical m. The
results continue to confirm significant gold grade and continuity of the
resource areas that Gowest plans to test mine next year (see updated Test Mine
Layout diagram below).
To view the Test Mine Layout diagram, please visit the following link:
http://media3.marketwire.com/docs/897458-Fig1.pdf.
Table - Bradshaw Deposit Assay Results
From To Core length Avg Grade
Drill Hole Zone (m) (m) (m) (g/t Au)
----------------------------------------------------------------------------
GW13-246 HW2 66.2 67.1 0.9 2.45
GW13-247 MZ2 146.7 156.1 9.4 4.47
incl. 151.0 154.2 3.2 8.29
GW13-248 HW2 134.6 136.2 1.6 2.46
MZ2 158.4 165.1 6.7 5.89
GW13-249 HW3 65.7 66.7 1.0 2.86
MZ2 143.7 152.0 8.3 5.27
MZ1 157.2 159.8 2.6 3.03
GW13-250 MZ1 77.7 78.6 0.9 1.14
GW13-251 HW2 41.5 42.2 0.7 2.07
MZ1 88.4 95.4 7.0 8.18
incl. 89.3 92.7 3.4 13.59
GW13-252 HW2 102.4 104.2 1.8 2.64
MZ2 151.1 151.8 0.7 3.32
MZ1 154.5 158.2 3.0 1.00
GW13-253 HW1 129.6 131.1 1.5 2.32
MZ2 149.5 151.5 2.0 2.75
MZ1 155.2 156.1 0.9 1.49
GW13-254 HW1 172.0 173.0 1.0 1.64
MZ2 195.3 199.6 4.3 3.98
MZ1 204.2 207.0 2.8 10.5
GW13-255 HW1 58.4 59.1 0.7 1.88
MZ1 74.3 76.2 1.9 1.56
GW13-256 MZ1 94.8 97.6 2.8 5.30
GW13-257 HW1 95.2 96.4 1.2 4.22
GW13-258 MZ2 132.5 134.6 2.1 5.92
MZ1 143.3 147.3 4.0 6.67
incl. 145.1 147.0 1.9 12.6
GW13-259 MZ2 69.1 69.8 0.7 2.83
GW13-260 MZ2 97.8 98.8 1.0 1.33
MZ1 102.8 103.8 1.0 3.50
GW13-261 MZ2 128.5 129.3 0.8 2.11
GW13-262 HW2 34.3 35.3 1.0 9.09
HW1 56.3 62.9 6.6 3.95
MZ1 69.8 74.3 4.5 3.33
Intervals are downhole lengths and not true widths.
ADDITIONAL CLAIMS GRANTED
On June 25, 2013, Gowest received notification from the Ontario Ministry of
Northern Development and Mines that lease applications (surface and mining) have
been granted for 13 unpatented mining claims on the Tully East Property. These
13 unpatented claims, east of and contiguous to the Frankfield Property, cover
1,327 hectares.
TARGETED MILESTONES (see Timeline)
The Company is completing the Advanced Exploration permit application that will
be submitted by the first quarter of 2014. This application will include an
underground mine plan that will be helpful for developing both expected mining
economics as well as a more detailed mining schedule. Further, at the request of
Glencore-Xstrata, Gowest has initiated a feasibility study specifically focused
on the planned modifications to the Kidd Mill that will be needed to optimise
the processing of the Bradshaw gold mineralization.
Other milestones include the completion of formal partnership and financing
arrangements, which are expected to be in place prior to the end of the
permitting process. This is expected to be followed in 2014 by the start of
construction, with project commissioning and production ramp-up coming in 2015.
To view the Timeline, please visit the following link:
http://media3.marketwire.com/docs/897458-Time.pdf.
Quality Assurance & Quality Control: All drill core samples were photographed
prior to being split and logged. Sample intervals were determined based on
geological context and varied in length from 0.3 - 1.0m. Half of the split core
from each interval was bagged and delivered to the ALS Laboratory Group ("ALS")
preparation facility located in Timmins, Ontario.
All samples were prepared by ALS and analyzed for gold using fire assay
procedures with an Atomic Adsorption Spectroscopy ("AAS") finish in addition to
the completion of a multi-element ICP-AES scan. ALS's main North American assay
laboratory in Vancouver, British Columbia is accredited to ISO/IEC 17025:2005.
Qualified Person: This press release has been reviewed by Mr. Kevin Montgomery,
P.Geo., Gowest's Manager of Exploration and a Qualified Person under National
Instrument 43-101.
About Gowest
Gowest is a Canadian gold exploration and development company focused on the
delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw)
(formerly Frankfield East), on the Frankfield Property, part of the Company's
North Timmins Gold Project (NTGP) Gowest is exploring additional gold targets on
the 107-square-kilometre NTGP land package and continues to evaluate the area,
which is part of the prolific Timmins, Ontario gold camp. The latest updated
resource estimate for Bradshaw included approximately 945,600 ounces of gold
("Au") in the Indicated category (6.0 million tonnes at a grade of 4.9 grams per
tonne ("g/t") Au) and 536,800 ounces of gold in the Inferred category (3.7
million tonnes at a grade of 4.2 g/t Au). As was used in the Company's recent
Preliminary Economic Assessment, the current estimate is based on a 3.0 g/t Au
cut-off and a conservative gold price of US$1,200/oz. This resource estimate has
been completed by Neil N. Gow, P. Geo., an independent Qualified Person, and
reported in accordance with Canadian Securities Administration National
Instrument 43-101 ("NI 43-101") requirements and CIM Standards on Mineral
Resources and Reserves.
Forward-looking statements
This news release contains certain "forward-looking statements". Such
forward-looking statements involve risks and uncertainties. The results or
events depicted in these forward-looking statements may differ materially from
actual results or events. Any forward-looking statement speaks only as of the
date of this news release and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events
or results or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OF THIS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gowest Gold Ltd.
Greg Romain
President & CEO
(416) 363-1210
info@gowestgold.com
Gowest Gold Ltd.
Greg Taylor
Investor Relations
905 337-7673 / Mob: 416 605-5120
gregt@gowestgold.com
www.gowestgold.com
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