Gowest Gold Provides Corporate Update
January 17 2020 - 7:30AM
Gowest Gold Ltd. (“
Gowest” or the
“
Company”) (TSX VENTURE: GWA) is pleased to
provide an update on the Company’s operations and other corporate
activities.
Advancing Underground
Development
Gowest announces that it is preparing to
undertake a diamond drill program to provide critical information
in preparation for extending the main ramp, locating the planned
vent raise, as well as providing additional details on the first
long stope.
The Company is also undertaking engineering
design for construction work related to the vent and escape
raises.
Ore Processing
As previously reported (see Gowest news release
dated October 17, 2019), Gowest has entered into a binding term
sheet with Northern Sun Mining Corp. (“Northern
Sun”) with respect to the processing at Northern Sun’s
Redstone Mill in Timmins, Ontario, of up to 30,000 tonnes of ore
developed from Gowest’s Advanced Exploration Bulk Sample program at
the Company’s 100% owned Bradshaw Gold Deposit
(“Bradshaw”). Northern Sun is now working on
obtaining the necessary permits to process this ore, and it is
currently expected that this processing will begin by mid-2020.
Greg Romain, President, and CEO of
Gowest Gold said, “We are very pleased to be moving
ahead again with Bradshaw. I would like to take this opportunity to
thank all of our stakeholders for their continued cooperation and
support. We will provide updates on our progress in the
coming weeks and months as we return to developing what we expect
will be the next new gold mine in the Timmins camp.”
Community Open House
Gowest is also holding an open house information
session on the mine production closure plan on January 23, 2020, in
Timmins. (Details are available at the Company’s website:
https://www.gowestgold.com/)
Gowest is holding this public meeting about the
Bradshaw Gold Project to:
- Provide information on the plans for the Advanced Exploration
and Mine Production Phases;
- Provide information about the environmental permitting and
current approvals;
- Report upon ongoing Health, Safety, Environmental and Social
performance; and,
- Interact with the community and obtain feedback on the Bradshaw
Mine Project and the Bradshaw Mine Production Closure Plan.
Production Closure Plan
Background
In anticipation of processing the bulk sample
ore at the Redstone Mill and moving towards mine production
beginning mid-2020, the Company has been preparing a new Production
Closure Plan for submission to the provincial ministry of Energy,
Northern Development and Mines.
Currently, all environmental approvals are in
place for the Mine Production phase, with the exception of the Mine
Production Closure Plan, which is the subject of this meeting. The
Bradshaw site was designed and developed for eventual mine
production, with a minimal surface footprint. No ore processing
will occur at the mine site.
The main project infrastructure that will be
required for the Mine Production Stage includes:
- Advancement of underground mine workings;
- Construction of a new vent raise and escapeway; and,
- Some additional ancillary buildings and storage areas.
All interested persons are encouraged to actively provide input
into the Production Mine Closure Plan.
Shares for Debt
As previously announced (see Gowest news release
dated December 20, 2020), the Company has issued 2,725,000 common
shares of the Company to settle an aggregate of $545,000 of
indebtedness. The shares are issued in lieu of cash in order to
conserve the cash resources of the Corporation
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), on the Frankfield
Property, part of the Company’s North Timmins Gold Project
(NTGP). Gowest is exploring additional gold targets on its
+100‐square‐kilometre NTGP land package and continues to evaluate
the area, which is part of the prolific Timmins, Ontario gold
camp. Currently, Bradshaw contains a National Instrument
43‐101 Indicated Resource estimated at 2.1 million tonnes (“t”)
grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand
ounces (oz) Au and an Inferred Resource of 3.6 million t grading
6.47 g/t Au containing 755 thousand oz Au. Further, based on the
Pre‐Feasibility Study produced by Stantec Mining and announced on
June 9, 2015, Bradshaw contains Mineral Reserves (Mineral Resources
are inclusive of Mineral Reserves) in the probable category, using
a 3 g/t Au cut‐off and utilizing a gold price of US$1,200 / oz,
totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz
Au.
Forward-Looking Statements
This news release may contain certain “forward
looking statements.” Forward-looking statements involve known
and unknown risks, uncertainties, assumptions and other factors
that may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. 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 SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please
contact:
Greg
Romain |
Greg
Taylor |
|
|
President & CEO |
Investor Relations |
|
|
Tel: (416) 363-1210 |
Tel: 416 605-5120 |
|
|
Email: info@gowestgold.com |
Email: gregt@gowestgold.com |
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