Gowest Provides Update on Bradshaw Gold Deposit
February 04 2014 - 6:57AM
Marketwired Canada
Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(OTCBB:GWSAF) is
pleased to provide an update on the final results for the infill drill program
in 2013 and advanced exploration and mine permit application at its wholly-owned
Bradshaw Gold Deposit (Bradshaw) on the Frankfield Property, part of the
Company's North Timmins Gold Project (NTGP).
HIGHLIGHTS
-- 2013 infill core drilling program at the Bradshaw Gold Deposit completed
and all gold results received for final 30 holes totalling 4,601 metres
("m");
-- Infill drilling results provide greater confidence in current mine
development planning with drill hole spacing of 15-20 m in select areas;
-- Advanced exploration permit application progressing well with the
completion of a geo-environmental field investigation at Bradshaw;
-- Option and Joint Venture Agreement with Transition Metals Corp. ("TMC")
amended.
INFILL DRILLING
Gowest completed 30 holes for 4,601 m of infill diamond core drilling in late
fall, 2013. All logging and geophysical data collection on the core has been
completed and all gold analytical results have been received from this drilling.
Highlights from the final holes of this program (see Table) include:
-- 10.66 grams per tonne ("g/t") gold ("Au") over 1.8 m (Depth: 212.5 m to
214.3 m) GW13-270
-- 10.45 g/t Au over 1.7 m (162.2 m to 163.9 m) GW13-267
-- 7.75 g/t Au over 3.4 m (67.1 m to 70.5 m) GW13-272
-- 7.08 g/t Au over 3.7 m (75.3 m to 79 m) GW13-272
-- 5.85 g/t Au over 6.9 m (54.3 m to 61.2 m) GW13-263
-- 5.78 g/t Au over 5.9 m (62.9 m to 68.8 m) GW13-271
The results of this drilling program are being compiled and used to optimize the
bulk sampling and subsequent test mining the Company plans to initiate at
Bradshaw in 2014.
Table - Bradshaw Deposit Assay Results
Core length Avg Grade
Drill Hole Zone From (m) To (m) (m) (g/t Au)
GW13-263 HW3 20.5 21.3 0.8 2.32
HW1 54.3 61.2 6.9 5.85
Inc 54.3 57.2 2.9 8.20
MZ2 64.0 66.0 2.0 3.19
MZ1 70.4 78.1 7.7 1.62
GW13-264 MZ2 124.2 125.2 1.0 1.83
GW13-265 HW1 173.8 175.4 1.6 3.08
MZ2 180.8 182.8 2.0 1.21
MZ1 190.1 191.8 1.7 2.35
GW13-266 HW2 112.3 115.3 3.0 2.60
HW1 142.4 143.7 1.3 3.47
MZ2 152.7 153.8 1.1 3.77
MZ1 184.9 185.8 0.9 1.16
GW13-267 HW4 92.4 93.3 0.9 2.21
HW1 162.6 166.8 4.2 6.12
Inc 162.2 163.9 1.7 10.45
MZ1 210.3 212.3 2.0 2.59
GW13-268 HW2 44.9 46.5 1.6 5.12
MZ1 97.9 99.6 0.7 1.56
GW13-269 HW2 105.8 107.4 1.6 3.70
HW1 141.4 143.8 2.4 2.46
MZ2 157.8 161.5 3.7 4.62
MZ1 167.2 168.1 0.9 7.81
GW13-270 HW4 122.8 125.0 2.2 1.60
HW1 181.0 185.2 4.2 4.84
MZ2 205.0 218.8 13.8 2.89
Inc 212.5 214.3 1.8 10.66
MZ1 230.0 232.0 2.0 1.18
GW13-271 MZ2 62.9 68.8 5.9 5.78
Inc 67.1 68.8 1.7 10.38
MZ1 84.0 84.7 0.7 8.50
GW13-272 HW3 17.4 20.4 3.0 1.10
HW1 58.7 63.5 4.8 4.63
Inc 58.7 59.8 1.1 13.80
MZ2 67.1 70.5 3.4 7.75
Inc. 76.4 78.0 1.6 10.40
MZ1 75.3 79.0 3.7 7.08
GW13-273 MZ2 128.8 132.5 4.3 2.68
MZ1 144.2 149.6 5.4 2.83
GW13-274 HW3 126.5 127.5 1.0 5.49
MZ2 176.0 180.6 4.6 4.40
MZ1 201.0 201.9 0.9 2.42
GW13-275 HW1 174.4 176.9 2.5 4.94
MZ2 202.1 208.0 5.9 2.91
Intervals are downhole lengths and not true widths.
This infill drilling was carried out over a 260 m strike length of the M1, M2
and HW1 zones (486560 to 486820E) and straddled the proposed centre of the
advanced exploration circular ramp (see updated Test Mine Layout diagram below).
The drilling extended to a maximum vertical depth of 200 m below surface, the
bottom of the proposed advanced exploration circular ramp. The density has now
increased to a drill hole spacing of 15-20 m in select areas. Assay results will
aid in determining the gold mineralized areas for test mining during the
proposed underground advanced exploration stage.
ADVANCE EXPLORATION & MINE CLOSURE PLAN
In late 2013, a geo-environmental drilling and test pitting program was carried
out east of the proposed ramp portal location at Bradshaw. The drilling
consisted of six auger holes that tested the overburden and the top 3 m of
bedrock. The test pitting was comprised of six shallow overburden pits dug by a
backhoe. This program was completed for the geotechnical investigation of the
proposed waste rock stock piles, overburden stock piles, run-off and polishing
pond locations. It is part of the advanced exploration and mine closure plan
permit application process for mining the deposit which is well underway with
the current plan to have the application submitted at the end of Q1 2014.
AMENDING TRANSITION METALS OPTION AND JOINT-VENTURE AGREEMENT
In addition to the above, Gowest is also pleased to report that it has amended
its Option and Joint Venture Agreement with Transition Metals Corp. ("TMC"),
dated April 25, 2011, (see Gowest announcement dated April 26, 2011) pursuant to
which Gowest can earn an initial 60% interest and up to a 75% interest in
approximately 3400 hectares (34 square kilometres) in the Porcupine mining
district (the "Pipestone Property"). Specifically, TMC has agreed to extend the
period during which Gowest can earn its initial 60% interest in the Pipestone
Property by one year, in exchange for the issuance and payment to TMC of 100,000
common shares of Gowest. Gowest will now have until April 25, 2015 to satisfy
its obligations to earn its initial interest in the Pipestone Property.
To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/GWAImage1_020414.jpg.
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),
on the Frankfield Property, part of the Company's North Timmins Gold Project
(NTGP). Gowest is exploring additional gold targets on its 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 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 or Mobile: 416 605-5120
gregt@gowestgold.com
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