Gowest Provides Update on Bradshaw Gold Deposit
February 4, 2014 (Source: Marketwired) — 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).
- 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.
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|
|Drill Hole||Zone||From (m)||To (m)||Core length
|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.
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.
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.
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