TORONTO, June 01, 2020 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (“Gowest” or the “Corporation”) (TSX VENTURE:GWA) is pleased to announce assay results from the recently completed spring core drill program at its 100% owned Bradshaw Gold Deposit (“Bradshaw”) within the Company’s North Timmins Gold Project (“NTGP”). This latest surface drilling program was designed to assist in the development of Bradshaw’s mineable resource, and more specifically focused on the location of the vent raise, the secondary egress necessary for the production phase of the mine and on the crown pillar assessment prior to continuing the expansion of the Advanced Exploration Bulk Sample program.
Highlights: Successfully extended gold horizons to subsurface Best intercepts include:2.2 m of 12.24 grams per tonne (g/t) gold intersected in hole BGMGT-01Including 0.7m grading 33.9 g/t gold2.5 m of 1.89 g/t gold also in hole BGMGT-03Including 0.5 m grading 4.36 g/t gold“We are pleased to be able to report that we are continuing to advance the development of Bradshaw, and to provide the results from the recent drilling at the deposit,” said Greg Romain, Gowest’s President and CEO. “In addition to the significant technical information that we have received, we can reconfirm our belief that the deposit extends beyond the currently defined outline in a new area adjacent to the existing underground infrastructure. This clearly underlines the potential to add additional ounces to our resources and reserves at the project.”Technical Review:This latest program included six diamond drill holes, which were completed for 330 metres (m) of surface drilling (see Figure 1 below.) Three of the holes were drilled near the mine development infrastructure to assess the crown pillar, which provides the primary support for the top of the mine. The other three holes were drilled to the north of the deposit to gather information in preparation for developing the first leg of the ventilation raise and the secondary egress for the mine (see Gowest news release dated May 6, 2020.)Two of these first three holes intersected mineralization supporting continuity of gold mineralization above the 30m Level. The gold mineralization in hole BGMGT-01 represents the up-dip extension of the north ore zone developed on the 30, 45, and 60m Levels. BGMGT-03 intersected part of a southern ore zone developed on 30 and 45m Levels.
The ventilation and egress drill holes, which were located in the adjacent mafic volcanic package to the immediate northwest of the Bradshaw deposit and in the existing ramp development area, intersected lower grade gold mineralization. At approximately 17.5m and 34.5m downhole Pilot-hole1 intersected short intervals of 2.83g/t Au and 2.70g/t Au, respectively. Pilot-hole3 intersected 0.4m at 4.02g/t approximately 14.5m downhole.Continued step-out drilling is planned to extend the known gold zones deeper within the deposit and to further test targets where new and historic drilling (see Gowest news release dated June 27, 2019) has intercepted gold mineralization near and to the northwest of the Bradshaw deposit.Table 1. Gold intersectionsThe above intervals reflect downhole lengths of the mineralization. Reported gold values are uncapped. The drill results were received from Activation Laboratory (Actlabs,) an independent laboratory in Timmins, Ontario.BGMGT-02 was not sampled, and Pilot-hole 2 had no significant mineralization.Table 2. Hole location and directionFigure 1. Drill hole location and underground developmentPhotos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fe0a855e-fb1e-4803-80c3-f5744da77c1ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/2ea4fd16-e8a2-4879-b3f8-49526a256526About GowestGowest 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, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.Qualified PersonThe technical information in this news release has been reviewed and approved by Yungang Wu, P.Geo., Gowest’s Senior Geologist, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.Forward-Looking StatementsThis 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
President & CEO
Tel: (416) 363-1210
Email: [email protected] Greg Taylor
Investor Relations
Tel: 416 605-5120
Email: [email protected]
Bay Street News
