TSX VENTURE SYMBOL: GWA
Gowest Confirms New High-Grade Gold Zones at Bradshaw
February 12, 2018, 8:59 am
TORONTO, Feb. 12, 2018 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (TSXV:GWA) (the “Company”) is pleased to report that the latest assay results from the recently completed underground infill drilling program at the Bradshaw Gold Deposit (Bradshaw) have revealed two, new, high-grade gold zones.
These latest results were received from the independent laboratory after the previously reported assays (see Gowest news release dated Nov. 29, 2017) from the 29 holes drilled in this campaign. One hole, BGM17-045-12, intersected the new Bradshaw North zone from 68.0 to 72.2 metres (“m”) (4.2m) at 20.91 grams per tonne (“g/t”), including 1.9 m at 42.15 g/t gold. This intercept is 25 m east of the 156 g/t interval in hole BGM17-045-15. (See Tables and Plan View Images below)
The Company is planning a new drill program to define the extents of this first new zone, which is currently open in all directions. This zone is 25 m north of the existing Bradshaw Mineral Reserves (see About Gowest below) and offers the potential to add a significant amount of additional material to the resources.
The twelve holes BGM17-045-18 to -29 are infill holes in the area of the bulk sample. All holes intersected gold mineralization and assist in defining the stopes to be mined for the bulk sample.
In addition to the infill holes, hole BGM17-045-30 was drilled to the north to follow up on a gold-bearing structure identified in a historical intercept in 2005 (GW05-30) (see Gowest news release dated April 19, 2005), which is approximately 150 m north of existing mineral resources and the bulk sample. That historic hole intersected from 263.85 to 267.85 m (4.0 m) at 14.07g/t and, from 275.1 -279.62 (4.5 m) at 10.15g/t. The latest drilling confirmed the mineralization and intersected 0.3 m grading 28.4 g/t within a 1.5-m interval grading 6.21 g/t gold in this second new zone. Plans are being made to define the extents of this newly identified high-grade gold zone, which is also open in all directions.
Continuing to define the ore body
As previously reported (see Gowest news release dated November 29, 2017), the Company’s infill drilling program in advance of extracting the bulk sample is being conducted as part of the Company’s plan to gather as much information on the deposit as possible, including tightening the drill spacing in order to increase the technical team’s detailed knowledge of the mineralized structures. In addition to helping to refine the deposit geometry, which in turn defines stope limits, this work provides important data for grade control. Thirty (30) holes have been completed so far for a total of 3,871 metres, reducing the distance between drill holes in the area of the advanced exploration bulk sample to between 12.5 and 20 m. As expected, all holes intersected gold mineralization to contribute to the geological model supporting the bulk sample.
Table 1. Gold intersections
|Hole||From (m)||To (m)||Length||Au (g/t)|
The above intervals reflect approximate true widths of the mineralization. Reported gold values are uncapped.
Table 2. Hole location and direction
|Hole Name||Easting||Northing||Level||Length||Collar Dip||Collar Azimuth|
Please visit our website (www.gowestgold.com) for photographs of the ongoing development at Bradshaw and to review our corporate presentation.
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 Corporation’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.
The technical information in this news release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., Gowest’s Director of Exploration, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.
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:
President & CEO
Tel: (416) 363-1210
Tel: (416) 605-5120
An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/aca85cea-fe6c-4cf6-a9af-2887df97727c