Gowest Gold History

1960s-1990s

  • Kidd Creek base metal discovery in 1964 sparks an exploration rush focussed exclusively on locating base metals deposits
  • Airborne EM surveys and subsequent drill testing of conductors lead to the discovery of several gold occurrences including Frankfield East
  • Gowest acquires interest in the area
  • Develops new geological model: identifying shear structure at mafic-ultramafic contact
  • Drilling intersects gold mineralization on the Frankfield zone at a vertical depth of 600 metres establishing depth potential

2000-2008

  • Geophysical surveys and several drilling campaigns leading to an inferred mineral resource of 510,000 ounces at the Frankfield East deposit, strengthening confidence in the geological model
  • Progress hindered by lack of ownership on adjacent claims and 50/50 JV arrangement on Frankfield

2009

  • Gowest acquires 100% of Frankfield east and adjacent claims
  • All available data compiled for entire regional area
  • Geochemical and high-res geophysical surveys conducted on the Frankfield Property
  • Environmental baseline and metallurgical studies commence

2010

  • Major drilling program of 30,000m expands the Frankfield East deposit both along strike and at depth.
  • Deep drilling demonstrates the continuity of the gold horizon to a minimum vertical depth of 900m.
  • Gowest acquires adjacent properties in Tully township from Goldcorp to increase land holdings by 400%

2011

  • Updated 43-101 compliant resource estimate completed demonstrating 1.2 MM oz.
  • Drilling program continues to extend deposit strike and demonstrates the continuity to vertical depths in excess of 1000m.
  • Gowest increases overall land holdings along Pipestone fault to approximately 60 square kilometers.
  • Regional geophysical and geochemical program underway to identify “Frankfield-style” targets for winter drill program.
  • First Nations Memorandum of Understanding agreement executed
  • Completed Preliminary Economic Assessment (PEA) for Frankfield Deposit

2012

  • Gowest land position increases to 93 sq km
  • Environmental baseline work completed for mine permitting
  • Positive full-scale ore sorting optimization test
  • Resource expansion drilling program confirms gold mineralization to at least 1.4 km along strike and 1.1 km vertical depth (deposit remains open)
  • Advancing plans to use a third-party processing facility to custom treat Frankfield East ore within 30 months.
  • Updated NI 43-101 compliant resource estimate completed demonstrating almost 1.5 MM oz.

2013

  • Gowest increases land position to 107 square km
  • Gowest signs Letter of Intent with Glencore Xstrata for Kidd Mill processing
  • The Frankfield East Gold deposit is renamed the Bradshaw Gold Deposit ("Bradshaw") after Ronald J. Bradshaw who, as founder of Gowest (formerly Gowest Amalgamated Resources Ltd.), was instrumental in the discovery of this now-advanced gold asset
  • The Tully North Gold Zone is renamed the Roussain Gold Zone after Randall J. Roussain who was instrumental in negotiating Gowest's acquisition agreement of this claim package with Goldcorp in 2011 and assisted in hole location for the successful exploration drill campaign completed in the winter of 2012-13
  • The Texmont Gold Zone is renamed the Sheridan Gold Zone after J. Patrick Sheridan, a long-time prospector and Gowest investor and the owner of New Texmont, a company that initially discovered the zone in the late 1980's
  • Gowest received a $750,000 royalty payment from Gold Royalties Corporation (“Gold Royalties”) for the purchase of a 1.0% gross royalty interest on gold production from Gowest’s NTGP, including the Bradshaw Gold Deposit and a right-of-first refusal agreement with respect to future gold streams associated with the NTGP.

2014

  • Memorandum of Understanding (MOU) signed with United Commodities AG (UC), which contemplates a potential strategic partnership that would enable Gowest to have future gold concentrate from Bradshaw refined at UC’s processing facility in North Cobalt, Ontario.
  • Gowest acquired two mining leases (12 claim units) covering 193 hectares (1.93 sq km) adjacent to the eastern portion of Bradshaw. Formerly known as the White Star property, the surface rights (81 hectares) accompanying these newly acquired leases provide additional land needed for the infrastructure to be built around Gowest’s planned mine at Bradshaw, including room for the planned waste rock dump and settling ponds. Also, Gowest believes that this new property has strong geological potential and could enable the Company to extend Bradshaw’s current 1.3 kilometre gold mineralization strike length still further to the east.
  • Following shareholder approval and sanctioned by the TSX Venture Exchange, Gowest raised gross proceeds of $3,400,000 through the sale of Units to Fortune Future Holdings Limited. In connection with this investment, Mr. Yungang Wu, a nominee of Fortune, was appointed to the board of directors of the Corporation.

2015

  • Gowest announced the results from the Pre-Feasibility Study (“PFS”) completed for the Bradshaw Gold deposit. The PFS was conducted by Stantec Mining (“Stantec”) through their Mississauga, Ontario office. The PFS was focused on mining the upper 500 vertical meters (“m”) of mineralization at Bradshaw. Previous drilling has intercepted mineralization at a vertical depth of 1,350 m, indicating the deposit remains open for additional development.
  • The Company’s Closure Plan for Advanced Exploration – Bradshaw Deposit (the “Plan”) permit application was formally accepted for public consultation by the Ontario Ministry of Northern Development and Mines.
  • Gowest entered into an agreement with Crown Mining Corp. to acquire a 100% interest in four patented claims totalling 64 hectares located in Whitney Township near Timmins, Ontario. The claims adjoin the north and northwest boundary of the Hallnor property where the Hallnor Gold Mine was among the richest in the Timmins camp, and produced 1.7 million ounces from an area enclosed within four claims (64 hectares).
  • Gowest received notice from the Ontario Ministry of Northern Development and Mines (“MNDM”) that the Company’s Closure Plan for Advanced Exploration – Bradshaw Deposit (the “Closure Plan”) had been filed.
  • Gowest completed a program that encouraged the early exercise of 46,962,500 outstanding common share purchase warrants of the Company at a price of $0.06, raising aggregate gross proceeds to the Company of $2,817,750. Of this total, Directors, Officers and Insiders exercised 44,512,500 warrants to contribute $2,670,750.
  • Gowest purchased the 1.5% net smelter return royalty (the “Royalty”) held by the Sheridan group. on the Company’s Frankfield Property, which includes the Bradshaw Gold Deposit and the Sheridan Zone for an aggregate consideration of 10,000,000 common shares of Gowest (each share having a deemed value of CDN$0.10).
  • Gowest closed a non-brokered private placement of 10,177,420 “flow-through” units of the Corporation (the “Units”), at a price of $0.10 per Unit, for aggregate gross proceeds of $1,017,742. Each Unit was comprised of one common share and one-half of one common share purchase warrant issued on a flow-through basis, with each Warrant being exercisable to acquire one common share of the Corporation at a price of $0.15 until December 22, 2017.

2016

  • Gowest provided an update on its development plans for the Company’s North Timmins Gold Project (“NTGP”), including plans to make the Bradshaw Gold Deposit the next new gold mine in the Timmins gold camp:
    • Advanced Exploration (“AE”) permitting process is in the final stages of review, but has been delayed by Ontario government processing
    • Revised target to commence site preparation work and mine development at Bradshaw: Q3 2016 and AE bulk sample collection to begin latter part of Q4 2016
    • Previous Bradshaw area drill results proximal but not included in the resource estimation, due to insufficient drilling, provide opportunity with further drilling to expand resources – drilling plans are being prepared
    • Ongoing technical review indicates excellent potential to expand the global NTGP gold resource beyond Bradshaw deposit area
    • Planning new geophysical surveys followed up by drill programs at Sheridan and Roussain gold zones
  • Gowest announced its intention to issue an aggregate of 1,312,500 common shares to non-management directors of the Corporation, as partial payment of fees owed to such directors in respect of the period from November 1, 2013 to October 31, 2015. The aggregate deemed value of the common shares to be issued is $105,000.00. The shares are being issued in lieu of cash in order to conserve the cash resources of the Corporation.
  • Gowest’s Induced Polarization (“IP”) program has helped to reveal a distinct signature for the mineralization within its Bradshaw Gold Deposit, providing knowledge to help identify the best new exploration targets in the immediate surrounding area, as well as along untested portions of Gowest’s 20-kilometre segment of the prolific Pipestone Fault structure, which hosts Bradshaw and several other mineral deposits.
  • The Company reported that it has received all of the permits required to begin Advanced Exploration (“AE”) work at Bradshaw; is advancing discussions to secure all required contracts and funding to allow for the mining and processing of the AE bulk sample; and, is progressing on detailed engineering work in advance of the start of the AE bulk sample collection.
  • The Company entered into an negotiation agreement with Northern Sun Mining Corp. (“Northern”) for the use of the Redstone Mill (the “Mill”) located in Timmins, Ontario to process material from the Company’s Bradshaw Gold Deposit (“Bradshaw”).
  • Gowest closed a non-brokered private placement of 12,225,000 “flow-through” common shares of the Corporation and 325,000 non-“flow-through” common shares of the Corporation (collectively, the “Shares”), at a price of $0.20 per Share, for aggregate gross proceeds of $2,510,000 (the “Offering”).
  • Gowest entered into a definitive Pre-Paid Forward Gold Purchase Agreement with PGB Timmins Holdings LP, a limited partnership organized under the laws of the Province of Ontario, to finance the development of its Bradshaw Gold Deposit. PGB agreed to advance to the Company up to an aggregate of US$17,600,000 (the “Gold Prepayment Amount”), in four tranches over a period of approximately 12 months, as partial consideration for the purchase of up to an aggregate of 65,805 ounces of gold to be produced from Bradshaw and delivered to PGB. The full funding of the Gold Prepayment Amount is subject to the satisfaction of certain conditions precedent applicable in respect of each tranche, as specified in the Agreement.
 

2017

  • Gowest entered into a Letter of Intent (“LOI”) with Valard Construction LP (“Valard”) for the financing, design, procurement and construction of a high-voltage electrical infrastructure (the "Transmission Facilities") to connect its Bradshaw Gold Deposit to the provincial power transmission grid. The parties have agreed to work towards formalizing an agreement in early 2017.
  • Gowest entered into a non-binding letter of intent with Northern Sun Mining Corp., a corporation existing under the laws of the Province of Ontario, with respect to the creation of a joint-venture corporation (“JVco”) that will own and operate the Redstone Mill. Upon completion of the proposed Transaction, each of the parties will hold a 50% interest in JVco. The Redstone Mill, located near Timmins, Ontario, which has the capacity to process approximately 1,500 tonnes of ore-per-day, is well-situated to satisfy Gowest’s anticipated future ore processing requirements.
  • PGB Timmins Holdings LP (“PGB”) funded the initial tranche of US$5,600,000 pursuant to the previously announced Pre-Paid Forward Gold Purchase Agreement entered into between PGB and Gowest on December 16, 2016. PGB is an investment vehicle controlled by Pandion Mine Finance, LP.
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