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.