TORONTO, ONTARIO--(Marketwired - Jun 19, 2013) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) (GWSAF) is pleased to announce the results from 11 drill holes at its North Timmins Gold Project (NTGP). The 3,947 metres ("m") of diamond core drilling, conducted from February 25 to May 1, 2013, was focused on testing exploration targets outside of the Frankfield East gold deposit area.
Highlights from the drilling (see Table) include:
- 5.01 grams per tonne ("g/t") gold ("Au") over 4.4 m (220.5 m to 224.9 m) GW13-236
- 7.53 g/t Au over 0.7 m (185.5 m to 186.2 m) GW13-238
- 5.46 g/t Au over 1.2 m (231.4 m to 232.6 m) GW13-244
- 19.00 g/t Au over 0.8 m (76 m to 76.8 m) GW13-245
Gowest's President and CEO, Greg Romain, said, "These are exciting exploration drill results from our 2013 winter program as they show what we have believed for some time, that there is gold mineralization similar to our Frankfield East gold deposit elsewhere on our North Timmins Gold Project. Although our focus clearly remains on bringing Frankfield East into production, we continue to have confidence that untested or under explored gold targets on our holdings will lead to at least one more gold deposit."
|Table - North Timmins Project Assay Results|
|Intervals are downhole lengths and not true widths. "NSV" - No significant values.|
The majority of this winter exploration drilling program outside the Frankfield East deposit (2,401 m in six holes GW13-235 to -240) was conducted on Gowest's 2.28 km2, 100%-owned Tully North claim block located 3 km northeast of the Frankfield East gold deposit (see Map). This drill testing was geared to investigate historic reports of several gold values from drilling in the early 1980s, which included a reported intersection of 7.1 g/t Au over 1.5 m.
These latest drill results have confirmed and exceeded the historic 1980s assays. Four gold mineralized zones were identified in hole GW13-236, with the best gold zone returning 5.01 g/t Au over 4.4 m, including 12.00 g/t Au over 0.7 m. The wider upper gold zone is hosted within a pyritic sedimentary unit and the three other gold zones in carbonated-silicified basalts. These latter three zones, which includes the 5.01 g/t Au intercept over 4.4 m are characterized by disseminated arsenopyrite-pyrite mineralization, which is a similar environment to that hosting the Frankfield East gold deposit. Hole GW13-238, located 250 m southeast and along strike of GW13-236, intersected several gold values that are interpreted as extensions of the gold zones in GW13-236. Two of the gold zones are open to the southeast and all the zones are open at depth below hole GW13-236, which penetrated the lowest zone at an estimated vertical depth of approximately 240 m.
Hole GW13-241, a shallow hole (225 m long) drilled 1.7 km east of the Frankfield East gold deposit, intersected a mafic volcanic-ultramafic volcanic contact that appears to be the eastern extension of the deposit stratigraphy. The hole intersected anomalous arsenic values at the contact, but no significant gold values.
Two additional drill holes totalling 757 m were drilled testing exploration targets on the southern portion of the Frankfield Property. Hole GW13-242 returned an anomalous gold value of 0.80 g/t Au over 0.7 m in the altered mafic volcanics, 170 m down dip of the Dowe gold zone. This zone has reported gold drill intercepts of 2.86 g/t Au over 3.38 m, 1.8 g/t Au over 12 m, and 1.9 g/t Au over 3.4 m from drilling in 1997-1998. The Dowe gold zone has a strike length of at least 150 m and is open to the east. The second hole, GW13-243, targeted an EM conductor in the southwest area of the Frankfield Property and intersected a graphitic argillite unit within ultramafics. No significant gold values were returned.
The last two holes (GW13-244 and 245) of the 2013 winter drilling program were for hydrogeological testing of the proposed test mine development workings at the Frankfield East gold deposit. Packer tests were conducted at approximately every 75 m down the holes to determine the water flow through the rocks. Both holes intersected gold mineralization.
To view the Map of North Timmins Gold Project, please visit the following link:
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 Frankfield East gold deposit, part of the Company's North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on the 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 Frankfield East 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 recent 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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