TORONTO, ONTARIO--(Marketwired - Apr 8, 2013) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(GWSAF) is pleased to announce the results from 13 drill holes at its wholly-owned Frankfield East gold deposit, part of the Company's North Timmins Gold Project (NTGP.) The 2,702 metres ("m") of diamond core drilling, conducted during the two month period ended January 30, 2013, was focused on infill drilling that will enable Gowest to optimize the bulk sampling and subsequent test mining planned at Frankfield East next year.
Highlights from the drilling (see Table below) include:
- 5.42 grams per tonne ("g/t") gold ("Au") over 12.3 m (200.2 m to 212.5 m) GW13-226
- 8.45 g/t Au over 3.5 m (187.0 m to 190.5 m) GW13-223
- 5.65 g/t Au over 7.3 m (205.5 m to 212.8 m) GW13-227
- 13.76 g/t Au over 1.6 m (91.0 m to 92.6 m) GW12-220
The objective of the 2013 Frankfield East infill drilling program is to select two or three areas with good gold tenor and continuity in preparation for underground test mining (bulk sampling) in 2014. The central shallow (to a maximum depth of 200 m) portion of the Frankfield East gold deposit is being targeted. Thus, the underground decline and ramp that are planned for the test mining can also be used for future mine production. (To view Gowest's "Test Mine Ramp Cross Section Layout," visit the following link: http://media3.marketwire.com/docs/ProposedMineDiagramGowest.pdf.)
Gowest Gold's President and CEO, Greg Romain, said, "These are highly encouraging detailed infill drill results from our Frankfield East gold deposit, which continue to confirm the continuity of the resource areas that we plan to test mine in 2014. This is another important milestone in our mine planning and development strategy and, in turn, will take us significantly closer to our goal of bringing this deposit into production in 2015."
|Table - Frankfield East Assay Results|
|Drill Hole||Zone||From |
|Core Length (m)||Avg. Grade (g/t Au)|
|Reported intervals are downhole lengths and not true widths. High grade assays are cut to 25 g/t Au.|
Infill Holes GW12-215 to 219 tested the main zone of the Frankfield East gold deposit at an approximate depth of 100 m below surface. Holes GW13-220 to GW13-227 targeted the main zone, about 175 m below surface.
In addition to the infill drilling, Gowest Gold has undertaken an exploration drilling program on the Tully North claim block of its NTGP. This program is investigating historic reports of several gold values from drilling in the early 1980's, which included a reported intersection of 7.1 g/t Au over 1.5m. Reports indicate gold mineralization is hosted in a broad zone of carbonated-silicified basalts cut by ankerite veinlets and characterized by disseminated arsenopyrite-pyrite, which is a similar environment to that hosting the Frankfield East gold deposit. The Tully North claim block is 3 km northeast of the Frankfield East gold deposit. A total of six holes for 2,401m were drilled on the Tully North during March 2013 and assays are pending.
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 90-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.