TORONTO, ONTARIO – (June 5, 2019) – Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX-V: GWA) is pleased to announce that it has commenced a multi-purpose drill program at its 100% owned Bradshaw Gold Deposit (Bradshaw) within the Company’s North Timmins Gold Project (NTGP). The drill holes are designed to both provide infill detail on stopes to be mined in the bulk sample area and to test recently identified, new high-grade gold zones to the north of the main deposit. This phase of the program will include six holes for approximately 1,000 metres (m) of underground drilling from the 45m Level.
The north high-grade gold zone target was discovered in 2018 and is located approximately 25m north of the Bradshaw Deposit. As previously announced, hole BGM-045-12 intersected 4.2m grading 20.91 grams per tonne (g/t) gold, including 1.9m grading 42.15 g/t (see Gowest release dated February 12, 2018).
“We are excited to be working again on developing Bradshaw,” said Greg Romain, Gowest’s President and CEO. “As we have said before, we remain confident that we have only identified a part of this deposit, and we are looking forward to completing this efficient drill program and providing further evidence to support this belief.” He added, “We are also looking forward to closing the previously announced $8.0 million financing in the coming days subject to shareholder approval at our AGM. If shareholders vote in favour of the impending financing, then we would plan to complete the bulk sample at Bradshaw this year.”
Annual and Special Meeting
The Company would also like to remind its shareholders that Gowest’s Annual and Special Meeting will be held at the offices of Wildeboer Dellelce LLP, 365 Bay Street, Suite 800, Toronto, Ontario at 10:00 a.m. (Toronto time) on Monday, June 10, 2019 (the “Meeting”). Materials related to the meeting have been mailed to registered shareholders and are also available in the “Investors” section of the website: Http://www.gowestgold.com.
About Gowest
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 Company’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, totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Forward-Looking Statements
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:
Greg Romain Greg Taylor
President & CEO Investor Relations
Tel: (416) 363-1210 Tel: 416 605-5120
Email: [email protected] Email: [email protected]
