Gowest Gold Intercepts 5.01 g/t Gold Over 4.4 M on New Target Area at North Timmins Gold Project
19 Juin 2013 - 2:15PM
Marketwired Canada
Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) (OTCBB: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
----------------------------------------------------------------------------
Drill From To Core length Avg. Grade
Property Hole (m) (m) (m) (g/t Au)
----------------------------------------------------------------------------
Tully North GW13-235 38.0 39.0 1.0 1.66
----------------------------------------------------------------------------
Tully North GW13-236 110.1 123.0 12.9 0.82
----------------------------------------------------------------------------
Tully North Incl. 118.4 120.4 2.0 1.47
----------------------------------------------------------------------------
Tully North GW13-236 220.5 224.9 4.4 5.01
----------------------------------------------------------------------------
Tully North Incl. 220.5 221.2 0.7 12.00
----------------------------------------------------------------------------
Tully North Incl. 224.0 224.9 0.9 10.95
----------------------------------------------------------------------------
Tully North GW13-236 252.2 255.0 2.8 2.61
----------------------------------------------------------------------------
Tully North GW13-236 266.7 267.7 1.0 6.21
----------------------------------------------------------------------------
Tully North GW13-237 NSV
----------------------------------------------------------------------------
Tully North GW13-238 36.0 36.6 0.6 2.04
----------------------------------------------------------------------------
Tully North GW13-238 144.7 145.1 0.4 3.99
----------------------------------------------------------------------------
Tully North GW13-238 185.5 186.2 0.7 7.53
----------------------------------------------------------------------------
Tully North GW13-239 NSV
----------------------------------------------------------------------------
Tully North GW13-240 227.4 228.4 1.0 1.35
----------------------------------------------------------------------------
Tully East GW13-241 NSV
----------------------------------------------------------------------------
Frankfield GW13-242 345.4 346.1 0.7 0.80
----------------------------------------------------------------------------
Frankfield GW13-243 NSV
----------------------------------------------------------------------------
Frankfield East GW13-244 231.4 232.6 1.2 5.46
----------------------------------------------------------------------------
Frankfield East GW13-244 252.4 253.1 0.7 1.86
----------------------------------------------------------------------------
Frankfield East GW13-245 51.2 52.8 1.6 3.09
----------------------------------------------------------------------------
Frankfield East GW13-245 76.0 76.8 0.8 19.00
----------------------------------------------------------------------------
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:
http://media3.marketwire.com/docs/gwa619-Map.jpg
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.
About Gowest
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.
Forward-looking statements
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gowest Gold Ltd.
Greg Romain
President & CEO
(416) 363-1210
info@gowestgold.com
Gowest Gold Ltd.
Greg Taylor
Investor Relations
905 337-7673 / Mob: 416 605-5120
gregt@gowestgold.com
www.gowestgold.com
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