Gowest Amalgamated Resources Ltd.
TSX VENTURE : GWA
OTC Bulletin Board : GWSAF

Gowest Amalgamated Resources Ltd.

March 02, 2011 08:00 ET

Gowest Extends High-Grade Gold Mineralization from Near Surface to a Depth of 920m at Its Frankfield East Gold Deposit in Timmins, Ontario

TORONTO, ONTARIO--(Marketwire - March 2, 2011) - Gowest Amalgamated Resources Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(OTCBB:GWSAF) is pleased to announce an update for its ongoing deep drilling program at the Frankfield East gold deposit in Timmins, Ontario.

  • Recently completed deep drill hole GW10-96 intersected 5.1m of 4.1g/t gold, including 2.4m of 7.1g/t gold at a vertical depth of 920m continuing to demonstrate greater down dip continuity of the Frankfield East gold zone. 

  • Previously drilled holes on this section include GW10-46, which cut 10m of 6.5g/t Au at 620m vertical depth, GW10-61 cut 2.7m of 10.2g/t Au at 130m and GW10-62 intersected 1.3m of 3.1g/t Au at a depth of 430m. Infill drill holes GW10-102 and GW10-106 which were recently completed above the 100m elevation in close proximity to this section returned assays of 3.3m of 5.4g/t Au and 4.7m of 13.3g/t Au respectively. (True widths are estimated at approximately 90% of drill interval width)

The results of this deep drilling campaign clearly demonstrate the continuity of the mineralized horizon at the Frankfield East deposit from near surface down to a minimum of 920m. The zone remains open to depth. The current mineralized envelope of 750m along strike at surface by 920m at depth is 2 to 3 times the size of the initial mineralized envelope which contained a 43-101 inferred gold resource of 510,000 oz at 6.5 g/t Au (2.4 million tonnes).

Importantly, with one exception, after nearly 30,000m of drilling since January 2010 every hole drilled within the currently defined mineralized envelope has intersected gold. Drilling will continue in order to expand the deposit and to establish continuity both at depth and horizontally in areas previously tested with widely spaced holes.

"The success of the deep drilling continues to demonstrate the potential to define a multi-million ounce* gold deposit at Frankfield East. If the current interpretations continue to be supported and extended as the drill program continues, Frankfield could turn out to be one of the most significant new gold deposits discovered in an entirely undeveloped area of the Timmins camp in many years," stated Greg Romain, President & CEO of Gowest. "With an updated resource estimate expected in Q1-2011, a continued aggressive expansion and infill drilling program, and a preliminary economic assessment scheduled for Q2-2011 we believe the timing ideal to be a Gowest shareholder."

Qualified Person

This press release has been reviewed by Mr. Darren Koningen, P. Eng., Gowest's Vice President of Technical Services. Mr. Koningen is a Qualified Person under National Instrument 43-101.

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 – 1.5m. 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.

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. Gowest is exploring additional gold targets on the Frankfield land package and continuing to evaluate acquisition targets in the vicinity of the Frankfield project area, part of the prolific Timmins, Ontario gold camp.

Forward-looking statements

*Areas estimated for resource expansion potential are assumed to be similar in grades and widths to the 43-101 compliant resource for the Frankfield East deposit. Tonnages of potentially mineralized material have been calculated based on these grades/widths and the extents of the mineralized envelope as defined by the recent drill holes reported herein. All quantities and grades of this material are conceptual in nature and it is uncertain if further exploration will result in the targets eventually being delineated as a mineral resource.

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.

Contact Information

  • Gowest Amalgamated Resources Ltd.
    Greg Romain
    President & CEO
    (416) 363-1210
    info@gowestgold.com
    or
    Gowest Amalgamated Resources Ltd.
    Rory Quinn
    Investor Relations
    Toll Free: (877) 363-1218 or Tel: (416) 363-1210 ext. 208
    roryq@gowestgold.com