Gowest Gold Ltd.

TSX VENTURE : GWA
OTCBB : GWSAF


Gowest Gold Ltd.

May 06, 2013 08:30 ET

Gowest Gold Advances Frankfield East Gold Deposit to Production

Infill drilling continues to delineate stopes for production

TORONTO, ONTARIO--(Marketwired - May 6, 2013) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) (OTCBB:GWSAF) is pleased to announce assay results from an additional seven drill holes of a 2013 drilling program at its wholly-owned Frankfield East gold deposit, part of the Company's North Timmins Gold Project (NTGP). The 1,097 metres ("m") of diamond core drilling, conducted during the month of February, 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) include:

  • 9.72 grams per tonne ("g/t") gold ("Au") over 8.3 m (43.5 m to 51.8 m) GW13-232
  • 5.12 g/t Au over 4.3 m (88.2 m to 92.5 m) GW13-233
  • 3.94 g/t Au over 5.7 m (189.0 m to 194.7 m) GW13-230

To date, 20 infill drill holes totalling 3,799 m have been completed on the Frankfield East Deposit during the current drilling program, which began December 5, 2012. All these infill drill holes have successfully intersected gold mineralization at various shallow depths of less than 200 vertical m. The results continue to confirm the good gold tenor and continuity of the resource areas that Gowest plans to test mine in 2014 (see diagram below and Gowest press release of April 8, 2013).

Table - Frankfield East Assay Results

Drill Hole Zone From
(m
) To
(m
) Core Length (m ) Avg. Grade (g/t Au )
GW13-228 HW1 149.9 150.6 0.7 5.08
GW13-229 HW1 187.0 188.0 1.0 1.77
MZ2 204.1 207.3 3.2 1.19
MZ1 218.0 220.6 2.6 3.44
GW13-230 MZ2 189.0 194.7 5.7 3.94
GW13-231 HW3 146.0 147.2 1.2 5.09
HW2 162.0 163.0 1.0 3.51
MZ2 207.0 208.5 1.5 2.31
GW13-232 MZ2 43.5 51.8 8.3 9.72
MZ1 60.0 64.0 4.0 2.79
GW13-233 MZ1 88.2 92.5 4.3 5.12
GW13-234 HW2 44.0 46.8 2.8 1.26
isolated 55.2 56.1 0.9 6.91
isolated 66.0 67.0 1.0 2.52
HW1 76.5 77.5 1.0 4.02
MZ2 86.0 87.0 1.0 1.95

Reported intervals are downhole lengths and not true widths. High grade assays are cut to 25 g/t Au.

Infill Holes GW12-228 to -231 tested the main zone of the Frankfield East gold deposit at an approximate depth of 175 m below surface. Holes GW13-232 to GW13-234 targeted the Main Zone, about 75 m below surface (see diagram below). Gowest is awaiting complete assay results from its exploration drilling program on the Tully North claim block of its NTGP.

In conjunction with the infill drilling program, Gowest has completed underground mine infrastructure plans (See diagram below) for the 2014 test mining. Surface infrastructure to support the test mining phase is currently being designed. Gowest has recently completed two steep drill holes for hydrogeological testing, one through the circular ramp area of the proposed test mine development workings and the second testing the main zones near the surface in the ramp area. Packer tests were conducted at every 75 m or so down the holes to determine the water flow through the rocks. All this engineering work, along with the completed baseline environmental study, will be submitted in the coming months to the appropriate government agencies as part of the Company's application for a bulk sample/test mining permit.

Gowest President and CEO, Greg Romain, said, "The results from the detailed infill drilling continue to be encouraging as we move forward to test mining in 2014. We are advancing the refurbishment plans with the third party processor in the Timmins area, completing detail mining plans and mine closure permit, which we anticipate having in place before the end of the year."

To view the Frankfield Deposit Main Zone 1 map, please visit the following link: http://media3.marketwire.com/docs/506gwa_fig1.pdf

Gowest is also pleased to announce the recent expansion of the NTGP to cover a total of 107 square-kilometres (10,696 hectares). In early April, an additional six claims totalling 1,247 hectares were staked by Gowest at minimal costs on the eastern portion of the NTGP.

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.

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