Gowest Gold Ltd.
TSX VENTURE : GWA
OTCBB : GWSAF

Gowest Gold Ltd.

March 05, 2012 06:30 ET

Gowest Gold Extends Strike Length to Over 1.3 km at the Frankfield East Gold Deposit

Further Confirmation of Growing Resource Potential

TORONTO, ONTARIO--(Marketwire - March 5, 2012) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(OTCBB:GWSAF) is pleased to announce that recent drilling at the Frankfield East gold deposit in the Timmins gold camp has further extended the strike length of the resource to both the east and the west by 400 m to reach a total of 1,350 m (see Figure 1. Long Section). The resource remains open laterally in both directions as well as at depth.

Diamond drilling conducted between October 2011 and January 2012 included drill holes GW11-188, GW11-191, GW11-192 and GW11-193, all located to the west of and along strike with the Frankfield East deposit, which each intercepted mineralized sections. The highlight from these holes was GW11-188 which intercepted 16 m of 3.6 g/t gold starting at a down hole depth of 95.0 m (vertical depth of 72m) -- one of the largest mineralized intersections ever drilled at the Frankfield East deposit (see table). Drill hole GW11-193, collared 300 m west of any previously identified mineralisation, intercepted 1.5 m at 1.6 g/t gold from a hole depth of 24 m.

At the same time, drilling at GW11-196, GW11-197, GW12-200 and GW12-202, all located to the east and along strike with the deposit, also intercepted gold. Although these eastern holes did not contain as much gold throughout as did the western holes, the geological target horizon persists. Together, these recent drill intersections have increased the overall strike length of the Frankfield East deposit (see Gowest news release dated November 1, 2011) by 400 m or 44%. Further drilling, particularly to the west, is underway to test whether and how far the deposit continues to extend in this direction.

"We are extremely pleased with the continued extension of the strike length, which is now one of the longest ever drilled in the Timmins gold camp," remarked Greg Romain, President and CEO of Gowest. "The drilling results continue to demonstrate the Frankfield East deposit has the potential to be the next multi-million ounce gold deposit in the camp, particularly given that the mineralization contained in the newest 600 m of strike has yet to be incorporated into a resource estimate, which we plan on updating again later this year."

Overview:

It has been three years since Gowest finalized its 100% ownership of the Frankfield East Deposit (see Gowest News release dated March 6, 2009), which had an historic resource NI 43-101 compliant of 510,000 ounces of gold, based on 74 drill holes for 17,200 m. At that time, the resource had a strike length of approximately 450 m and a depth of 450 m.

Subsequently, to the end of the previous drill program in May 2011, the Company completed an additional 100 holes for 30,628 m of drilling. As a result, Gowest more than doubled the size of this resource this past summer to 348,000 ounces of gold in the Indicated category (1,621,000 tonnes at a grade of 6.68 g/t Au) plus 838,900 ounces of gold in the Inferred category (4,342,000 tonnes at a grade of 6.01 g/t Au). The strike length was also extended to 750 m with a depth of approximately 800 m. Additional drilling at Frankfield East extended the areal extent of this resource by an additional 250 m to a strike length of 900 m before this latest drilling took it to reach 1,350 m. It is important to note that the current NI 43-101 compliant resource estimate for the deposit does not include what has now been identified as an additional 600 m of mineralized area beyond the then estimated strike length of 750 m (see Figure 1. Long Section).

Gowest has recently initiated its 2012 winter drilling program, which includes approximately 15,000m of drilling on the Company's 60 square-kilometer North Timmins Gold Project (NTGP) area. Of this, 8,000 m of drilling is planned around the Frankfield East Deposit to test for further extensions of the deposit and test the deposit at depth. An additional 7,000m of drilling is planned on the high priority gold targets on other parts of the NTGP where the results of the recent airborne HELITEM geophysical survey coupled with the soil gas geochemical survey have delimited several target horizons. These targets are related to co-incident anomalous geochemical and magnetic-conductive zones with features similar to that of the Frankfield East Deposit.

To view the figure associated with this press release, "Figure 1. Long Section," please visit the following link: http://media3.marketwire.com/docs/GWA0503figure1.pdf.

Table: Summary of Recent Assay Results - Composites

Hole ID From (m) To (m) Width (m)1 and 2 Grade (g/t Au)
GW11-180 66.2 66.9 1.5 1.5
129 141.5 12.5 1.6
165.5 167 1.5 3.9
181.8 182.3 1.5 4.1
GW11-181 <1
GW11-182 36.5 40.5 4 1.6
62 63 1.5 2.0
79.1 79.9 1.5 2.1
103 104 1.5 2.0
117.7 118.7 1.5 4.4
GW11-183 35.9 36.9 1.5 1.9
61.5 62.5 1.5 8.2
76 81 5 2.0
GW11-184 <1
GW11-185B 281.8 283.8 2 3.4
317.5 318 1.5 3.2
421 421.5 1.5 2.4
GW11-186 82.9 83.5 1.5 1.5
373 374 1.5 4.5
GW11-187 400 401 1.5 2.0
404 406 2 5.4
423 428 5 5.0
436 437 1.5 6.2
467 469 2 3.5
GW11-188 95 111 16 3.6
172 173 2.84 1.9
GW11-189 <1
GW11-190 <1
GW11-191 <1
GW11-192 <1
GW11-193 24 25.1 1.5 1.6
GW11-194 <1
GW11-195 <1
GW11-196 <1
GW11-197 35 36.5 1.5 2.3
GW11-198 Metallurgical hole
GW11-199 Metallurgical hole
GW12-200 <1
GW12-201 Incomplete
GW12-202 142.1 143 1.4 2.6
1. True widths are estimated at approximately 90% of drill interval width shown in the table
2. Sample widths <1.5m have been extended with internal dilution.

Geology & Deposit

Gold mineralization in the Frankfield East Deposit occurs primarily within a fractured and brecciated alteration horizon in hanging wall basaltic flow rocks at or near the contact with steeply north dipping (85 deg.) footwall ultramafic rocks to the south. Pervasive silicification, minor ankerite veining, hematite staining and tourmaline generates a recognizable to pink hue for the mineralized of the mineralized horizon. Total sulphide content of the mineralized horizon varies from 3-30% with occasional 2-5 cm wide bands of massive arsenopyrite and pyrite. The largest concentrations of arsenopyrite correspond to the highest gold concentrations. A second type of gold mineralization is hosted within the basalt flows. This mineralization is seen as highly silicified zones accompanied by intense bleaching, brecciation and quartz flooding, tourmaline, 5-10% pyrite and arsenopyrite. Similar to the Main Zone, higher concentrations of arsenopyrite give rise to higher gold values. These zones are concordant with the Main Zone and are continuous to depth and along strike and form a significant part of the resource. The deposit to date has a drilled strike length of 1,350m and extends to a depth of a least 1000m. Width of the Main Zone varies from 1.5m to 22.0m.

To view the figure associated with this press release, "Figure 2. Frankfield East Gold Deposit - Multiple Parallel Gold Structures," please visit the following link: http://media3.marketwire.com/docs/GWA0503figure2.pdf.

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, as well as on the exploration of additional gold targets on North Timmins Gold Project area, part of the prolific Timmins, Ontario gold camp. The Frankfield East deposit has been estimated to contain 348,000 ounces of gold in the Indicated category (1,621,000 tonnes at a grade of 6.68 g/t Au) plus 838,900 ounces of gold in the Inferred category (4,342,000 tonnes at a grade of 6.01 g/t Au.) The Company also continues to evaluate acquisition targets in the vicinity of the North Timmins Gold Project area.

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 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.

Contact Information

  • Gowest Gold Ltd.
    Greg Romain
    President & CEO
    (416) 363-1210

    Gowest Gold Ltd.
    Greg Taylor
    Investor Relations
    (905) 337-7673 or Mob: (416) 605-5120
    info@gowestgold.com