Gowest Gold Ltd.
TSX VENTURE : GWA

Gowest Gold Ltd.

November 29, 2017 07:45 ET

Gowest Gold Intersects 66.7 g/t (2.14 oz/t) Gold Over 2.5 Metres From Advanced Exploration Drilling at Bradshaw

TORONTO, ONTARIO--(Marketwired - Nov. 29, 2017) - Gowest Gold Ltd. (TSX VENTURE:GWA) (the "Company") is pleased to report the first assay results from the recently completed underground infill drilling program at the Bradshaw Gold Deposit ("Bradshaw"). Results have been received from 17 of the 29 holes drilled in this campaign, and assay results from the remaining holes are expected in the coming weeks. (see tables below)

Highlights include:

  • Hole BGM17-045-015 intersected 156 grams per tonne (g/t) (5.02 oz/t) gold (Au) over 1 metre (m)
    • This is the highest gold sample intersected to date at the project
    • Located within 2.5m grading 66.7 g/t (2.14 oz/t) Au
  • Hole BGM17-045-004 intersected 1.75 m grading 11.0 g/t (0.35 oz/t) Au, including 0.5 m grading 26.5 g/t (0.85 oz/t) Au
  • Hole BGM17-045-014 intersected 1.05 m grading 16.4 g/t (0.53 oz/t)Au including 0.5 m grading 32.2 g/t (1.04 oz/t) Au

"We are extremely pleased with the results of this infill drilling campaign," said Gowest President and CEO, Greg Romain. "We have seen evidence for years indicating that Bradshaw has not yet revealed its full potential. In intersecting the highest ever gold values, we feel we have clearly demonstrated the significant upside of our project and are still further encouraged about the coming results of our bulk sample program."

The infill underground drill program is being conducted as part of the Company's plan to gather as much information on the deposit as possible, including tightening the drill spacing in order to increase the technical team's detailed knowledge of the mineralized structures. Twenty-nine (29) holes have been completed so far for a total of 3,604 metres, reducing the distance between drill holes in the area of the advanced exploration bulk sample to between 12.5 and 20 m. As expected, all holes intersected gold mineralization to contribute to the geological model supporting the bulk sample.

In addition to the infill drilling, one exploration hole is in progress to test an area directly north of the bulk sample where historical drilling indicated potential for a new gold zone.

In order to confirm these exceptional results, the Company completed check assays on the remaining pulp and coarse rejects from the material retrieved from Hole BGM17-045-015. A second assay of the pulp returned 119 g/t gold, while five new samples from the remaining material from sample preparation resulted in values ranging between 99.3 g/t and 183 g/t, with an average value of 136.9 g/t gold.

Advanced Exploration Bulk Sample Program

As previously announced, the Company is currently advancing underground development at Bradshaw in preparation for the extraction of up to a 30,000-tonne bulk sample. The bulk sample is being taken from an area of the deposit closest to the portal opening and targets a cut off of 3 g/t gold. The ore will be sorted (see Gowest news release dated September 27, 2017) at the Bradshaw site to increase the head grade to the mill by removing non-mineralized material. Enhanced ore will be trucked to the Liberty Mill where a saleable concentrate will be produced. It is anticipated that the first ore shipment to the mill will commence next month.

Table 1. Gold intersections

Hole From To Length Au (g/t)
BGM17-045-001 65.70 66.00 0.30 12.0
and 97.75 98.30 0.55 3.92
and 106.25 106.80 0.55 7.61
and 108.60 109.25 0.65 5.26
BGM17-045-002 81.00 83.00 2.00 5.02
including 81.00 81.50 0.50 18.9
and 115.50 115.80 0.30 11.0
and 136.20 136.60 0.40 4.19
and 154.80 155.25 0.45 3.70
and 214.50 220.00 5.50 3.26
and 225.00 226.70 1.70 4.46
BGM17-045-003 75.50 77.00 1.50 3.66
including 76.40 77.00 0.60 7.14
and 127.25 127.55 0.30 5.17
and 220.40 221.20 0.80 9.2
BGM17-045-004 84.75 86.50 1.75 11.0
including 86.00 86.50 0.50 26.5
and 116.80 117.10 0.30 3.29
and 122.30 122.60 0.30 3.69
and 173.30 176.50 3.20 10.0
including 173.30 174.00 0.70 20.1
including 175.50 176.00 0.50 19.3
BGM17-045-005 79.80 80.20 0.40 3.71
and 98.50 98.80 0.30 7.26
and 116.10 116.40 0.30 6.76
BGM17-045-006 57.30 58.60 1.30 6.8
and 90.50 91.75 1.25 6.6
BGM17-045-007 99.95 101.85 1.90 5.7
including 99.95 100.35 0.40 15.4
BGM17-045-008 46.90 49.40 2.50 8.1
including 48.00 49.00 1.00 13.7
and 64.50 66.50 2.00 5.5
including 65.50 66.00 0.50 13.4
BGM17-045-009 95.10 95.70 0.60 3.99
and 100.60 101.20 0.60 11.2
and 104.10 104.60 0.50 3.34
BGM17-045-010 62.00 65.00 3.00 4.2
including 62.70 63.20 0.50 15.9
and 91.50 93.80 2.30 3.9
including 93.15 93.80 0.65 10.9
BGM17-045-011 65.20 65.50 0.30 30.3
and 97.80 98.10 0.30 8.13
BGM17-045-012 77.00 77.50 0.50 3.58
and 96.00 98.50 2.50 7.8
including 97.15 97.50 0.35 18.7
including 98.00 98.50 0.50 16.2
BGM17-045-013 56.00 60.00 4.00 4.21
and 64.80 65.20 0.40 6.36
and 94.00 96.00 2.00 7.83
including 95.40 96.00 0.60 18.5
and 126.00 126.50 0.50 9.93
BGM17-045-014 59.20 59.80 0.60 6.95
and 95.10 96.15 1.05 16.4
including 95.10 95.60 0.50 32.2
and 119.00 120.00 1.00 4.02
BGM17-045-015 73.00 75.50 2.50 66.7
including 73.00 74.00 1.00 156.0
and 90.80 91.40 0.60 6.40
and 107.90 108.40 0.50 8.99
and 127.25 127.55 0.30 4.92
BGM17-045-016 69.50 71.00 1.50 5.08
including 69.95 70.35 0.40 15.6
and 105.00 107.65 2.65 6.96
including 105.45 106.15 0.70 25.0
BGM17-045-017 80 80.7 0.7 8.09
and 106.6 107 0.4 15.6

The above intervals reflect approximate true widths of the mineralization. Reported gold values are uncapped.

Table 2. Hole location and direction

Hole Name Easting Northing Elevation Length Collar Dip Collar Azimuth
BGM17-045-001 486,963 5,398,768 248 141 11 163.1
BGM17-045-002 486,960 5,398,768 248 249 2.4 224.8
BGM17-045-003 486,960 5,398,768 248 249 5.6 226.1
BGM17-045-004 486,960 5,398,768 247 197 -9.4 210
BGM17-045-005 486,961 5,398,768 247 183 -12.9 204.2
BGM17-045-006 486,963 5,398,768 247 145 -10.7 150.2
BGM17-045-007 486,961 5,398,768 247 152 -2.2 198.2
BGM17-045-008 486,882 5,398,768 245 61 -28.9 162.3
BGM17-045-009 486,961 5,398,768 248 157 4.2 193.7
BGM17-045-010 486,961 5,398,768 248 160 10.6 186.2
BGM17-045-011 486,960 5,398,768 248 103 11 209.4
BGM17-045-012 486,962 5,396,767 247 139 -7.3 176.6
BGM17-045-013 486,962 5,398,768 248 139 4.8 174.1
BGM17-045-014 486,961 5,398,768 248 142 9.9 173
BGM17-045-015 486,961 5,398,768 247 166 -12.6 194.7
BGM17-045-016 486,962 5,398,768 248 148 1 167
BGM17-045-017 486,962 5,398,768 247 134 -17.4 177

Please visit our website (www.gowestgold.com) for photographs of the ongoing development at Bradshaw and to review our corporate presentation.

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 Corporation'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, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.

Qualified Person

The technical information in this news release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., Gowest's Director of Exploration, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.

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.

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