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

Gowest Amalgamated Resources Ltd.

February 15, 2011 12:22 ET

Timmins-Gowest Continues to Demonstrate Excellent Continuity While Expanding the Resource at the Frankfield East Gold Deposit

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) - Gowest Amalgamated Resources Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(OTCBB:GWSAF) is pleased to announce an update on the drilling program at the 100% owned Frankfield Gold Project in Timmins, Ontario. The current program's aims are twofold. First, to continue to expand the mineralised envelope for the deposit which grew significantly in both strike and depth during the 2010 drill campaign. In addition, the company has initiated a program of definition drilling in the upper areas of the deposit. By reducing the spacing between drill holes the continuity of mineralisation can be better defined thereby allowing for the possibility of upgrading Inferred resource ounces (existing and new) to the Measured and Indicated categories.

  • All of the recently completed drill holes (see Table 1) encountered zones of significant mineralization demonstrating the excellent continuity of mineralization that exists throughout the Frankfield East deposit both along strike and at depth.

  • The highlight of this latest group of drill holes was GW10-106 which intersected 4.7m of 13.4 grams (1/3 oz) per tonne Au, including 1.5m of 37 grams (+1oz) per tonne. This hole was located near the eastern limits of the recently defined (2010 drill program) strike extensions at Frankfield East.

  • Gowest's ongoing drill campaign has defined gold mineralization at Frankfield East within a growing mineralized envelope that now extends 750m along strike and 830m at depth which compares to the initial 43-101 resource of 510,000 oz at 6.5 g/t Au (2.4 million tonnes) within an envelope of 400m along strike and 400-450m at depth. Notably, the continuity of mineralization within this area has been exceptional with an average gold grade of approximately 6.8 g/t Au for all of the mineralised intersections since the 2010 program began.

Table 1 Infill Drilling Results – Frankfield East Gold Deposit
Hole No. Depth (m) Interval (m) Grade (g/t gold)
GW10-98 93.7-95.2 1.5 10.9
GW10-101 113.1-118.1 5.0 4.9
GW10-102 30.8-34.0 3.2 3.3
  55.0-55.3 3.3 5.4
GW10-106 52.0-55.0 3.0 2.1
GW10-106 57.4-61.1 4.7 13.4
including 58.0-59.5 1.5 37.0
GW10-109 236.1-237.7 1.6 3.1
  250.6-252.7 2.1 7.3
GW10-110 302.6-305.6 3.0 3.7
(True widths are estimated at approximately 90% of drill interval width)

"The aggressive drilling campaign that is currently underway is consistent with the company's 2011 goal to continue the expansion of gold ounces contained within the Frankfield East resource in order to publish an updated N43-101 resource estimate in the first quarter of this year", stated Greg Romain, President & CEO of Gowest. "The increased definition provided by this drill program will also allow for the completion of mine planning activities which have recently been initiated."

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

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
    (416) 363-1210 or Toll Free: (877) 363-1218