Gowest Gold Provides Corporate Update
TORONTO, Jan. 17, 2020 (GLOBE NEWSWIRE) — Gowest Gold Ltd. (“Gowest” or the “Company”) (TSX VENTURE: GWA) is pleased to provide an update on the Company’s operations and other corporate activities.
Advancing Underground DevelopmentGowest announces that it is preparing to undertake a diamond drill program to provide critical information in preparation for extending the main ramp, locating the planned vent raise, as well as providing additional details on the first long stope. The Company is also undertaking engineering design for construction work related to the vent and escape raises.Ore ProcessingAs previously reported (see Gowest news release dated October 17, 2019), Gowest has entered into a binding term sheet with Northern Sun Mining Corp. (“Northern Sun”) with respect to the processing at Northern Sun’s Redstone Mill in Timmins, Ontario, of up to 30,000 tonnes of ore developed from Gowest’s Advanced Exploration Bulk Sample program at the Company’s 100% owned Bradshaw Gold Deposit (“Bradshaw”). Northern Sun is now working on obtaining the necessary permits to process this ore, and it is currently expected that this processing will begin by mid-2020.Greg Romain, President, and CEO of Gowest Gold said, “We are very pleased to be moving ahead again with Bradshaw. I would like to take this opportunity to thank all of our stakeholders for their continued cooperation and support. We will provide updates on our progress in the coming weeks and months as we return to developing what we expect will be the next new gold mine in the Timmins camp.”Community Open HouseGowest is also holding an open house information session on the mine production closure plan on January 23, 2020, in Timmins. (Details are available at the Company’s website: https://www.gowestgold.com/)Gowest is holding this public meeting about the Bradshaw Gold Project to:Provide information on the plans for the Advanced Exploration and Mine Production Phases;Provide information about the environmental permitting and current approvals;Report upon ongoing Health, Safety, Environmental and Social performance; and,Interact with the community and obtain feedback on the Bradshaw Mine Project and the Bradshaw Mine Production Closure Plan.Production Closure Plan BackgroundIn anticipation of processing the bulk sample ore at the Redstone Mill and moving towards mine production beginning mid-2020, the Company has been preparing a new Production Closure Plan for submission to the provincial ministry of Energy, Northern Development and Mines.Currently, all environmental approvals are in place for the Mine Production phase, with the exception of the Mine Production Closure Plan, which is the subject of this meeting. The Bradshaw site was designed and developed for eventual mine production, with a minimal surface footprint. No ore processing will occur at the mine site.The main project infrastructure that will be required for the Mine Production Stage includes:Advancement of underground mine workings;Construction of a new vent raise and escapeway; and,Some additional ancillary buildings and storage areas.All interested persons are encouraged to actively provide input into the Production Mine Closure Plan.Shares for Debt As previously announced (see Gowest news release dated December 20, 2020), the Company has issued 2,725,000 common shares of the Company to settle an aggregate of $545,000 of indebtedness. The shares are issued in lieu of cash in order to conserve the cash resources of the CorporationAbout GowestGowest 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 Company’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, totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.Forward-Looking StatementsThis 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.For further information please contact: