Gowest News
TSX VENTURE SYMBOL: GWA
Gowest Gold Provides Update at North Timmins Gold Project
February 3, 2016, 7:45 am
TORONTO, ONTARIO--(Marketwired - Feb. 3, 2016) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA) is pleased to provide an update on its development plans for the Company's North Timmins Gold Project ("NTGP"), including plans to build the next new gold mine in the Timmins gold camp on the Frankfield Property at the Bradshaw Gold Deposit ("Bradshaw").
Advanced Exploration ("AE") permitting process is in the final stages of review, but has been delayed by Ontario government processing
Revised target to commence site preparation work and mine development at Bradshaw: Q3 2016 and AE bulk sample collection to begin latter part of Q4 2016
Previous Bradshaw area drill results proximal but not included in the resource estimation, due to insufficient drilling, provide opportunity with further drilling to expand resources - drilling plans are being prepared
Ongoing technical review indicates excellent potential to expand the global NTGP gold resource beyond Bradshaw deposit area
Planning new geophysical surveys followed up by drill programs at Sheridan and Roussain gold zones
Gowest's President and CEO, Greg Romain, said, "While we have accomplished a great deal in 2015, both on the technical side and in financing, it remains clear that the current uncertainty in equity and commodity markets has forced us to delay near term development of the Bradshaw gold mine. However, in addition to Bradshaw, we have a very large asset in the NTGP and we believe it is possible to expand the current project resource. Importantly, we also have a strong partner in Fortune Future that has independently come to the same conclusion. Working with them, as well as examining a number of other financing alternatives, we look forward to making 2016 a year of significant progress for all of our shareholders. We will continue to provide the market with updates as developments occur."