www.gowestgold.com
Gowest is a Canadian gold exploration and development company focused on the delineation, development and mining of its 100% owned Frankfield East gold deposit, in the prolific Timmins, Ontario gold camp, while continuing to evaluate additional exploration and acquisition targets in the vicinity. The 2010 drilling confirms continuity of mineralization to at least 700m along strike and 700m vertical depth (deposit remains open) more than doubling the size of the original mineralized envelope which contained an inferred mineral resource of 510,000 oz (2.4 million tonnes @ 6.5g/t gold). This drilling demonstrates a mineral potential at Frankfield East in excess of 1 million ounces (4.5-5.5 million tonnes @ 6.5-7.0 g/t Au).
Gowest Gold to boost resources at Frankfield East with deep extensions
Gowest Gold (CVE:GWA) announced Wednesday that ongoing drill projects at its Frankfield East gold deposit near Timmins, Ontario, have intercepted significant mineralization at a vertical depth of 1000 metres, potentially adding significantly to current resources.
Highlights from the company's deeper, resource expansion drilling campaign include 9.1 grams per tonne (g/t) of gold over 7.0 metres in hole GW11-155.
The gold resources contained in the company's recent resource estimate, which stands at 348,000 ounces of indicated gold and 838,900 ounces of inferred gold, include only 55% of the identified mineralized zone down to a vertical depth of 1000 metres, Gowest said.
This means the areas within the identified zone that have been included in the current resource calculations constitute only 55% of the overall horizon.
"The remaining area represents a zone with significant potential for additional resource ounces through an increase in drilling density," the company said in a statement.
Gowest's shallow, infill drill program has also extended the surface strike length to 900 metres, compared to the 750 metre to 800 metre range in the resource estimate.
Notable results include 9.5 g/t gold over 4.6 metres, and 10.2 g/t gold over 2.1 metres, each in hole GW11-159.
"As important as the recent gold resource estimate for the Frankfield East deposit was for Gowest Gold, ongoing exploration has revealed mineralisation that may be used to add quickly and significantly to the resources contained within our project area," said president and CEO, Greg Romain.
The in-fill and expansion drilling programs will continue on the property to test the limits of the deposit strike length, Gowest said. A geochemical and geophysical survey program are currently underway at the site.
The gold exploration and development company, whose stock on the TSX Venture Exchange rose 9.8% to trade at $0.28 per share as of 1:13 pm EDT, said it has begun planning for a phase two drill program, which will define the size and orientation of gold-bearing structures at its Texmont deposit, located one kilometre west of Frankfield East.
No investment advice
The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
