TORONTO, ONTARIO -- (Marketwire) -- 06/19/12 -- Gowest Gold Ltd. ("Gowest" or the "Company") (TSXV:GWA)(GWSAF) is pleased to announce that it has sharply expanded the area of its North Timmins Gold Project ("NTGP") land package.
The Company has recently staked a total of 12 unpatented claims covering 2,432 hectares ("ha") (24 square kilometres ("km2")) adjacent to the Pipestone East property (see map at http://media3.marketwire.com/docs/gwa0619map.pdf). The Company has also entered into an agreement with an arm's length party to purchase the surface and mineral rights to certain unpatented mining claims named the Tully East Guidoccio Property, ("the Property"), strategically located east of the Company's Tully East property. Gowest will acquire all of the vendor's right, title and interest in the Property, which is recorded in the Porcupine Mining Division in Tully Township, in exchange for 200,000 common shares of the Company. With these two acquisitions, Gowest's NTGP now covers 61 unpatented claims and eight mining leases over a total of 9,255 ha (93 km2) in Evelyn, Little, Prosser, Tully, and Wark Townships in the Timmins gold camp.
The newly acquired land packages are strategically located along the eastern portion of the geological structures that host the Frankfield East gold deposit as well as a number of other gold showings in the area. Exploratory drilling southeast of the Frankfield East deposit has significantly improved the Company's knowledge of the regional geological structures. This includes recent drill holes on the Pipestone Main property that have intersected carbonate alteration, indicating that the same type of fluids that carried the gold to the Frankfield East deposit are present elsewhere along the Pipestone Fault.
Furthermore, the northern portions of two of these new property areas also expand the Company's holdings to include the North Pipestone Break structure, another prospective area that has recently been defined by the Company's ongoing exploration program. This newly identified geological fault adds further to the prospectivity of the overall Pipestone structure and coincides with previous historic drilling that identified gold-bearing structures on the Company's Tully North Property.
Greg Romain, President and CEO of Gowest said, "Above and beyond the fact that the Clavos, Fenn-Gibb, and Montclergue gold deposits are located further east along the Pipestone Fault, our continuing exploration successes have convinced us that this system has the clear potential to be recognized as a large new gold development district. With these latest property acquisitions, we are even better positioned to be the next major player in Canada's most prolific gold district."
The Tully East Guidoccio Property transaction is expected to be completed within the next two weeks and remains subject to the receipt of TSX Venture Exchange approval. The common shares issued pursuant to the transaction will be subject to a four-month hold period in accordance with applicable securities laws.
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Frankfield East gold deposit, as well as on the exploration of additional gold targets on North Timmins Gold Project area, part of the prolific Timmins, Ontario gold camp. The Frankfield East deposit has been estimated to contain 348,000 ounces of gold in the Indicated category (1,621,000 tonnes at a grade of 6.68 g/t Au) plus 838,900 ounces of gold in the Inferred category (4,342,000 tonnes at a grade of 6.01 g/t Au). The Company also continues to evaluate acquisition targets in the vicinity of the North Timmins Gold Project area.
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 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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