10:31:19 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Gowest Gold Ltd (2)
Symbol GWA
Shares Issued 494,884,140
Close 2023-11-09 C$ 0.075
Market Cap C$ 37,116,311
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Gowest Gold puts Bradshaw in care and maintenance

2023-11-10 11:19 ET - News Release

Mr. Dan Gagnon reports

GOWEST GOLD PROVIDES DEVELOPMENT UPDATE AT BRADSHAW

Gowest Gold Ltd. has provided a general update on the operation of its 100-per-cent-owned Bradshaw gold mine.

Gowest is pleased to note that a great deal of progress has been achieved at Bradshaw since work there began again in April. Over all, underground capital development is advancing in the East zone and the Central zone. Ore sills are being developed on the 100-metre level in the East zone and the mining team is about to access sills in the Central zone on the 85-metre level. The installation of the main fan and heater on surface is progressing well and should be operational this month. This will include the conversion on site from diesel to compressed natural gas, which offers further money savings.

Exploration drilling is also continuing, with one drill rig operating from surface and a second rig underground. As previously noted, the initial 5,000-metre surface drilling program will be complete by mid-November. Notably, all drill holes intersected ore and these latest results are expected to add new resource ounces.

In order to preserve cash, Gowest is temporarily moving the Bradshaw mine to a care and maintenance phase, which is expected to continue until the Northern Sun tailings pond construction has been completed in or around July, 2024, and when the mill is ready to begin processing Bradshaw ore.

Northern Sun started the drilling and blasting of construction rock this week. Construction is expected to begin in January, 2024, and to be completed in July, 2024.

Gowest is also exploring opportunities to keep financing its operational and exploration activities.

President and chief executive officer Dan Gagnon observed: "We look forward to the continuing support of our principal investment group, especially as we work to balance the complexities of bringing Bradshaw into production and helping to see completion of the upgrade of Northern Sun's mill at the same time we continue to expand the value of our gold assets, for the benefit of all of our investors. We have made good progress in advancing the mine and we look forward to seeing the first gold poured from there in less than a year."

About Gowest Gold Ltd.

Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100-per-cent-owned Bradshaw gold deposit on the Frankfield property, part of the corporation's North Timmins gold project (NTGP). Gowest is exploring additional gold targets on its more-than-100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ont., gold camp. Currently, Bradshaw contains a National Instrument 43-101 indicated resource estimated at 2.1 million tonnes grading 6.19 grams per tonne gold containing 422,000 ounces gold and an inferred resource of 3.6 million tonnes grading 6.47 grams per tonne gold containing 755,000 ounces gold. Further, based on the prefeasibility 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 three-gram-per-tonne-gold cut-off and utilizing a gold price of $1,200 (U.S.) per ounce, totalling 1.8 million tonnes grading 4.82 grams per tonne gold for 277,000 ounces gold.

Qualified person

The technical information in this news release has been reviewed and approved by Even Stavre, PGeo, Gowest's chief geologist, who is the qualified person for the technical information in this news release under National Instrument 43-101 standards.

We seek Safe Harbor.

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