Gowest Gold has signed a letter of intent with Pandion Mine Finance worth $17.6 million to finance exploration at its Timmins-area gold project.
Pandion, based in New York, provides financing solutions for developing mining companies.
According to a non-binding letter of intent, the money would help Gowest undertake exploration at its Bradshaw gold deposit, which has an NI 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.
In July, Gowest announced it had received full permitting from the province to go ahead with a bulk sample and was in the process of negotiating a milling agreement with Northern Sun to use its Redstone Mill.
The Bradshaw deposit is located 32 kilometres northeast of Timmins.
