Gowest Amalagamated Resources Ltd. (TSX-V: GWA) has entered into a letter of intent to snap up 4,600 acres from Goldcorp Canada Ltd., located next to its Frankfield project 42 kilometres northeast of Timmins.
The move effectively quadrulples Gowest's land holdings in the Timmins camp.
The acquired properties sit along the eastern extension of the same geological structures hosting Gowest's Frankfield East deposit mineralization. The Frankfield East deposit is 2.4 million tonnes grading 6.5 grams per tonne.
The company has also announced a brokered private placement for gross proceeds of $6 million, which is expected to close on Dec. 15. The net proceeds will be used to explore the Frankfield project and for general working purposes.
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