Gowest Gold is optimistic a new, 1,000-metre drill program will test new high-grade gold zones at its Bradshaw deposit near Timmins.
The company said the purpose of the drill program is twofold: provide infill detail on stopes to be mined in the bulk sample area, and test recently identified, new high-grade gold zones to the north of the main deposit.
In an earlier drill program, hole BGM-045-12 intersected 4.2 metres grading 20.91 grams per tonne gold, including 1.9m grading 42.15 grams per tonne.
“We are excited to be working again on developing Bradshaw,” said Greg Romain, Gowest’s president and CEO, in a June 5 news release.
“As we have said before, we remain confident that we have only identified a part of this deposit, and we are looking forward to completing this efficient drill program and providing further evidence to support this belief.”
Romain said the previously announced $8-million non-brokered private placement with Fortune Future Holdings Ltd. should close in the coming days, which would clear the way for the completion of the bulk sample program.
“If shareholders vote in favour of the impending financing, then we would plan to complete the bulk sample at Bradshaw this year,” he said.
A special shareholders meeting will be held on Monday, June 10.
Gowest’s Bradshaw deposit is part of the larger North Timmins Gold Project, a 100-square-kilometre land package.
Bradshaw, located 32 kilometres northeast of Timmins, 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 of gold.