Gowest Gold Reports Prefeasibility Study Results for Bradshaw Gold Deposit at North Timmins Gold Project

Gowest Gold Ltd. (TSXV:GWA) announced the results of the prefeasibility study for its Bradshaw gold deposit, part of the North Timmins gold project.

As quoted in the press release:

 In preparing to reach this critical milestone, Gowest has raised sufficient capital over the last few years to enable the Company to significantly advance Bradshaw by expanding the historical resource (through drilling and analysis in excess of 65,000 meters of core), developing a detailed mine plan and completing the work required to obtain the various mining permits. The PFS was conducted by Stantec Mining (“Stantec”) through their Mississauga, Ontario office. The PFS was focused on mining the upper 500 vertical meters (“m”) of mineralization at Bradshaw. Previous drilling has intercepted mineralization at a vertical depth of 1,350 m, indicating the deposit remains open for additional development.

The PFS includes the ounces contained in the reserve derived from the updated measured and indicated resources of the gold mineralization at Bradshaw and does not include any of the inferred ounces of gold mineralization;

Additional mineralization that does not qualify as a reserve for these calculations has been identified in the development rock which is recoverable at a profit by using rock sorting technology and is expected to generate additional gold production;

The PFS is based on using third party mining, milling and refining;

The Company plans to use advanced rock-sorting technology to increase gold production beyond the scope for this PFS.

The updated resource estimate as part of the PFS for the Bradshaw is as follows: Indicated Resources 2,121,866 tonnes grading 6.19 g/t Au and Inferred Resources of 3,629,097 tonnes grading 6.47 g/t Au using a 3 g/t Au cut-off grade, effective January 12, 2015. Mineral resources were defined using all drill hole results up to December 2014, a minimum 2 m core length, a bulk density of 2.89 g/cm3 and a gold price of US$1,200.

Indicated Resources at the Bradshaw were identified above 500 m vertical depth for the Main Zone (“MZ”) 1 and MZ2 and above 400 m vertical depth for the Hanging Wall Zones (“HWZ”), where drill hole spacing is approximately 35 m or less. Inferred Resources occur directly below the Indicated Resources and the deposit remains open along strike and at depth.

Greg Romain, president and CEO of Gowest, commented:

We are very pleased to demonstrate such positive economic results for what we expect to be the first phase of mining at Bradshaw. We have identified a great deal more gold mineralization at Bradshaw, which does not currently meet the criteria for inclusion in the PFS. We remain very confident that, with further drilling from surface and once underground, we will convert a great deal of this mineralization into a resource making this a very exciting gold project.

Click here to read the full Gowest Gold Ltd. (TSXV:GWA) press release.