While the underlying company, Gowest Amalgamated Resources Limited, has operated for considerably longer, what was to become the “new” Gowest Gold Ltd. (V.GWA) was advanced with the introduction on May 1, 2008 of a new management team headed by President and Chief Executive Officer, Gregory Romain.
Since 2009, Gowest has expanded its land holdings in the North Timmins Gold Project (“NTGP”) area to cover a total of 109 square km in the Timmins gold camp, with much of the additional lands being located along the same geological structures – the along the largely undeveloped Pipestone Fault, believed to be a splay off the prolific Porcupine-Destor Fault, which has produced the majority of the 145 million ounces of gold produced historically along the Abitibi-Greenstone belt – that host Gowest’s Bradshaw Gold Deposit (formerly Frankfield East) as well as a number of other gold showings.
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Gowest Gold Closes Private Placement
TORONTO, ONTARIO–(Marketwired – Dec. 29, 2017) –
Not for Dissemination in the United States or through U.S. Newswire Services
Gowest Gold Ltd. (TSX VENTURE:GWA) (the “Company“) is pleased to announce the closing of a non‐brokered private placement for aggregate gross proceeds of $707,400. In connection with the private placement, the Company issued 190,000 common share units at a price of $0.16 per unit for $30,400 and 3,761,112 flow‐through units at a price of $0.18 per unit for $677,000. Each common share unit consists of one common share in the capital of the Company and one half (1/2) of a common share purchase warrant. Each flow‐through unit consists of one common share in the capital of the Company issued on a “flow through” basis pursuant to the Income Tax Act (Canada) and one half (1/2) of a common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.25 per share for a period of 24 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the private placement.
The proceeds of the private placement, along with the remainder of the previously announced Pre‐Paid Forward Gold Purchase Agreement (the “Agreement“) between PGB Timmins Holdings LP (an investment vehicle controlled by Pandion Mine Finance, LP) and Gowest will be used to fund the exploration programs of the Company’s North Timmins Gold Project, the ongoing underground development of the Company’s Bradshaw mine and for general working capital purposes. (For further detail regarding the Pandion financing, see Gowest press release dated Dec. 16, 2016.)
In connection with the private placement, the Company paid finders’ fees consisting of $37,380 in cash and 207,667 non‐transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.25 per share for a period of 24 months after the closing date.
All securities issued in connection with the final tranche closing of the private placement are subject to a four‐ month hold period pursuant to the applicable securities laws with an expiry date of April 30, 2018.
Please visit our website (www.gowestgold.com) for photographs of the ongoing development at Bradshaw and to review our latest corporate presentation.
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100‐square‐kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43‐101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre‐Feasibility 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 3 g/t Au cut‐off and utilizing a gold price of US$1,200 / oz, totaling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., Gowest’s Director of Exploration, who is the Qualified Person for the technical information in this news release under National Instrument 43‐101 standards.
Forward‐Looking Statements
This news release may contain certain “forward looking statements”. Forward‐looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward‐ looking statements. Any forward‐looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward‐looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
- Gowest Gold Ltd.
Greg Romain
President & CEO
(416) 363-1210
info@gowestgold.comGowest Gold Ltd.
Greg Taylor
Investor Relations
(416) 605-5120
gregt@gowestgold.com
Gowest Gold Intercepts First Ore Zone at Bradshaw
Gowest Gold Ltd. (“Gowest” or the “Company“) (TSX VENTURE:GWA) is pleased to provide a further update on its progress on the Company’s Advanced Exploration – Bulk Sample program at its wholly-owned Bradshaw Gold Deposit (“Bradshaw“).
Highlights:
- Development team has intercepted the first ore zone at the 45 metre level;
- Total development reached 580 metres on September 15;
- Water treatment plant is on site; being commissioned this week;
- Ore sorter arrived on site on September 13; being assembled and prepared for operation;
- Maintenance shop area is expected to be completed by mid-October; and,
- On track to meet Company milestones, including planned first ore shipment to the mill in Q4 2017.
Greg Romain, Gowest’s President, said, “Reaching the first ore zone at Bradshaw is another very exciting milestone, and is something that all of us have been looking forward to. We are pleased to report that much of the major infrastructure work on surface is also progressing well. Our team continues to make excellent progress as we drive to develop Bradshaw as the next new gold mine in the Timmins camp.”
UPDATE:
First Ore Zone
Gowest’s underground team intercepted the first ore zone in the northern halo of the deposit at the 45 metre level as expected. In reaching this zone – which is made up of a series of gold bearing structures – the technical team now has the invaluable benefit of actually seeing the deposit for the first time. We have now commenced chip sampling of the face to supplement our in-fill drilling.
Mine development
As of September 15, 2017, total development at the Bradshaw mine site had reached 580 metres. Ramp development continues to the 60 metre level as well as incline development to the 30 metre level. Development on the 45 metre level continues to cross cut the ore.
Ore sorter
The X-ray ore sorting unit supplied by Steinert US, which will be used to sharply reduce processing costs by increasing mill feed grade and reducing tons milled, arrived from Europe on September 13. It is currently being assembled and is expected to be ready in time to be used to sort the first crushed run of mine (ROM) ore. The Company expects to send the first ore shipment to the mill in Q4 2017. The gold concentrate produced there will then be shipped to a refinery for final processing and sale.
Water Treatment
The water treatment plant, a modular turnkey plant used to handle and treat all mine and surface water effluents, has been delivered to the Bradshaw site, and is being commissioned.
Maintenance Shop
Work on the site’s maintenance shop is also advancing well, and the area is expected to be operational by mid-October.
New Mine Manager
The Company would also like to announce that Greg Hart as joined the team as Mine Manager effective September 11. Greg brings over 38 years of direct experience in leading mining and construction activities. Greg was most recently Underground Manager for Goldcorp’s Porcupine Gold Mine in Timmins.
The Company will continue to update investors on its progress when information becomes available.
Please visit our website (www.gowestgold.com) for recent photographs of the ongoing development at Bradshaw and to review our latest corporate presentation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43-101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the Pre-Feasibility 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 3 g/t Au cut-off and utilizing a gold price of US$1,200 / oz, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Jeremy Niemi, P.Geo., Gowest’s Director of Exploration, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.
Forward-Looking Statements
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Contact Information
- Greg Romain
President & CEO
(416) 363-1210
info@gowestgold.comGreg Taylor
Investor Relations
416 605-5120
gregt@gowestgold.com
Gowest Gold: Building a Mine
We’ve followed Gowest Gold (V.GWA) for several years and from the get go it was clear Greg Romain was going to build a mine. Right now, at Gowest’s property north of Timmins, Ontario, an underground ramp has been extended 350 meters. “We’re 100 meters from ore,” said Romain. “What we have been seeing is what we expected. Once we hit the ore zone, we will start mining.”
In its update press release dated August 21, 2017, the company was very clear about what its goals are and when it anticipates achieving them. “The development work includes the main ramp decline to the south in anticipation of reaching the first mineralized zone in mid Q3 to begin the 30,000 tonne bulk sample.”
The Gowest mining plan has evolved and will continue to evolve as the bulk sample is processed. “We’ll crush the material on site,” said Romain. “And then we will run the ore through an X-ray sorter. This will upgrade the gold grade of the material before we send it to the mill.”
“A couple of years ago we did a full production run on a one ton sample,” said Romain. “And a couple of weeks ago we did some more testing with positive results in both cases.”
“Sorting changes the economics of the mine. You mill less material. About half as much.” said Romain. “But we have to figure out the best way to handle the deposit with a sorter and that is part of what we are doing with the bulk sample. We want to reconcile what we had in the Pre-Feasibility Study with the bulk sample. Show the market that we can “make the grade.” We need to be very realistic. We don’t want to cover up our sins. Processing up to 30,000 tons of material will demonstrate that.”
For Gowest, the timing to actually begin mining is pretty close to perfect. “We entered into a definitive joint venture agreement with Northern Sun Mining to own 50% of the Redstone mill, which we announced in mid-July,” said Romain. “We’ll operate the mill together. The mill is ready to go. The last ore was put through a year and a half ago. We’ll start putting the ore from our bulk sample through in the fourth quarter of this year.”
“The mill has a total capacity of 1,500 tons per day which includes a 500-ton and a 1,000-ton-per-day circuit,” said Romain. Having the two circuits will allow the mill to meet Gowest’s needs as it ramps up production. “It will take three months to mine and process the bulk sample. So early in 2018 we’ll have completed the bulk sample and be in pre-production for the mine. We hope to be fully permitted to mine and we expect full production in early 2019.”
Gowest has had to build into its plans for the Bradshaw mine the fact that the gold there is “refractory.” Essentially, it is locked up in a sulfide mineral structure which requires an additional processing step. “We have to put it through pressure oxidation or roasting,” explained Romain. “It’s the step which will unlock the value of Bradshaw. They are well-understood processes with an additional cost of around $100 an ounce. But it has never happened in the Timmins camp.”
For the moment, the processed Bradshaw material will have to be sent to one of the operating mining autoclaves. “But the bigger vision,” said Romain, “is to build a central autoclave.” The Bradshaw mine is only one of a number of refractory deposits in the Timmins camp.
Unlike many explorers who are attempting to transition to mining, Gowest has non-dilutive financing in place in the form of a USD 17,600,000 Pre-Paid Forward Gold Purchase Agreement concluded in December 2016. This agreement, with a company controlled by Pandion Mine Finance, LP, allows Gowest to focus on building the Bradshaw mine and process the Bradshaw ore because the “advance” will be paid back in the gold mined from the property.
This leaves Romain able to monitor progress at the mine site. “We’re making 5 or 6 meters a day,” said Romain. “We’re finding very competent rock in the mine. We go to the rock face, put in powder, blow the rock and then scoop it out and put in the rock bolts.”
While there are still meters to go before Gowest is mining its deposit, Romain is very confident that he will soon be running a fully operational mine.
At time of writing Gowest was trading at $0.22 with 314,793,748 shares outstanding for a market cap of $69,254,625.
Feature Gallery – Gowest Gold builds its ramp at the Bradshaw Mine, Timmins Ontario (click for full sized photo)
Gowest Gold Advances Bradshaw Close to First Ore Zone
TORONTO, ONTARIO–(Marketwired – Aug. 21, 2017) – Gowest Gold Ltd. (“Gowest” or the “Company“) (TSX VENTURE:GWA) is pleased to provide an update on its progress on the Company’s Advanced Exploration – Bulk Sample program at its wholly-owned Bradshaw Gold Deposit (“Bradshaw.“)
Highlights
- Ramp development exceeds 350 meters; closing in on first ore zone
- Operating two shifts at the mine site, seven days per week, 24 hours per day.
- Ore-sorter expected to arrive at site by end of Q3
- Completed detailed bulk sample mine plan.
- Water treatment plant and ponds to be commissioned by the end of Q3.
- Continuing work with Northern Sun Mining Corp. (“Northern Sun”) to close transaction to operate and co-own Redstone Mill
- Expect first shipment of ore to the mill in Q4.
- On track to meet our milestones.
Greg Romain, Gowest’s President said, “We are extremely pleased with all that we have been able to accomplish in recent months as we have moved from breaking ground to closing in on the first mineralized zone. We are extremely confident that we are on the right path, with the right team and partners to enable Bradshaw to become the next new gold mine in the Timmins Camp.”
UPDATE:
Ramp development
Since Gowest initiated underground development at the Bradshaw mine site in Q2 2017, the mining team has advanced more than 350 metres. The development work includes the main ramp decline to the south in anticipation of reaching the first mineralized zone in mid Q3 to begin the 30,000 tonne bulk sample. An underground diamond drill station has been driven off the main ramp decline and will be used to further delineate the mineralized zones for the bulk sample and future mining.
Ore sorter
The X-ray ore sorting unit supplied by Steinert US, which is to be used to sharply reduce processing cost by increasing mill feed grade and reduce tons milled, is currently in transit from Europe and scheduled to arrive at site near the end of Q3. The run of mine (ROM) ore will first be crushed before it is sent through the ore-sorter.
Mine plan
A previously announced definition drilling program from surface (see Gowest news release dated July 7, 2017) enabled Gowest to refine its geological model and the stope design in the upper portion of the Bradshaw deposit where the bulk sample will be extracted. Using the results of this program, the Company has optimized its bulk sample mine plan for Bradshaw.
Water Treatment
The water treatment plant will be delivered in late August. Pond work will be completed in early September and commissioning is expected by the end of Q3.
Redstone Mill
Gowest announced the execution of the definitive agreement with Northern Sun to create a 50/50 joint venture corporation that will own and operate the Redstone Mill (see Gowest news release dated June 16, 2017.) The parties are working together to obtain required third party consents and regulatory approvals and to satisfy other typical closing conditions. Gowest does not expect any delay in being able to use the mill to process the mineralized material from the bulk sample when it arrives at site.
First Ore
The Company expects to ship the first ore to the mill early in the first half of Q4. The gold concentrate will then be shipped to a refinery for final processing and sale.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Gowest
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Bradshaw Gold Deposit (Bradshaw), on the Frankfield Property, part of the Corporation’s North Timmins Gold Project (NTGP). Gowest is exploring additional gold targets on its +100-square-kilometre NTGP land package and continues to evaluate the area, which is part of the prolific Timmins, Ontario gold camp. Currently, Bradshaw contains a National Instrument 43-101 Indicated Resource estimated at 2.1 million tonnes (“t”) grading 6.19 grams per tonne gold (g/t Au) containing 422 thousand ounces (oz) Au and an Inferred Resource of 3.6 million t grading 6.47 g/t Au containing 755 thousand oz Au. Further, based on the *Pre-Feasibility 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 3 g/t Au cut-off and utilizing a gold price of US$1,200 / oz, totalling 1.8 million t grading 4.82 g/t Au for 277 thousand oz Au.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Kevin Montgomery, P.Geo., Gowest’s Manager of Exploration, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.
Forward-Looking Statements
This news release may contain certain “forward looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
CONTACT INFORMATION
- Greg Romain
President & CEO
(416) 363-1210
info@gowestgold.comGreg Taylor
Investor Relations
(416) 605-5120
gregt@gowestgold.com