Gowest Gold Ltd. (TSX VENTURE:GWA) (the “Company“) is pleased to announce the final tranche closing of a previously announced non-brokered private placement for gross proceeds of $1,383,140. In connection with the final tranche closing, the Company issued 350,000 common share units at a price of $0.16 per unit for $56,000 and 7,373,000 flow-through units at a price of $0.18 per unit for $1,327,140. 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.
- Current Drilling program at the Cuye Zone reflects high grade Polymetallic and Copper mineralization which continue and remain open to depth
- 11 holes have been completed to date from the 1070 level in the Cuye area
- Copper sulphide mineralized areas have been defined containing widths of more than 45 meters which remain open at depth
- Mineralized areas noted in core identified large dioritic intrusive inclusions which suggest wider orebodies exist
- Drill hole 10 intercepted over 75 meters of continued high grade polymetallic and copper mineralization and included a 15-meter intercept of polymetallic mineralization followed by a 44-meter copper sulphide intercept
- Drilling program also intercepted low-grade disseminated copper mineralization in the intrusive formation, which opens a new exploration concept not explored or known before at Yauricocha