Gowest Gold Provides Exploration Update on Phase 1 Diamond Drilling at Bradshaw

Rhea-AI Summary

Gowest Gold Ltd. (TSXV: GWA) provides an update on the latest assay results from Phase 1 of its surface diamond drill program at Bradshaw Gold Mine. The program aims to expand the mineable resource at Bradshaw and test other parts of the North Timmins Gold Project. Notable results include a highest intercept of 9.77 g/t gold over 3.0 m and planning for a $10 million exploration program for further testing.

Toronto, Ontario--(Newsfile Corp. - November 14, 2023) - Gowest Gold Ltd. (TSXV: GWA) ("Gowest" or the "Corporation") is pleased to provide an update on the latest assay results from Phase 1 of its previously announced surface diamond drill program at its 100% owned Bradshaw Gold Mine (Bradshaw.) This first 5,000-metre program phase, which is expected to be completed in mid-November, is part of a larger planned program aimed to expand the mineable resource at Bradshaw, as well as to further test other parts of the Corporation's North Timmins Gold Project ("NTGP"), area where notable gold has also previously been intercepted (see Gowest news releases dated September 15, 2023, June 26, 2023, June 1, 2020, and June 27, 2019).

Diamond Drilling Highlights

• A total of 4,403 metres (m) of drilling has been completed as of October 31, including 14 completed holes and one in progress on the eastern portion of the Bradshaw deposit (Table 2).
  
  
• Highest intercept: 9.77 grams per tonne (g/t) gold (Au) over 3.0 m from hole GW23-330, including 27.60 g/t Au over 1.0 m from the Bradshaw YDA zone.
  
  
• Hole GW23-328 cut 8.08 g/t Au over 2.8 m, including 11.10 g/t Au over 1.80 m from the Bradshaw HW2 zone,
  
  
• Drilling in Hole GW23-333 also returned significant gold mineralization: 5.27 g/t Au over 2.6 m, including 11.98 g/t Au over 1.1 m on the HW2 zone, and 7.57 g/t Au over 1.5 m in a new zone.

Dan Gagnon, President and Chief Executive Officer of Gowest, said, "We are extremely encouraged by these continuing positive drill results at Bradshaw as they provide an even stronger foundation for our team's conviction that we will expand our current mineable resources and reserves at the deposit. We have also recently completed preliminary planning for an additional $10 million exploration program to further test other parts of the NTGP, where we are also confident that we still have more significant upside."

Overview-Phase 1:

A total of 4,403 m of drilling has been completed as of October 31, consisting of 14 finished holes and one in progress (see Table 2 below). The 5,000 m Phase 1 surface drilling program is expected to be completed in mid-November. The 14 holes were drilled on the eastern portion of the Bradshaw Gold Deposit (see Figure 1). The rig is currently drilling the 15th hole (GW23-334). The final 650-m hole of the program has been spotted in the field.

The one hole completed in October has been logged and sampled. As of October 31, 2,415 samples (14 holes) have been sent to Activation Laboratories Timmins for gold analysis. In addition, 108 pulp samples have been sent to a secondary lab (Bureau Veritas) for gold analysis checking as part of industry-standard QA/QC procedures.

Gold results have been received from 13 drill holes by October 31. Analytical results from six holes were received since the last exploration press release (September 15, 2023) and gold mineralization was encountered in all the holes (see Table 2).

Ten significant gold intersections were encountered in the five holes: GW23-327, GW23-328, GW23-329, GW23-330 and GW23-333. The highest gold intersection received was 9.77 g/t Au over 3.0 m from hole GW23-330, including 27.60 g/t Au over 1.0 m from the Bradshaw YDA zone. HW2 is another significant zone where drilling intersected 8.08 g/t Au over 2.8 m from hole GW23-328. A third significant zone intersected was the M2 zone in hole GW23-333 that returned 5.27 g/t Au over 2.6 m and included 11.98 g/t Au over 1.1 m. Encouragingly, Hole GW23-333 also intersected a new zone, returning 7.57 g/t Au over 1.5 m.

Table 1: Drill Hole Gold Intersections

HOLE ID	From (m)	To (m)	Length (m)	Au (g/t)	Zone ID
GW23-327	211.00	213.00	2.00	1.56
	225.00	226.00	1.00	2.04	New satellite zones
	292.00	293.00	1.00	1.70
	298.00	229.10	1.10	1.30	HW4
	307.00	309.00	2.00	5.80	HW2
	319.00	320.00	1.00	1.87	M1
GW23-328	191.70	194.80	3.10	4.16	OB1
includes	193.00	194.80	1.80	6.18
	200.00	201.50	1.50	3.25
	202.90	204.50	1.60	1.33
	208.00	209.00	1.00	1.06
	237.00	239.80	2.80	8.08	HW2
	238.00	239.80	1.80	11.10
	242.00	243.00	1.00	2.96
	254.00	255.00	1.00	1.39
	267.00	268.80	1.80	4.72	M1
	278.00	279.00	1.00	1.19
GW23-329	286.00	287.5	1.50	3.32	HW4
	296.00	298.00	2.00	2.74
	315.00	317.10	2.10	1.39
	324.40	325.50	1.10	6.74	HW4
	345.00	346.00	1.00	1.08
GW23-330	56.50	57.50	1.00	1.02
	227.00	230.00	3.00	0.99
includes	229.00	230.00	1.00	1.53
	232.00	234.00	2.00	3.62	HAN
includes	233.00	234.00	1.00	5.97
	235.00	238.00	3.00	9.77	YDA
includes	236.50	237.50	1.00	27.6
	259.00	261.00	2.00	2.10
	281.00	282.00	1.00	9.71	HW2
	291.00	298.00	7.00	1.64	M1
GW23-331	92.00	93.00	1.00	1.02
	184.00	187.00	3.00	1.40
includes	185.80	187.00	1.20	2.28
GW23-333	235.00	236.00	1.00	1.10
	418.50	421.10	2.60	5.27	M2
includes	420.00	421.10	1.10	11.98
	441.00	442.50	1.50	7.57	NEW
	462.00	463.50	1.50	5.30	HAN
	477.10	479.00	1.90	1.57
	483.00	484.60	1.60	3.80	YDA
	501.00	504.00	3.00	1.41
	524.00	525.80	1.80	3.08	HW1

Note: This table lists intersections > 1 Au (g/t) over 1 m core length

Table 2: Drill Hole Details

Drill Hole	Easting		Northing		Elevation		Azimuth		Dip		Length
(No.)	(Nad 83 m)		(Nad 83 m)		(masl)		(°)		(°)		(m)
GW23-320	486975		5398769		291		204.2		-49.1		230
GW23-321	486975		5398769		291		190.0		-53,0		185
GW23-322	486983		5398768		291		176.5		-54.2		174
GW23-323A	486983		5398769		291		186.1		-60.4		197
GW23-323	486983		5398768		291		186.1		-60.4		15
GW23-324	487020		5398765		291		180.0		-46.2		133
GW23-325	487020		5398765		290		178.0		-54.0		152
GW23-326	487075		5398719		290		180.0		-55.0		58
GW23-327	486791		5398841		290		165.0		-62.5		331.5
GW23-328	486736		5398798		290		171.7		-59.6		300
GW23-329	486794		5398891		290		176.5		-58.5		378
GW23-330	486668		5398784		290		154.0		-59.9		312
GW23-331	486638		5398805		290		182.5		-57.0		321
GW23-332	486648		5398945		290		159.0		-56.8		459
GW23-333	486648		5398945		290		179.1		-66.9		536.7
GW23-334*	486654		5399065		290		162.0		-69.0		621

 *in progress

Figure 1. Longitudinal Section Looking North-east showing latest reporting 2023 Bradshaw DDH Program intercepts and current Bradshaw Reserves (Table 1-DDH details)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4591/187230_5cd27820247c6b09_001full.jpg

Overview-Phase 2:

Planning was carried out at the end of October for a $10,000,000 exploration program on the NTGP, with the funds to be split evenly between underground drilling and surface exploration. The surface drilling program, budgeted at $5 million, is mainly to entail diamond drilling. A total of 16,500 m is planned for the central to western portion and the depth extension of the Bradshaw deposit (10,000 m), the Sheridan Zone (2,500 m), the Roussain Zone (2,500 m) as well as Induced Polarization (IP) targets (1,500 m). An IP geophysical survey is also planned for the surface exploration program to generate new targets on the NTGP area.

Quality Control Procedures

NQ drill core is oriented and cut with half sent to Activation Laboratories Timmins (Actlabs) for drying and crushing to -2 mm, with a riffle split 250g and pulverized (mild steel) to 95% passing 105μm (150 mesh). Actlabs is an ISO 17025 accredited laboratory. A 30g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold by Metallic Screen Fire Assay on a 1.00 kg sample. Gowest inserts independent certified reference material and blanks with the samples and assays routine pulp repeats, as well as completing routine third-party check assays at a third-party laboratory.

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 Even Stavre, P.Geo., Gowest's Chief Geologist, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.

Forward-Looking Statements

Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, without limitation, statements relating to the use of the proceeds of the Offerings, the potential for to raise additional proceeds from the exercise of Warrants, and the proposed activities of the Corporation at Bradshaw. Words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "potential" and similar expressions may be used to identify these forward-looking statements although not all forward-looking statements contain such words.

Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including those risk factors set forth in the Corporation's management's discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR) under the Corporation's profile at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by law, the Corporation does not intend to or assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events 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.

For further information, please contact:

Dan Gagnon
President & CEO
Tel: (416) 363-1210
Email: info@gowestgold.com 

Greg Taylor
Investor Relations
Tel: (416) 605-5120
Email: greg.taylor@gowestgold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187230

FAQ

What are the highlights of the latest assay results from Phase 1 at Bradshaw Gold Mine?

Notable results include a highest intercept of 9.77 g/t gold over 3.0 m, indicating potential expansion of mineable resources.

What is the planned exploration program for the North Timmins Gold Project?

A $10 million program split evenly between underground drilling and surface exploration, aiming to further test various zones and targets.

What quality control procedures are in place for the drilling program?

NQ drill core is sent to Activation Laboratories Timmins for analysis, with rigorous quality control measures including independent certified reference material and blanks, as well as routine third-party check assays.