TORONTO, ONTARIO--(Marketwire - July 27, 2012) - Gowest Gold Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA)(OTCBB:GWSAF) is pleased to announce that it has completed its previously announced acquisition of the Tully East Guidoccio Property ("the Property") contiguous to the Company's North Timmins Gold Project ("NTGP") (see Gowest news of June 19, 2012.)
The Company has acquired, from an arm's length party, the surface and mineral rights to certain unpatented mining claims strategically located east of the Company's Tully East property (see map). Gowest acquired all of the vendor's right, title and interest in the Property, which is recorded in the Porcupine Mining Division in Tully Township, in exchange for 200,000 common shares of the Company. With this acquisition, Gowest's North Timmins Gold Project now covers 61 unpatented claims and eight mining leases over a total of 9,255 ha (93 km2) in Evelyn, Little, Prosser, Tully, and Wark Townships in the Timmins gold camp.
The newly acquired land package is strategically located along the eastern portion of the geological structures that host Gowest's Frankfield East gold deposit as well as a number of other gold showings. Exploratory drilling southeast of the Frankfield East deposit has significantly improved the Company's knowledge of the regional geological structures. This includes recent drill holes on the Pipestone Main property, that have intersected carbonate alteration, indicating that the same type of fluids that carried the gold to the Frankfield East deposit are present elsewhere along the Pipestone Fault.
Furthermore, the northern portion of this new property area also expands the Company's holdings to include the North Pipestone Break structure, another prospective area that has recently been defined by the Company's ongoing exploration program. This newly identified geological fault adds further to the prospectivity of the overall Pipestone structure and coincides with previous historic drilling that identified gold-bearing structures on the Company's Tully North Property.
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its 100% owned Frankfield East gold deposit, as well as on the exploration of additional gold targets on its North Timmins Gold Project area, part of the prolific Timmins, Ontario gold camp. The Frankfield East deposit has been estimated to contain 348,000 ounces of gold in the Indicated category (1,621,000 tonnes at a grade of 6.68 g/t Au) plus 838,900 ounces of gold in the Inferred category (4,342,000 tonnes at a grade of 6.01 g/t Au). The Company also continues to evaluate acquisition targets in the vicinity of the North Timmins Gold Project area.
This news release contains certain "forward looking statements". Such forward-looking statements involve risks and uncertainties. The results or events depicted in these forward-looking statements may differ materially from actual results or events. 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.
To view the Gowest North Timmins Gold Project Map please visit the following link: http://media3.marketwire.com/docs/727gowestmap.pdf
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.