Gowest Amalgamated Resources Ltd. ("Gowest" or the "Company") (TSX VENTURE:GWA - News; OTCBB:GWSAF - News) is pleased to
announce that it has completed its previously announced acquisition of a 100%
interest in the Dowe property in Tully Township
adjacent to the Company's 100% owned Frankfield
Gold Project. Details regarding the acquisition are available in a press
release dated July 14, 2010. (Figure 1 shows the Dowe
Property in red)
In 1997, a diamond drill program was
successful in locating a significant new gold bearing zone on the Dowe property. The concentration of gold is associated
with silica and pyrite alteration and shearing. Three drill holes intersected
1.4 - 2.5 grams per tonne Au, across significant
mineralized widths of 4-7 metres. The work was done
by Atherton Geological Services and reported on in February 1998. Gowest plans an exploration program to confirm and extend
the gold mineralization.
To view Figure 1, Acquired Dowe Property block in Red, please visit the following
link: http://media3.marketwire.com/docs/Figure1DoweProperty.pdf.
Gowest now owns 25 square kilometres
contiguous to the Frankfield East Gold Deposit (2.4
million tonnes @ 6.5 grams per tonne,
510,000 ounce NI 43-101 gold resource, report Feb 28, 2006). Through 2010
drilling, Gowest has more than doubled the size of
this mineralized envelope at Frankfield East,
allowing the company to demonstrate a mineral potential in excess of 1
million ounces (4.5-5.5 million tonnes @ 6.5-7.0
g/t Au)(ii) (See press release dated August 4th, 2010).
Gowest looks forward to announcing an updated
NI 43-101 gold resource on the Frankfield East Gold
Deposit in Q1 2011.
(ii)Areas estimated for resource
expansion potential are assumed to be similar in grades and widths to the
43-101 compliant resource for the Frankfield East
deposit. Tonnages of potentially mineralized material have been calculated
based on these grades/widths and the extents of the mineralized envelope as
defined by the recent drill holes reported. All quantities and grades of this
material are conceptual in nature and it is uncertain if further exploration
will result in the targets eventually being delineated as a mineral resource.
Qualified Person
This press release has been reviewed by
Mr. Darren Koningen, P. Eng., Gowest's Vice President of Technical Services. Mr. Koningen is a Qualified Person under National Instrument
43-101.
About Gowest
Gowest is a Canadian gold exploration and
development company focused on the delineation and development of its 100%
owned Frankfield East gold deposit. Gowest is exploring additional gold targets on the Frankfield land package and continuing to evaluate acquisition
targets in the vicinity of the Frankfield project
area, part of the prolific Timmins, Ontario gold camp.
Forward-looking statements
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
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