Gowest acquires Tully East Guidoccio Property

29 July 2012 (Last Updated July 29th, 2012 18:30)

Canadian gold exploration and development company Gowest Gold has acquired Tully East Guidoccio Property, contiguous to Gowest’s North Timmins Gold Project in Ontario, Canada.

Canadian gold exploration and development company Gowest Gold has acquired Tully East Guidoccio Property, contiguous to Gowest's North Timmins Gold Project in Ontario, Canada.

Gowest acquired all rights, title and interest in the property for 200,000 common shares of the company.

Tully East Guidoccio Property is recorded in the Porcupine Mining Division in Tully Township.

Following the acquisition, the North Timmins Gold Project currently covers 61 unpatented claims and eight mining leases over a total of 9,255ha (93km²) in Evelyn, Little, Prosser, Tully, and Wark Townships.

Gowest now holds the surface and mineral rights to the unpatented mining claims strategically located along the eastern portion of the company's Tully East property.

The eastern geological structures host Gowest's Frankfield East gold deposit, as well as a number of other gold showings.

Gowest's ongoing exploration programme also includes the northern portion of the new property and expands the company's holdings to include the North Pipestone Break structure.

The newly identified geological fault adds further to the prospects of the overall Pipestone structure and coincides with previous historic drilling that identified gold-bearing structures on the Tully North Property.

Gowest is 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.