Ramp entrance at Gowest Gold’s Bradshaw project. CREDIT: GOWEST GOLD
tion or to bring in a joint venture partner to help fund the 30,000 t/d option.
est recently completed a 29-hole underground infill drill campaign. The drill holes reduced the spacing between holes
to between 12.5 and 20 metres in the area of the bulk sample. Gowest plans to use ore sorting technology that would double the grade up to 10 g/t, including with the bulk sample, reducing costs and tonnage to the mill. Ramp development began last May, and so far, the company has completed 1,600 metres of underground development down to the 60-metre level. The bulk sample is fully permitted, and expects to receive permits for full production this year. In February, the junior announced the discovery of two new, high grade zones CONTINUED ON PAGE 40
BRADSHAW – Gowest Gold
Gowest Gold is targeting commercial production at its Bradshaw project in the Timmins gold camp by 2019. The company’s first gold revenue will come sooner – in the second quarter. At press time, Gowest had signed an agreement with Shandong Humon Smelting for a US$3-million prepayment for gold concentrate it will produce via a 30,000tonne bulk sample at Bradshaw. About 14,000 tonnes of development material are already stockpiled for sorting, milling and sale as concentrate. A 2015 prefeasiblity study indicated that with an initial capex of US$21.5 million and sustaining capital of US$21.4 million, the underground mine would produce an average of 40,500 oz. per year over 8.5 years. Using a gold price of US$1,200 per oz. gold and a discount rate of 5% and an exchange rate of US$0.80, the study pegged Bradshaw’s after-tax NPV at US$29.2 million and its IRR at 27%. The study focused on mining the upper 500 metres of the orebody, but drilling has intersected mineralization to 1,350 metres, indicating potential for expansion. Bradshaw hosts indicated resources of 2.2 million tonnes grading 6.19 g/t gold for 422,000 oz., including probable reserves of 1.8 million tonnes grading 4.82 g/t gold for 277,000 oz. gold. Inferred resources add 3.6 million tonnes grading 6.47 g/t gold for 755,000 oz. To better define the deposit and in preparation for the bulk sample, Gow-
FEBRUARY/MARCH 2018
34-40_CMJ FebMar2018_Capex.indd 39
WORLD CLASS JURISDICTION GROWING RESOURCE HIGH GRADE GOLD TSX:ER OTCQX:EANRF
Updated Eau Claire Mineral Resource Estimate* Category
Tonnes
Grade (g/t Au)
Contained Au (Oz)
M&I Inferred
4,170,000 2,227,000
6.16 6.49
826,000 465,000
Open pit and underground delineated. High Grade Open Pit (240k ozs @ 5.97 g/t) Conservative interpretation. Shallow Deposit (1MM ozs <400 metres depth) Advancing to Growth Preliminary Economic Focused DrillingAssessment Underway (H1 2018). Advancing to Preliminary Economic Assessment (H1 2018)
Eastmain Mine Project mineral resource conversion (Q4 2017). *For more information and footnotes related to the mineral resource update, *For more information and footnotes related to the mineral resource please see Eastmain press release dated, September 11, 2017.update, please see Eastmain press release dated, September 11, 2017.
Proven Management Focused Management High GradeExploration Resource Aggressive Aggressive The RightExploration Location World Jurisdiction in James Bay Quebec 3 Class Key Assets in James Bay, Quebec
www.eastmain.com www.eastmain.com CANADIAN MINING JOURNAL |
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2018-02-15 3:04 PM