Results from Gowest project should be good significant

New Texmont is drilling a stratabound structure, known as the Frankfield zone, which straddles the border of ground held by Intex Mining (ASE) and Frankfield Exploration (ASE) and a separate 14- claim property held by Gowest.

A member of the J.P. Sheridan group of companies, New Texmont holds a 48% stake in Intex.

By spending $400,000 this year to conduct a deep drilling program on the Gowest property, New Texmont was scheduled to earn a 50% stake. Having contributed $144,000 to the program, Frankfield also holds an 18% interest at Gowest.

While the results haven’t been announced yet, values ranging as high as 0.3 oz and 0.4 oz gold per ton have been encountered at a vertical depth of about 1,500 ft, according to Frankfield President Stan Hawkins.

The latest program was designed to follow up on results of 12 holes drilled last December.

While results from the December program ranged as low as 0.032 oz across 4 ft to 0.362 oz over 9.3 ft, New Texmont succeeded in establishing a strike length of 1,500 ft and an indicated extension of the ore zone to a depth of 1,000 ft.

Reserve estimates to a vertical depth of about 400 ft also increased to 310,000 tons of grade 0.23 oz to about 400 ft from 191,000 tons of 0.23 oz.

According to Hawkins, the Frankfield zone strikes east west and dips slightly to the north on Gowest ground. As results haven’t been officially released yet, he was reluctant to go into detail, but he said the zone is starting to look like an “important discovery.”

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