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Property adjoins Pure Gold's Red Lake Gold Mine Project where first production is expected in late 2020
VICTORIA, BC / ACCESSWIRE / April 28, 2020 / GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to report that the exploration drilling permit has been received for the West Madsen gold property (the "Property"). GoldON has the right to earn a 100% interest in the Property through an option agreement with Great Bear Resources (see news release of May 28, 2019 and regional claim map Figure 1).
The Company is evaluating drill bids and will finalize the drilling recommendations and budget once all bids are received. GoldON is fully funded to complete the drilling program.
The Property is comprised of two contiguous claim blocks (Block "A" and "B"), each roughly six kilometres (km) by three km in size for a total area of 3,860 hectares (see Figure 2). The focus of the program will be initial drill testing of four of six main drill targets that trend along in an east-west direction and run sub-parallel to magnetic lineaments on Block A of the Property see Figure 3). These lineaments are interpreted to represent the contact between the Balmer and Confederation assemblages which is a geological/structural contact that is similar to the adjacent Pure Gold Mining property where development of the Red Lake Gold Mine is on track and first gold production is anticipated in late 2020.
"We are thrilled to be preparing for our initial drilling campaign before the first anniversary of optioning the West Madsen Project from Great Bear Resources," said Mike Romanik President of GoldON. "The Ontario Government has deemed mining and exploration an essential business and we will be commencing the drill program as soon as logistically possible."
R. Bob Singh, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About GoldON Resources Ltd.
GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Active projects include the West Madsen property in the Red Lake Gold Camp, an option/JV with Great Bear Resources; the Bruce Lake property that adjoins BTU Metals' Dixie Halo property and their TNT Target; and the 100% owned Slate Falls project in the Patricia Mining Division, where numerous Au-Ag mineralized zones have been identified over the 13-km breadth of the property. GoldON has 16,858,432 shares issued, all our properties are in good standing and we are fully funded for our 2020 exploration programs.
For additional information: please visit our website at https://goldonresources.com, you can download our latest presentation by clicking here and you can follow us on Twitter at https://twitter.com/GoldONResources.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"Michael Romanik, PresidentDirect line: (204) 724-0613Email: [email protected]
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Neither 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.
SOURCE: GoldON Resources Ltd.
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