GoldON Commences Phase II Exploration on West Madsen Property in Ontario’s Red Lake Gold Camp West Madsen Property adjoins Pure Gold’s Madsen Project, where mine construction has begun on the highest-grade gold development project in Canada
FOR IMMEDIATE RELEASE
GoldON Commences Phase II Exploration on West Madsen
Property in Ontario’s Red Lake Gold Camp
West Madsen Property adjoins Pure Gold’s Madsen Project, where mine
construction has begun on the highest-grade gold development project in Canada
VICTORIA, BC, October 22, 2019 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to announce that Phase II exploration has commenced on the West
Madsen gold property (the “Property”) optioned from Great Bear Resources (see news release of
May 28, 2019).
The West Madsen Property is directly adjacent to Pure Gold’s Ma dsen property, which is
interpreted to host the extension of the Balmer Assemblage rocks of the Red Lake Greenstone Belt
and where construction has begun on the new Madsen Gold Mine. P ure Gold’s Madsen property
includes historical producti on of 2.6 million ounces of gold, a nd a current indicated resource of
2,063,000 ounces gold (7.2 million tonnes at 8.9 g/t Au) and an inferred resource of 467,000 ounces
gold (1.9 million tonnes at 7.7 g/t Au) (see NI 43-101 Technical Report filed July 5, 2019).
Phase I exploration on the West Madsen Property was completed this summer by GoldON’s project
manager and Red Lake specialist, Rimini Exploration & Consultin g Ltd. Fieldwork included a
property-scale grassroots prospecting survey and a 3-D Spatiotemporal Gas Hydrocarbon (“SGH”)
soil survey.
The prospecting survey was successful in:
identifying ultramafic rocks of potential Balmer Assemblage,
returning anomalous gold mineralization along the projected con tact between the Balmer,
and Confederation Assemblages, and
recognizing a relatively new area of anomalous gold for Block B.
The discovery of ultramafic rocks on the Property has significa nt implications given that most of
the historical gold production and current reserves hosted on P ure Gold’s Madsen property are
hosted within the Balmer Assemblage in close proximity to ultra mafic rocks. The rare-earth and
litho-geochemical profiles of these boulders confirm that they are ultramafic in affinity and
consistent with similar profiles from rocks sourced from within the Balmer Assemblage.
Results from the SGH soil survey identified a potential redox c ell with three associated areas
prospective for gold mineralization. These SGH survey targets are shown overlain on a geophysical
magnetic survey of the area (below). The interpreted magnetic b reaks and disruptions of the
stratigraphic and structural tre nds correlate well with the ide ntified SGH gold targets and redox
zone. The target areas appear to be on trend from the mineralized areas on the adjacent Pure Gold
Madsen property.
GoldON has mobilized Rimini Exploration & Consulting crews to initiate the Phase II exploration
program that will include the following:
A prospecting and geological mapping program near Block A anomalous samples and the
“Gold Zones” identified by the S GH survey with emphasis on coll ecting structural data
that could identify mineralization controls and define drill targets.
Extension of the SGH survey west of Tack Lake along the project e d c o n t a c t o f t h e
Confederation and Balmer stratigraphy. This geological/structural environment is similar
to the adjacent Madsen Mine increasing the priority of exploration in this area.
These programs could be followed up with a diamond drilling program focusing on the
mafic to ultramafic rocks at Tack Lake and the gold zones identified from the current and
extended SGH surveys.
“While we have already exceeded our first-year exploration expenditure commitments in keeping
with our West Madsen option agreement with Great Bear Resources , we are implementing this
Phase II exploration program prior to winter with the goal of g enerating initial drill targets for
2020,” said Michael Romanik president of GoldON.
R. Bob Singh, P. Geo, an independent qualified person as define d 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 compan y focused on discovery-stage pro perties located in the prolific
gold mining belts of northwestern Ontario, Canada. Active proje cts include the West Madsen
property in the Red Lake Gold Cam p and our flagship Slate Falls project in the Patricia Mining
Division where 18 Au-Ag mineralized zones have been identified over the 7-kilometre breadth of
the property. GoldON has 15,152,282 shares issued and is fully funded to complete its fall
exploration programs.
For additional information please visit our website and you can view our latest presentation by
clicking here.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
Email: [email protected]
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