Exploration Permit covers stripping, line cutting, geophysics and diamond drilling
VICTORIA, BC / ACCESSWIRE / April 22, 2020 / GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to report that exploration permits have been received for its Bruce Lake property (the "Property"). The permit is in place until Feb 11th, 2023 and covers mechanized stripping, line cutting, ground geophysical surveys and diamond drilling.
GoldON has an option to earn a 100% interest in the 3,103 hectares Property, subject to a 1.5% net smelter returns royalty. The Property is in a structurally active area spatially associated with east-west trending deformation zones and northeast-trending faults. Access and infrastructure are excellent with HWY 105 and hydro lines bisecting the Property, and the town of Red Lake ~36 kilometres (km) northwest (see area claim map).
The Property lies ~1 km southeast of Great Bear Resources' Dixie property and shares its southern boundary with Great Bear's Pakwash property. The Property also adjoins BTU Metals' Dixie Halo property, where recent drilling has discovered a potential Cu-Ag-Au VMS-style system called the TNT Target that borders the western claim boundary.
GoldON's 2019 exploration program on the Property consisted of prospecting by boat on the shores of Pakwash Lake and on claims east of Pakwash Lake and west of Bruce Lake where historical Au in MMI soil anomalies were discovered by Laurentian Goldfields Ltd. in 2010.
The program resulted in the discovery of a new gold showing located on the west shore of Pakwash Lake, hosted in what appears to be sheared and silicified diorite and trending approximately 020 degrees with a moderate dip to the east. Twelve samples of bedrock or subcrop were collected along a strike length of approximately 75 meters with sample assays results ranging from nil to several returning above background Au up to 361ppb Au, as well as up to 8199ppm Pb and up to 1616ppm Zn. This discovery is particularly significant given the widespread lake sediment Au anomalies discovered by Laurentian Goldfields Ltd. from 2010 to 2012 in Pakwash Lake, part of which is underlain by a large diorite pluton.
Mike Kilbourne, 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.
"We are fortunate to have discovered a new gold showing given our limited initial Property visit," said Mike Romanik President of GoldON. "Although we do not yet have drill targets established, with permits in hand we are now ready to proceed with the next stage of exploration as soon as weather conditions allow."
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 District, 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.
Additional information is available on 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, President
Direct line: (204) 724-0613
Email: [email protected]
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SOURCE: GoldON Resources Ltd.