Vancouver, British Columbia--(Newsfile Corp. - June 10, 2019) - Today's feature company is GoldON Resources (TSXV: GLD), an exploration company focused on discovery-stage projects in the prolific gold belts of Ontario, Canada. On May 28th, the company signed a Definitive Agreement with Great Bear Resources (TSXV:GBR), giving it an option to earn an initial 60% interest and a subsequent 100% interest in Great Bear's West Madsen property.
The West Madsen property is contiguous to Pure Gold's (TSXV:PGM) Madsen project, the highest-grade gold development project in Canada. Located in the heart of the Red Lake Gold Camp, Pure Gold's Madsen project is host to the historical Madsen and Starratt Olsen gold mines.
Earlier this year Pure Gold completed a Feasibility Study on its Madsen deposit and a Preliminary Economic Assessment on the associated Fork, Russett South and Wedge deposits. Pure Gold also just announced their 2019 exploration program for their Madsen project, which includes a 12,000-metre drilling program that is underway and will be largely directed at their Wedge discovery and along strike extensions. Notably, the Wedge discovery is situated within a kilometer of GoldON's West Madsen property boundary; and a major crustal break between Balmer Assemblage rocks and Confederation Assemblage rocks is interpreted to trend from the Pure Gold land package onto the West Madsen property.
Within the Red Lake Greenstone Belt, these major crustal breaks are associated with extensive gold mineralization hosted both in the Balmer Assemblage and within the felsic to intermediate volcanic rocks adjacent to the interpreted fault zones as recently identified by GoldON's partner Great Bear Resources at its Dixie Project.
Yesterday, GoldON announced the engagement of Red Lake specialist, Rimini Exploration & Consulting, as Project Manager and commenced Phase I exploration on the West Madsen gold property. The focus of the company's Phase I program at West Madsen will include reconnaissance geological mapping, sampling and prospecting across the property with a goal of identifying new zones of gold mineralization and defining potential drill targets.
GoldON recently closed an equity financing and is fully funded for its spring/summer exploration and drilling programs at West Madsen and its flagship Slate Falls property.
Fieldwork to date on the Slate Falls Property has identified at least 18 gold and silver zones on the Property that have produced chip, channel and drill core sample assays of up to 861 grams per tonne gold and greater than 2,000 grams per tonne silver.
For more information on the company's many projects, please visit the company's new website at www.goldonresources.com or contact Michael Romanik, President, at 204-724-0613 or email email@example.com.
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