News release dated Oct. 7
GoldON Provides Overview of Exploration Activity in Progress on the Neville-Potier Portion of its Swayze Gold Project in the Porcupine Mining Division of Ontario
GoldON Provides Overview of Exploration Activity in Progress on the Neville-Potier Portion of its Swayze Gold Project in the Porcupine Mining Division of Ontario
Swayze Project consists of three non-contiguous properties that adjoin or are surrounded by Trelawney-IAMGOLD’s multi-million ounce Côté Gold Project
Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the “Company”) is pleased to provide an overview of the 2014 exploration activity on the Neville-Potier property (the “Property”), located approximately halfway between Timmins and Sudbury, in the Porcupine Mining Division of Ontario (Refer to slide presentation: NP Property Exploration 2014). The Property is part of GoldON’s 100% owned Swayze Gold Project and is one of three non-contiguous claim blocks (Chester, Mollie River and Neville-Potier) that adjoin or are surrounded by the multi-million ounce Côté Gold Project owned by Trelawney Mining and Exploration Inc. (“Trelawney”), a subsidiary of IAMGOLD Corporation (“IAMGOLD”).
The Property is sandwiched between Trelawney-IAMGOLD’s North (Neville) and South Swayze properties and encompasses a 15 kilometer (km) swath of the Ridout Deformation Zone, which is established as the extension of the Larder Lake-Cadillac Break in the Swayze Greenstone Belt (Southwestern Abitibi). The Property straddles the east-west trending contact between mafic volcanics to the south and a suite of diorite to granodiorite intrusive rocks to the north.
Exploration activity in 2014 has focused on the eastern portion of the Property and was started in February 2014 with an IP/resistivity survey. It has subsequently included geological mapping, prospecting and sampling, and geotechnical drilling programs carried out in July and August.
The IP Survey was completed over a small area of the south-central portion of the Property to better understand the geological, geophysical and structural features in the area. The systematic geological mapping program was then carried out on geophysical responses indentified by the IP Survey. The IP Survey produced a broad chargeability anomaly that was initially thought to reflect a change in lithology on the area surveyed. The recent mapping program concluded the chargeability response is entirely within mafic volcanic rocks and associated sediments. It remains unexplained and is associated with a low resistivity response.
Geological mapping, prospecting and sampling programs were also carried out to the north and east of the IP Survey area. In total 129 rock-grab samples were collected from outcrops well distributed over the mapped block. All results have been received and gold assays range generally from nil to 147 ppb with one sample of 0.508 grams per tonne (g/t) as the best result. This anomalous grab sample was taken from a gossanous vein hosting 2% pyrite (striking 120, cross-cutting foliation) within mafic tuffs. Channel sampling of this vein was completed in August with one sample of 40 cm across the vein and two 1-meter samples taken from the host tonalite on each side of the vein for a total channel length of 2.4 meters. Assay results are pending. Due to significant overburden in the area, no additional outcrop exposures of the vein were found.
An isolated gold showing situated to the west of the IP Survey area was also visited at the end of August, where previous prospecting by Newcastle (GoldON) returned 2.19 g/t gold. The sample site was located again and appears to be a boulder. No outcrop could be found in the area, and it appears the anomalous sample and six others were taken from float.
Also as part of Trelawney-IAMGOLD’s Côté Gold Project work, a total of 21 geotechnical drill holes have been completed for a total of 235 metres. These holes are short, done for geotechnical purposes and may have recovered 3 to 16 meters of core within basement rock. The drill core will be logged and sampled following geotechnical test work and samples will be submitted for gold and multi-element analyses. Significant sample assay results will be reported as available.
Some limited diamond drilling is planned to be completed by the end of this year and will test the few anomalies detected in the geological mapping.
The Property consists of 375 units covering 6,000 hectares. Access and infrastructure are excellent, with the Property’s southern boundary located approximately 3 km north of the Côté Gold Project camp.
Andrew Nevin, Ph.D, P.Eng., and Qualified Person as defined by National Instrument 43-101, and has reviewed and approved the information contained in this news release on behalf of the Company.