GoldON Resumes Exploration Drilling at West Madsen in the Heart of Ontario's Red Lake Gold Camp
Victoria, British Columbia--(Newsfile Corp. - January 12, 2021) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to report that the fully-funded Phase II exploration drilling program has recommenced at its West Madsen Gold Project right beside the new Pure Gold Red Lake Mine.
Figure 1: Phase II Target Area and Drill Plan for the West Madsen Project
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About the West Madsen Gold Project:
Now covering 5,862 hectares of prime gold exploration real estate in the heart of the Red Lake Camp, the West Madsen Project is comprised of the original Block A and B claim groups, where GoldON has the right to earn a 100% interest through an option agreement with Great Bear Resources (see news release of May 28, 2019); the Flat Lake and Maden-Medicine Stone claim groups that GoldON acquired a 100% interest in from Bounty Gold (see news release of January 7, 2021); and claims GoldON acquired via staking in December (see Red Lake regional map).
The West Madsen Project is contiguous with the Pure Gold Red Lake Mine property, where they poured first gold on December 29 and anticipate being in commercial production by the end of Q1 2021 (see Pure Gold's news release of December 30, 2020). Pure Gold's reserves and resources are hosted in a seven-kilometre-long gold system that follows the major crustal break or contact between the Balmer and Confederation assemblages. This same Balmer-Confederation contact has been exposed in outcrop 1.6 kilometres (km) west of the Pure Gold property boundary and is interpreted to continue for ~8 km across Block A of GoldON's property.
GoldON completed ~2,100 metres of the proposed 7,000 metre Phase II drilling program before Christmas break and assays are pending. The focus of the Phase II drilling program is to test the strike-extension of both the known gold mineralization to the east and follow-up on the gold mineralization discovered during GoldON's Phase I drilling (see news release of July 22, 2020).
The black ellipse in Figure 1 above depicts the area of the interpreted east-west trending Balmer-Confederation contact along with the completed and proposed Phase II drill holes to systematically test the extension of the stratigraphy within the structurally controlled corridor.
Ian Russell, 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.