After an NR from BTU Metals yesterday highlighting ‘discovery hole 13’ (44.3 meters of 1.14% copper-equivalent) from its TNT Target in the Red Lake Gold District of Ontario, we have a little arm waving this morning from one of my favorite junior project developers, GoldON Resources (TSX-V:GLD).
GoldON’s Bruce Lake Project adjoins the eastern side of BTU’s claims as can be seen below:
GoldON CEO Michael Romanik tells me that BTU is currently drilling within 300 meters of the GoldON claims boundary at BTU’s ‘TNT Target’.
In this morning’s NR, which was clearly designed to shine a light on GLD’s Bruce Lake Project amid the ongoing fanfare surrounding BTU’s TNT Target, Romanik states:
“While we originally acquired the Bruce Lake Property for its potential to host gold mineralization, work by BTU may cause us to reevaluate our exploration plans for 2020 and focus on possible VMS type target areas….We wish BTU every success with their current drill program and look forward to them reporting additional assay results, particularly from the recent holes drilled closer to our property boundary.“
This morning’s NR further points out some important facts regarding the similarities between Bruce Lake and BTU’s TNT Target:
“Geologically, the Property appears to host the same lithologies encountered in the drill program ongoing by BTU. Rock types intersected in their drilling to date include highly altered and bleached basalt, rhyodacite tuffs and flows as well as felsic and mafic intrusive bodies (see BTU’s news release of December 16, 2019). According to the Ontario Geological Survey regional map in this area, similar rock types can be expected to be beneath the extensive overburden cover on the Bruce Lake Property.“
When referring of the ways that GoldON shareholders can win, one of my favorite Trading Lab members (@wt90) has stated “GoldON is a double-barreled shotgun with a grenade.” – the company recently completed drilling at its flagship Slate Falls Project with assays pending and due within 2-3 weeks. GoldON also has an option on the West Madsen Project from Great Bear and we can expect more exploration news flow from this project over the coming weeks followed by a drill program in the first half of 2020. And then the grenade would be Bruce Lake with the potential for the discovery of a new volcanogenic massive sulphide (VMS) system.
In the roughly two months I have been covering GoldON, the story has gone from a sleepy one with literally nobody talking about it, to one that is only just beginning to garner some new attention. At yesterday’s close of C$.84 GoldON still only has a C$12.5 million market cap due to its extremely tight share structure (15.15 million shares outstanding and 21.8 million shares fully diluted). The all-time high share price is C$.91 and I would not be surprised to see this level tested, and potentially breached this week:
GoldON is likely to do a financing in January in order to carry out drilling at West Madsen, and potentially a follow-up program at Slate Falls.
Disclosure: The author is a GoldON shareholder and GoldON is an Energy & Gold sponsor.
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