Property lies in an area of numerous gold occurrences with four developed prospects and two past producers located within 1.5 km of the claim boundary
VICTORIA, BC / ACCESSWIRE / May 7, 2020 / GoldON Resources Ltd. (TSXV:GLD) (“GoldON” or the “Company”) is pleased to report that it has added cells to amalgamate the two original separate claim blocks at the Pipestone Bay property (the “Property”) and completed a property-wide airborne magnetometer (MAG) survey.
Located within the Red Lake Greenstone Belt approximately 32 kilometres (km) west of the town of Red Lake, the Property lies in an area of numerous significant gold occurrences with four developed prospects and two past producers located within 1.5 km of the claim boundary. GoldON entered into an option agreement last June to earn a 100% interest in the original 448-hectare claim blocks, subject to a 1.5% net smelter returns royalty. Subsequently, the Company acquired additional claims by staking and cash purchase to increase the land package to a contiguous 1,013 hectares (see claim map). Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization hosted on the Company’s Property.
The Property has many similar geological characteristics that make the Red Lake Greenstone Belt such a prolific gold camp. These include deformation zones, thrust faults, folded iron formation, Balmer Assemblage ultra-mafic lithologies, an unconformity, alteration (potassic, silicic, carbonate), high-grade gold veins and disseminated copper mineralization. GoldON hired Prospectair Geosurveys to complete a heliborne high-resolution MAG survey that included 50-meter flight line spacings for a total of 256-line km to cover the Property. The preliminary data shows a possible Z-fold, northwest-trending fold axes and northeast-trending faults providing multiple areas for potential fluid pathways and traps.
The primary target within the Property is the 991 Zone which consists of narrow pyrite, chalcopyrite bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded ultra-mafic horizon. Visible gold occurs in several veins with grab samples yielding 22.272 grams per tonne gold. In 2004, Redstar Gold drilled a single hole (RGC-004) that was collared into an ultramafic unit north of the 991 Zone and drilled to the south. The hole intersected a 200-metre-wide zone of strongly quartz and sericite altered felsic stratigraphy with pyrite and chalcopyrite stringer mineralization and anomalous (>100 ppb) gold values.
The width of the strong alteration, mineralization and brecciation intersected by RGC-004 indicates the presence of widespread hydrothermal activity within a structurally conducive zone. The presence of anomalous gold and copper mineralization is considered significant as copper has been noted with high-grade gold veins at surface. Follow up drilling was recommended to target both the contact zone as well as at north-south trending quartz veins identified at surface. Follow up drilling has never been done.
“As we dive deeper into the data on the Pipestone Bay project it appears to be at a more advanced stage then we had initially thought,” said Mike Romanik President of GoldON. “Previous operators have spent millions on exploration over the years yet priority drill targets remain untested.”
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.
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 16,908,432 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GoldON Resources Ltd.
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