This morning we received an NR from GoldON Resources (TSX-V:GLD) and I feel that this is a good time to offer a little refresh on the GoldON story. GoldON is a gold project generator focused on Ontario where it has 5 different projects. The company is currently focused on its West Madsen Project which is adjacent to Pure Gold’s Madsen Mine. GoldON has West Madsen under option from Great Bear Resources (TSX-V:GBR) and GBR VP-ex Bob Singh is a technical advisor with GoldON. Mr. Singh is helping GoldON with drill targeting and he has approved the drill targets for the upcoming maiden drill program at West Madsen.
In addition, Rimini Exploration will be the drillers for this maiden program at West Madsen and the company is fully funded for drilling with C$1.4 million in cash and no debt. Expect drilling to begin at West Madsen in May as the local First Nations have approved the company to get back to work and mining is considered an essential service in the Canadian province of Ontario.
I expect GoldON will be very busy over the coming months and there should be no shortage of news flow after a relatively quiet March/April.
“We are thrilled to be preparing for our initial drilling campaign before the first anniversary of optioning the West Madsen Project from Great Bear Resources. The Ontario Government has deemed mining and exploration an essential business and we will be commencing the drill program as soon as logistically possible.” ~ Mike Romanik, CEO GoldON Resources
It’s important to remember that GoldON has less than 20 million shares outstanding and a free trading float closer to 11 million. In addition, GoldON has seen strong insider buying in recent months and a couple of the company’s other projects (Bruce Lake and Slate Falls) have attracted the interest of multiple parties. I expect we will hear more about Bruce Lake and Slate Falls in the near future as GoldON is fully underway with the maiden drill program at West Madsen.
I own GoldON shares and I have bought as high as $.90 and as low as $.26 because I see strong potential for new all-time highs to be reached (above C$1.15) over the next several months.
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