GoldON Completes Phase I Exploration at Its Springpole East Property in the Red Lake Mining District, Ontario

GoldON Completes Phase I Exploration at Its Springpole East Property in the Red Lake Mining District, Ontario

The Property adjoins First Mining Gold's Springpole Project, one of the largest undeveloped gold deposits in Canada at 3.8Moz probable reserves

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the completion of the Phase I field exploration program at its Springpole East property (the "Property") in the Red Lake Mining District, Ontario.

Prospecting, mapping, and sampling were carried out from June 22nd to July 7th with 109 grab samples and 31 lake sediment samples collected by a two-man crew based at a fly-camp in the central part of the Property on Durkin Lake. Exploration efforts were aided by interpretations of the heliborne, high-resolution magnetometer (MAG) survey flown over the Property in the spring (See news release of June 7th, 2022 and Figure 1).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7436/131834_15b0ad0ac4ae2b0d_001.jpg

Figure 1: Mag Survey Data over Area Map with Prospecting Coverage.

To view an enhanced version of Figure 1, please visit:
https://goldonresources.com/images/Springpole-East/SPE-MAG-Prospecting-Coverage.jpg

At least three horizons of quartz +/- feldspar veining over strike lengths of up to 3.8 kilometres (km) were located on the Property, associated with approximately east-west magnetic lineaments which locally appear to correspond to metasedimentary-metavolcanic contact areas or horizons of chert-magnetite iron formation. Veining frequently occurs within sheared greywacke-arkose metasediments and has been observed up to 25 centimetres (cm) wide in outcrop. Veins and wall rock appear to contain up to 1-2% pyrite, with locally minor chalcopyrite. Veins appear to be tightly folded along with thin (cm-scale) bands of felsic intrusive material.

Prominent magnetic lineaments in the southern part of the Property were found to correspond to a broad unit of weakly to moderately magnetic mafic to intermediate volcanics, with the possibility of hidden bands of chert-magnetite iron formation as have been observed elsewhere. Approaching the granite-greenstone contact in the far southern part of the Property, folded mafic gneiss was observed, and mafic units in this area locally contain up to 0.5% pyrite.

A prominent magnetic lineament in the northern part of the Property was found to be associated with metasedimentary rocks containing disseminated magnetite. Garnet-biotite schist with trace pyrite was also noted in this area.

"While very little is known about the large Property's underlying geology, we focused our prospecting effort on the MAG anomalies in the Durkin Lake area," said Mike Romanik, president of GoldON. "This initial program represents a good first pass of this area, and we are looking forward to receiving analytical results for the grab and lake sediment samples."

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7436/131834_15b0ad0ac4ae2b0d_002.jpg

Figure 2: Regional map showing Springpole East location and GoldON's other projects.

To view an enhanced version of Figure 2, please visit:
https://goldonresources.com/images/Springpole-East/Springpole-East-Regional.jpg

The 6,674-hectare Property is located within the Birch-Uchi Greenstone Belt of the northern Uchi Subprovince and consists of typical greenstone mafic to felsic volcanic sequences intercalated with clastic and chemical sediments which have been intruded by pre- to syn-tectonic felsic to mafic intrusives and syn- to post-tectonic mafic to ultra-mafic rocks.

The Property is comprised of 18 contiguous mining claims in the Keigat Lake Area township approximately 40 km northwest of the Slate Falls First Nation community. Access to the Property is via a new all-weather logging road to the southern boundary with extensions planned into the claim group in the near future.

The western boundary of the Property adjoins the Springpole project owned by First Mining Gold Corp., with the Springpole deposit located 9 km to the west of the boundary and hosting reserves of 3.8 million ounces of gold and 20.5 million ounces of silver. The 2021 pre-feasibility study of Springpole is highlighted by a 30,000 tonnes per day mining operation with a life of mine of 11 years. See NI 43-101 Technical Report and Pre-feasibility Study on Springpole Gold Project prepared by AGP Mining Consultants Inc., February 26, 2021.

Mike Kilbourne, P. Geo, an independent qualified person as defined in NI 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. Our current project portfolio includes seven properties located in the Red Lake Mining District (McDonough, Springpole East, Red Lake North, Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property located in the Patricia Mining District (Slate Falls).

For additional information: please visit our website at goldonresources.com, you can download our latest investor 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
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131834

News Provided by Newsfile via QuoteMedia

GLD:CA
The Conversation (0)
GoldON Arranges Private Placement Financing

GoldON Arranges Private Placement Financing

Flow-Through proceeds will be used for winter exploration drilling at the 100%-owned McDonough Gold Property in Red Lake, Ontario

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is arranging a non-brokered private placement financing of up to 2,500,000 flow-through units (the "FT Units") and 1,000,000 non-flow-through units (the "NFT Units) with qualified investors for maximum gross proceeds of $400,000 (the "Offering").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GoldON Grants Charitable Options to The Singh Foundation

GoldON Grants Charitable Options to The Singh Foundation

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") has granted 240,000 charitable stock options to The Singh Foundation at a price of $0.12 per share for a period of five years from the date of grant. The charitable options have been granted in accordance with the Company's stock option plan.

The Singh Foundation is a registered non-profit charitable society that was established to create opportunities for youth by encouraging participation in their communities through sports and local programs. The Singh family has been part of the Surrey, British Columbia community for over 50 years and has seen how important it is for kids to be able to play in a healthy and safe environment. The goal of the Foundation is to provide that opportunity to all kids and families regardless of personal, societal, or economic barriers.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GoldON Plans Drilling at McDonough Gold Property in Red Lake, Ontario

GoldON Plans Drilling at McDonough Gold Property in Red Lake, Ontario

Drill targets are well supported by coincident IP, geochem and geology

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that diamond drilling will commence early in the first quarter of 2023 on its McDonough gold property (the "Property") located 15 kilometres (km) north of the town of Red Lake, Ontario.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GoldON Resources AGM Results

GoldON Resources AGM Results

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to report that shareholders approved all resolutions put before them at the Company's Annual General Meeting held November 10, 2022, in Victoria, BC.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
GoldON Identifies Anomalous Gold Trend at Its Springpole East Property in the Red Lake Mining District, Ontario

GoldON Identifies Anomalous Gold Trend at Its Springpole East Property in the Red Lake Mining District, Ontario

The Property adjoins First Mining Gold's Springpole Project, one of the largest undeveloped gold deposits in Canada at 3.8Moz probable reserves

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to provide an update on exploration activity at its Springpole East property (the "Property") in the Red Lake Mining District, Ontario (See Regional Map).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Grande Portage Announces Non-Brokered Private Placement Pursuant to the Listed Issuer Financing Exemption

Grande Portage Announces Non-Brokered Private Placement Pursuant to the Listed Issuer Financing Exemption

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce a non-brokered private placement of up to 10,000,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of up to C$3,000,000 (the "Offering"). The Offering is being carried out pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions (the "LIFE Exemption") to purchasers resident in Canada, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. The Company has an offering document (the "Offering Document") related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com. Prospective investors should read the Offering Document before making an investment decision

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024

Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024

(TheNewswire)

Element79 Gold Corp.

Element79 Gold Corp invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation on the Emerging Growth Conference.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Presenting on the Emerging Growth Conference 76 Day 1 on October 30 Register Now

Presenting on the Emerging Growth Conference 76 Day 1 on October 30 Register Now

EmergingGrowth.com a leading independent small cap media portal announces the schedule of the 76 th Emerging Growth Conference on October 30 & 31, 2024.

The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico.

Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico.

(TheNewswire)

Pinnacle Silver and Gold Corp.

Highlights:

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico

Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico

(TheNewswire)

Pinnacle Silver and Gold Corp.

Highlights:

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Zodiac Gold Completes Drill Program at the Alasala Target and Hits Mineralized Zones including 4.05m at 13.92 g/t

Zodiac Gold Completes Drill Program at the Alasala Target and Hits Mineralized Zones including 4.05m at 13.92 g/t

Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, is pleased to report the results from its diamond drilling program at the Alasala target, including 4.05m at 13.92 gt (including 1.6m at 34.5 gt Au), 7m at 2.23 gt Au (including 1m at 12.65 gt Au) and 4.25m at 0.99 gt Au (including 0.7m at 5.25 gt Au). In addition, channel sampling in the Lion Hill artisanal mining pit during this drill program by Zodiac Gold's geological team returned 6.05m at 9.06 gt Au (including 1m at 46 gt Au and 1m at 7.6 gt Au). The results of drilling confirm that the high grades reported from surface exploration and previous drilling in the oxide zone have strong continuity at depth, with 4.05m at 13.92 gt Au intersected 75m below surface. These zones are believed to be open at depth.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×