GoldON Mobilizes Diamond Drill and Outlines Exploration Plan for West Madsen Gold Project in the Heart of the Red Lake Camp

Property adjoins Canada's next gold mine - the Pure Gold Red Lake Mine project where the first gold pour is scheduled before year's end

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to report that a diamond drill and crew have begun mobilization at the West Madsen Gold Project to initiate Phase II drilling.

Cannot view this image? Visit:

Figure 1: Phase II Drill Plan for West Madsen Project

To view an enhanced version of Figure 1, please visit:

The West Madsen Project covers over 4,700 hectares and is comprised of the West Madsen (Block A and B) claims, 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); and the Flat Lake and Madsen-Medicine Stone claim groups that adjoin Block A, where GoldON can acquire a 100% interest through an option agreement with Bounty Gold (see news release of July 29, 2020, and the Red Lake regional map Figure 2).

The focus of the Phase II drilling program will be on the expanded West Madsen - Block A (see Figure 1 above) and the area of the black ellipse that is contiguous with the Pure Gold Red Lake Mine property where the first gold pour is scheduled for late 2020 (Pure Gold's news release of October 27, 2020). Pure Gold's reserves and resources include the Madsen deposit (FS status) and the Fork, Russet South, and Wedge deposits (PEA status) that 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 GoldON's property.

The Phase II program is budgeted for up to 7,000 metres of diamond drilling to aggressively test the strike-extension of both the known gold mineralization to the east and to follow-up on the gold mineralization discovered during GoldON's Phase I drilling that returned 14.4 g/t gold over 0.5 metres (see news release of July 22, 2020). The black ellipse in Figure 1 depicts the area of the interpreted east-west trending Balmer-Confederation contact and the systematically planned drill holes that will test the extension of the stratigraphy within the structurally controlled corridor.

"GoldON has a unique opportunity to test for gold mineralization along the prospective Balmer-Confederation contact of the Red Lake Greenstone Belt," said Mike Romanik, President of GoldON. "Exploration drilling is all about discovery and with the addition of the recently acquired claims we now control an eight kilometre interpreted extension of known gold-bearing stratigraphy in the heart of the Red Lake Camp."

Cannot view this image? Visit:

Figure 3: Looking NE from West Madsen - Block A toward the Pure Gold Red Lake Mine Project

To view an enhanced version of Figure 3, please visit:

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.

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 four properties in the Red Lake Mining Division (West Madsen, Pipestone Bay, McDonough and Bruce Lake) and a fifth property in the Patricia Mining Division (Slate Falls).

For additional information: please visit our website at, you can download our latest investor presentation by clicking here and you can follow us on Twitter at


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.

To view the source version of this press release, please visit

News Provided by Newsfile via QuoteMedia

The Conversation (0)
Brightstar Resources

Heritage Survey Completed and Drilling Commences at Menzies

Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce that reverse circulation drilling has recommenced at Menzies, with a program targeting shallow, near surface mineralisation at Link Zone and potential high-grade underground material at Aspacia. In particular, the Aspacia program is designed to confirm strike lengths of ~700m with drilling down to 170m vertical depth in certain sections; whilst Link Zone represents an opportunity for Brightstar to expand on the recently announced maiden JORC Mineral Resource Estimate (MRE) and prove up additional shallow mineralisation for potential fast-tracked open pit mining opportunities.

Keep reading...Show less
gold price graph going up

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the gold price often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security. And each time the gold price rises, there are calls for even higher record-breaking levels.

Gold market gurus from Rob McEwen to Frank Holmes to David Smith have shared eye-popping predictions on the gold price that would intrigue any investor — gold bug or not.

Keep reading...Show less
Freegold Intersects 4.25 g/t Au over 67.1m and 4.09 g/t over 23.9m within 276.5m grading 1.76 g/t Au in the Initial Western Expansion Drilling at Golden Summit

Freegold Intersects 4.25 g/t Au over 67.1m and 4.09 g/t over 23.9m within 276.5m grading 1.76 g/t Au in the Initial Western Expansion Drilling at Golden Summit

Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to announce additional drill results from the 2023 drill program, including the first results from the 2023 drilling west of Willow Creek . Results are still pending for GS2332, GS2334, GS2335 GS2337, additional holes, collared west of Willow Creek to test the westerly extensions of the existing resource.

Today's results successfully:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
gold bars with green up arrow

Editor's Picks: Gold Hits New All-time High, First Quantum Pursues Arbitration

Gold began the final month of the year auspiciously, hitting a fresh all-time high.

February gold futures ended Friday (December 1) at US$2,091.70 per ounce, but as Lobo Tiggre of pointed out, the yellow metal closed at its highest level ever regardless of the contract.

The move has generated excitement among market participants, but whether gold keeps rising remains to be seen.

Keep reading...Show less

Developments in Panama

Franco-Nevada Corporation (" Franco- Nevada " or the " Company ") (TSX: FNV) (NYSE: FNV) notes that its partner, First Quantum Minerals Ltd. (" First Quantum "), has provided a further update in respect of recent comments made by the President of Panama Laurentino Cortizo regarding a transition process for the closure of the Cobre Panama mine.

For more detailed information, please refer to First Quantum's news release dated December 1, 2023 .

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
john feneck, gold bars

John Feneck: Gold Setup is "Beautiful," New All-time High to Come

Gold is above US$2,000 per ounce again, and John Feneck of Feneck Consulting believes it's set to move higher.

"I think the gold setup here is beautiful ... I've been very guarded on the price of gold — I've never talked new highs ever, I've never said US$2,500 this or US$5,000 that," he told the Investing News Network. "(But) we are saying as a result of what happened October 7 that you are going to see a new all-time high in gold next year, which is new for us."

Keep reading...Show less

Latest Press Releases

Related News