Initial drilling program is fully funded and will include testing for source of high-grade values up to 861 g/t Au in drill core and 3,025 g/t Ag in surface rock samples
VICTORIA, BC / ACCESSWIRE / October 29, 2019 / GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to announce the hiring of Chibougamau Diamond Drilling Ltd. for the upcoming drilling program on its 100% owned Slate Falls Gold-Silver Project in Ontario's Patricia Mining Division.
"Slate Falls is a discovery-stage project and despite numerous targets, some having returned bonanza gold and silver grades from both drill core and surface samples, the Property has not been drilled since 1984," said Michael Romanik president of GoldON. "Assessment records show only 26 shallow drill holes have ever been completed on the Property's high-grade Trail and Sanderson Zones and our initial drilling program will be the first time these targets have been tested below 30 meters of surface."
The Slate Falls Property is located in the Meen-Dempster Greenstone Belt between the Red Lake and Pickle Lake Gold Camps (see: location map). The Fry Lake-Bamaji Lake Deformation Zone passes through the Property representing first and second order crustal-scale structures that cut stratigraphy and are similar to and contemporaneous with the stratigraphy that hosts the past-producing Golden Patricia Mine, which produced 620,000 ounces of gold at 15 g/t Au between 1988-1997 and lies 30 kilometres to the northeast. The Property hosts numerous gold and silver showings demonstrating good correlation between the geophysical, geochemical and geological indicators.
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 Chibougamau Diamond Drilling Ltd.
Chibougamau Diamond Drilling has been in operation for over 50 years and specializes in diamond drilling. They develop and build their own drill rigs and currently own 35 drills including surface, underground and heliportable rigs. Headquartered in Chibougamau, Quebec they have branch offices in Rouyn-Noranda, Thunder Bay, White River and Red Lake.
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 and our flagship Slate Falls project in the Patricia Mining Division where 18 Au-Ag mineralized zones have been identified over the 13-kilometre breadth of the property. GoldON has 15,152,282 shares issued and is fully funded to complete its fall exploration programs.
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ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Email: [email protected]
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.