GoldON Expands Rainy Gold Project in Northwestern Ontario
Rainy Gold project adjoins New Gold’s Rainy River Au-Ag Mine project that is scheduled to transition from construction to operation in Q3 2017
Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has acquired seven unpatented mining claims in the Rainy River area of Northwestern Ontario. The seven claims will roll into the existing Rainy Gold Project option agreement originally announced on October 4th, 2016, which includes three non-contiguous claim blocks (Burditt Lake, Off Lake and Tait).
The new claims are contiguous with GoldON’s existing Burditt Lake Block and adjoin the northern boundary of New Gold’s Rainy River Mine project property. These claims lay within the contact zone between a thick mafic volcanic sequence and the Sabaskong Batholith. Mineralization consists of fine to occasionally coarse native gold, one to two percent fine pyrite and lesser chalcopyrite within deformed quartz veins filling fracture-related dilation zones. Gold is most abundant near and along vein walls, in and around vuggy portions of the veins, and in areas exhibiting some degree of structural complexity or strong ankerite staining. Country rock is essentially unaltered adjacent to most veins, and contacts are generally sharp.
The new claims cover ground previously held by Rainy River Resources through an option with Western Warrior Resources in 2008. Prospecting by Rainy River Resources focused on sulphide zones, quartz/quartz-carbonate veins, structures (shears & faults) and lithological boundaries. Significant results from this work program included:
1. 10.2 g/t Au, 60.8 g/t Ag with elevated Cu-Pb from a quartz vein;
2. four other samples with gold values between 1.0-3.0 g/t gold plus, silver values of 1.9-34.5 g/t including anomalous Cu-Pb-Zn;
3. 1.0 g/t Ag, 0.15% Cu, 1.42% Zn with elevated Ni within a shear zone known as the Beven Showing and;
4. Samples from gabbro outcrops along the logging roads north of Manomin Dam bridge and the Burditt Lake Shaft hosted elevated Ni values.
Rainy River Resources recommended trenching and mapping work programs for the five gold results mentioned above with the Beven Showing identified as a “drill ready” target.
In addition to the above listed occurrences, the new claims cover the Galbraith “B” & “C” gold occurrences. Historical work, first by Western Troy Capital Resources in 1991 and then by Kings Bay Gold in 2012, produced assays up to 97.5 g/t from the Galbraith B gold occurrence. Small veinlets and pods occurring within a few hundred metres of the Galbraith B showing returned gold values ranging from 0.10 g/t to 3.52 g/t. In 2012, Rainy River Resources spent several days prospecting the Galbraith showings as part of its regional exploration efforts to identify potential sources of near surface high grade gold. Rainy River recommended a high density drill program to test the near surface bulk tonnage potential as the next step in the evaluation of the occurrence.
None of the proposed work programs referenced above, including drill testing of the Beven Showing and the Galbraith B occurrence, were undertaken by the previous operators and the targets remain untested.
GoldON’s Rainy Gold project is located within the Rainy River Greenstone Belt and all three of the non-contiguous claim blocks adjoin New Gold’s Rainy River Au-Ag Mine project, which is scheduled to transition from construction to operation in the third quarter of 2017 (see: New Gold’s website).
“The ripple effect of New Gold’s Rainy River Mine development has already resulted in significant economic benefit and exploration interest in the area. Our Rainy Gold Project is right next door, access and infrastructure are excellent, and these new claims have added an exciting high-grade exploration component to the Project, ” said Michael Romanik, President of GoldON.
Andrew Tims, PGeo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the contents of this news release on behalf of the Company.
GoldON Resources Ltd. is an exploration company geographically focused on the prolific mining belts of Ontario, Canada. Current projects include the Slate Falls gold-silver property in northwestern Ontario and the Rainy Gold project which adjoins New Gold’s Rainy River Mine. Both projects are discovery stage with exploration permits in place. GoldON is listed on the TSX Venture Exchange, has no debt and under nine million shares issued. For further information contact Michael Romanik and to download the latest corporate presentation click here.
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.
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Source: GoldON Resources Ltd. (TSX Venture:GLD)
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