GoldON Resources Ltd.
Wednesday, September 06, 2017 - 8:30 AM EDT

GoldON Quadruples Area of Slate Falls Gold-Silver Project in Northwestern Ontario

Historical work on the expanded property has indentified at least eighteen mineralized zones that are interpreted as east-west striking shear-hosted gold-silver bearing quartz veins with associated sulphide mineralization



Victoria, British Columbia (FSCwire) - VICTORIA, BC, September 6, 2017 – GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has staked 11 unpatented mining claims in the Slate Falls area, which will roll into the existing Slate Falls option agreement originally announced on February 4th, 2014.  These new claims expand the Slate Falls property to the east of the original claims and quadruple the size of the property to over 3,200 hectares (for claim map and regional geology see Figure 1).

 

The Slate Falls property is located between the Red Lake and Pickle Lake Gold Camps in the Patricia Mining Division and covers stratigraphy that is similar to and contemporaneous with the stratigraphy which hosts the past-producing (Sep 1988 – Mar 1997) Golden Patricia Gold Mine 30 kilometres to the northeast.

 

The decision to enlarge the Slate Falls project area was based on the historical exploration data available and the high grade gold-silver results the Company previously reported from its work on the original claims in news release of August 19, 2014 (see sample photo and assay table below). The expanded property covers similar geology with known high-grade mineral occurrences.

 

 

Rock Sample #

X co-ord (East)

Y co-ord (North)

Sample type

Au

g/t

Ag

g/t

Rock Description

549652

601119

5671053

grab

220.94

>2000

Trail Showing: rusty qtz vein with 2-3% py, ga, cpy, sp.

549653

601965

5671672

grab

30.40

1111.23

Sanderson Showing: rusty qtz vein with 5% ga, py, cp.

549654

601956

5671660

grab

4.40

280.50

Sanderson Showing, rusty qtz vein.

549655

601986

5671666

grab

1.49

118.63

Sanderson Showing, 5% fine-grained py in wallrock.

549656

601119

5671053

grab

172.33

1400.05

Trail Showing, rusty qtz vein with 2-3% py, ga, cpy, sp.

 Note: co-ordinates are NAD83 UTM Zone 15U

The grab samples are selected samples and are not representative of the mineralization hosted on the property. The samples were personally collected by Tim Twomey, P. Geo. and Qualified Person within the meaning of National Instrument 43-101, and remained in his custody until he delivered them to Accurassay Laboratories in Thunder Bay, Ontario. Analysis was performed utilizing 50 gram fire assay.

 

“These new claims cover several additional mineral occurrences and now give district-scale potential to the project,” said Michael Romanik, President of GoldON. “We are currently reviewing and merging all historical exploration data covering the expanded property and will outline our fall exploration plan once the data compilation has been completed.”

 

The Slate Falls property is composed of mafic metavolcanics rocks deposited in a submarine environment. The mafic metavolcanics are intruded by gabbroic sills, mafic to ultramafic intrusive bodies and felsic quartz-feldspar porphyry dykes and stocks. The felsic North Bamaji Pluton occurs along the north shore of North Bamaji Lake. The greenstone belt has undergone two generations of regional folding and shearing to form the Bamaji shear zone. The Rockmere-Wesleyan synform strikes east-west across the length of the property with an eastwardly plunging fold axis (Wallace, 1985, GR232). The fold axis of an antiformal structure strikes northeast from the central-northern part of the property near the Sanderson zone. The shear zones which host quartz veins and sulphide mineralization strike east-west with subvertical dips.

 

The Slate Falls property is located 5 kilometres (km) northeast of the community of Slate Falls, 90 km west of Pickle Lake, 120 km north of Sioux Lookout and 160 km east of Red Lake. The community of Slate Falls is accessible by an all-weather road and regionally the area is well traversed by logging roads and trails. Slate Falls is also accessible by float- or ski-equipped plane charters from Pickle Lake, Sioux Lookout or Red Lake.  

 

Julie Selway, Ph.D., P. Geo, 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.

 

About GoldON Resources Ltd.

 

GoldON Resources Ltd. is an exploration company geographically focused on the prolific mining belts of Ontario, Canada. All of its properties are in good standing and include the Slate Falls gold-silver property in northwestern Ontario and the Rainy Gold project which is next to New Gold’s Rainy River Mine. To view GoldON’s latest presentation click here. For more information contact Michael Romanik.

 

ON BEHALF OF THE BOARD

 

Signed “Michael Romanik” 

 

Michael Romanik, President

Direct line: (204) 724-0613

Email: info@goldonresources.com

 

###

 

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 this press release as a PDF file, click onto the following link:
public://news_release_pdf/GoldON09062017.pdf

Source: GoldON Resources Ltd. (TSX Venture:GLD)

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