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GoldON Accelerates Acquisition of Bounty Claims in Ontario's Red Lake Gold Camp
Bounty Claims Adjoin Block A of GoldON's West Madsen Gold Project and the Pure Gold Red Lake M...
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"GoldON Accelerates Acquisition of Bounty Claims in Ontario's Red Lake Gold CampBounty Claims Adjoin Block A of GoldON's West Madsen Gold Project and the Pure Gold Red Lake Mine property, Canada's newest high-grade gold mineVictoria, British Columbia--(Newsfile Corp. - January 7, 2021) - GoldON Resources Ltd. (TSXV: GLD) (\"GoldON\" or the \"Company\") is pleased to report that it has elected to accelerate the option agreement with Bounty Gold Corp. (see news release of July 29, 2020) and has acquired a 100% interest in the two claim blocks that adjoin Block A of the West Madsen Gold Project.In keeping with the terms of the option agreement, GoldON paid Bounty a total of $80,000 in cash and issued 250,000 common shares to complete the acquisition. GoldON now owns a 100% interest in the Flat Lake and Madsen-Medicine Stone claim groups. Bounty will retain a 2% net smelter returns royalty of which GoldON may purchase half for $1,000,000.About the West Madsen Gold Project:Now covering 5,862 hectares of prime gold exploration real estate in the heart of the Red Lake Camp, the West Madsen Project is comprised of the original Block A and B claim groups, 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); the Bounty Gold claims; and claims GoldON acquired via staking in December (see Red Lake regional map).The West Madsen Project is contiguous with the Pure Gold Red Lake Mine property, where they poured first gold on December 29 and anticipate being in commercial production by the end of Q1 2021 (see Pure Gold's news release of December 30, 2020). Pure Gold's reserves and resources 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 Block A of GoldON's property.GoldON completed ~2,100 metres of the proposed 7,000 metre Phase II drilling program before Christmas break and assays are pending. The focus of the Phase II drilling program is to aggressively test the strike-extension of both the known gold mineralization to the east and follow-up on the gold mineralization discovered during G...