Business
GoldON Acquires a 100% Interest in Great Bear's West Madsen Gold Property in Red Lake Ontario
The Project is located in the heart of the Red Lake Gold Camp and adjoins Canada's newest high...
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"GoldON Acquires a 100% Interest in Great Bear's West Madsen Gold Property in Red Lake OntarioThe Project is located in the heart of the Red Lake Gold Camp and adjoins Canada's newest high-grade gold mineVictoria, British Columbia--(Newsfile Corp. - September 15, 2021) - GoldON Resources Ltd. (TSXV: GLD) (\"GoldON\" or the \"Company\") is pleased to announce it has elected to accelerate the option agreement with Great Bear Resources Ltd. (see news release of May 28, 2019) and has acquired a 100% interest in the original Block A and B portions (see Figure 1) of the West Madsen Gold Project (the \"Project\"). Figure 1: Original West Madsen Blocks A and B optioned from Great Bear Resources (click to enlarge)To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/7436/96529_3c914a0a44afcbdb_001full.jpgIn keeping with the terms of the option agreement, GoldON paid Great Bear a total of $175,000 in cash, issued 1,375,000 common shares and incurred exploration expenditures exceeding $2,300,000 to complete the acquisition. Great Bear retains a 2.5% Net Smelter Return royalty on the Property with GoldON having the right to buy back 1% of the Royalty for $500,000 at any time prior to a production decision being made on all or part of the Property.GoldON now owns a 100% interest in the Project that covers 5,862 hectares in the heart of the Red Lake Gold Camp (see Red Lake regional map) and is comprised of the Block A and B claim groups; the Flat Lake and Madsen-Medicine Stone claim groups that GoldON acquired a 100% interest in from Bounty Gold (see news release of January 7, 2021); and claims GoldON acquired via staking in December 2020. The expanded Block A adjoins Pure Gold's Red Lake mine property where they achieved commercial production last month (see Pure Gold's news release of August 3, 2021). Figure 2: West Madsen Phase I & II target area and drill hole locations (click to enlarge)To view an enhanced version of Figure 2, please visit:https://orders.newsfilecorp.com/files/7436/96529_3c914a0a44afcbdb_002full.jpg\"We have completed the acquisition of the West Madsen property over two years ahead of the term of the option agreement,\" said Mike Romanik president of GoldON. \"We are still in early days of exploration at West Madsen and look forward to getting back out in the field this fall to de...