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GoldON Acquires Bruce Lake Property in Ontario's Red Lake Gold District
VICTORIA, BC / ACCESSWIRE / March 28, 2019 / GoldON Resources Ltd. (TSX-V: GLD) ("GoldON" or the "Company") is pleased to announce it has entered into an option
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"VICTORIA, BC / ACCESSWIRE / March 28, 2019 / GoldON Resources Ltd. (TSX-V: GLD) (\"GoldON\" or the \"Company\") is pleased to announce it has entered into an option agreement to acquire the Bruce Lake property (the \"Property\"), which consists of four mining claims covering approximately 1,640 hectares in an underexplored area of the Uchi Greenstone Belt. The Property is located 36 kilometers (km) southeast of the town of Red Lake, 11 km southeast of the high-grade gold discovery Great Bear Resources made on its Dixie property last year, and shares its southern boundary with Great Bear's recently acquired Pakwash property. Highway 105 bisects the Property providing year-round access to and from the regional infrastructure in Red Lake (see location map). Spatially, the Property is associated with the Sydney Lake Deformation Zone and the Pakwash Lake Deformation Zone. The northeast-trending Keelson Fault connecting these two east-trending deformation zones in a sinistral-like fashion provides ample structural activity in the region. The Property is also geologically active with Ontario Geological Survey mapped mafic metavolcanics, metasediments, gabbro and felsic volcanics intruded by synvolcanic diorite to granodiorite intrusions. Limited historical exploration has been carried out on the Property. Reconnaissance lake sediment and Mobile Metal Ions (MMI) soil geochemistry sampling on 500-meter centers by Laurentian Goldfields in 2010 outlined gold-in-soil and gold-in-sediment anomalies. The gold-in-soil anomalies are considered in situ while the gold-in-sediments lake samples are down ice from the Property. This suggests that the Property itself could be the source of the gold anomaly. These targets and the Property remain undrilled. \"Great Bear has demonstrated that high-grade gold discoveries within the metal-endowed Uchi Belt can be found outside of the Red Lake Gold Camp; and the Bruce Lake property has the key ingredients for gold deposition common to the belt including structure, deformation zones and active geology,\" said Mike Romanik, president of GoldON. Under the terms of the option agreement, GoldON can acquire a 100% interest in the Bruce Lake Property from a private vendor for cash payments totaling $51,500 over a three-year period ($4,500 upon regulatory acceptance, $10,000 on the first anniversary, $12,000 on th...