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GoldON Acquires Past Producer near Pickle Lake, Ontario
Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has acquired five unpatented min
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has acquired five unpatented mining claims near Pickle Lake, Ontario, Canada. These claims, which were acquired by staking and are held 100% by GoldON Resources and adjoin the Pickle Crow Gold Project now held by First Mining Finance Corp. since it acquired PC Gold Inc. last November. The Pickle Crow Project is host to a National Instrument (NI) 43-101 compliant inferred resource of 1.3 million ounces of gold (see NI 43-101 technical report dated June 2, 2011 on www.sedar.com under PC Gold’s profile). The GoldON claims consist of 54 claim units for a total of 864 hectares and are broken out into two single non-contiguous claims as well as one group of three contiguous mining claims (Figure 1). Claim 4282647 is a 32-hectare claim situated in the core of the Pickle Crow Project covering the past producing Springer Shaft. The Springer Shaft sits approximately 1 kilometer along strike of the core area mine trend of the Pickle Crow Project. According to historical data made available by the Ontario Ministry of Northern Development and Mines (MNDM), the Springer Shaft (Central Patricia No. 2 Shaft) was used to access the No. 6 (McCallum) Vein by Central Patricia Gold Mines during the late 1930s. Total gold production was reported to be 13,158 ounces from 18,886 tons of milled ore for a grade of 0.70 ounces of gold per ton. The No. 6 Vein pinches and swells significantly with an average width of 30 centimeters. The vein is described as consisting of white quartz containing minor tourmaline, chlorite and carbonate. Sulfide mineralization occurs as pyrite, pyrrhotite and arsenopyrite; and visible gold occurs in fractures in the quartz, along ribbons of chlorite and tourmaline, and in fractures in pyrite and arsenopyrite. Historical MNDM records also indicate that in the 1980’s Noramco Exploration identified significant gold mineralization in quartz veins and sulfidized iron formation in close proximity to the Springer Shaft Area (Figure 2). In 1993, a non-NI 43-101 compliant historical mineral estimate outlined 1,000 tons grading 0.70 ounces per ton in the No. 6 Vein that is amenable to open pit extraction, as well as 4,000 tons grading an average of 0.18 ounces per ton in the iron formation ad...