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GoldON Amends Option Agreement to Acquire a 100% Interest in the Slate Falls Gold-Silver Property in Northwestern Ontario
Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has negotiated an amendment to t
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 negotiated an amendment to the option agreement to acquire a 100% interest in the Slate Falls gold and silver property, located in Northwestern Ontario’s Patricia Mining Division (see news release of February 4, 2014). Pursuant to the amended terms, the Company has completed the share issuance requirements of the option agreement and the due dates for the three remaining cash payments have each been extended for one year and are now due on the third, fourth and fifth anniversaries of the option agreement. A 2% net smelter returns royalty shall remain in effect, of which the Company may purchase half for $1,000,000. “The Slate Falls property is a geological puzzle and one of the most interesting gold-silver-VMS exploration targets in Northwestern Ontario,” said Mike Romanik, President of GoldON. “We are optimistic that improving market conditions over the next year or two will enable us to finance a meaningful exploration campaign to test our new exploration model.” As previously reported, the two most advanced targets within the Slate Falls property are the high-grade showings at the Trail and the Sanderson Zones (see: Figure 1) where the geometry is similar to the narrow, gold-bearing quartz vein that was mined at the past-producing (Sep 1988 – Mar 1997) Golden Patricia Mine (“Golden Pat”) and demonstrates that there is potential to mine that style of gold deposit in Ontario. Golden Pat mined 1.2 million tonnes at 16.5 grams/tonne (g/t) gold and the mill recovered gold at 96%. The gold to silver ratio of the dore bars produced at Golden Pat was 10 to 1, typical for Archean gold deposits. However, the gold to silver ratio from assays at the showings at the Slate Falls property is 1 to 10, which is the opposite of that at Golden Pat. The gold to silver ratio of 1 to 10 is more akin to Phanerozoic epithermal deposits rather than Archean hydrothermal deposits, so this is unusual. To date, a total of 26 shallow drill-holes in three different drilling campaigns (9 holes in 1966, 3 holes in 1973 and 14 holes in 1984) have occurred to test the high-grade showings at the Trail and Sanderson Zones, with the veins only being explored to approximately 30 metres below the surface. These campaigns returned errat...