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GoldON Expands Pipestone Bay Property in Red Lake Gold Camp and Completes Airborne MAG Survey
Property lies in an area of numerous gold occurrences with four developed prospects and two ...
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"GoldON Expands Pipestone Bay Property in Red Lake Gold Camp and Completes Airborne MAG SurveyProperty lies in an area of numerous gold occurrences with four developed prospects and two past producers located within 1.5 km of the claim boundaryVICTORIA, BC / ACCESSWIRE / May 7, 2020 / GoldON Resources Ltd. (TSXV:GLD) (\"GoldON\" or the \"Company\") is pleased to report that it has added cells to amalgamate the two original separate claim blocks at the Pipestone Bay property (the \"Property\") and completed a property-wide airborne magnetometer (MAG) survey.Located within the Red Lake Greenstone Belt approximately 32 kilometres (km) west of the town of Red Lake, the Property lies in an area of numerous significant gold occurrences with four developed prospects and two past producers located within 1.5 km of the claim boundary. GoldON entered into an option agreement last June to earn a 100% interest in the original 448-hectare claim blocks, subject to a 1.5% net smelter returns royalty. Subsequently, the Company acquired additional claims by staking and cash purchase to increase the land package to a contiguous 1,013 hectares (see claim map). Mineralization hosted on adjacent and nearby properties is not necessarily indicative of mineralization hosted on the Company's Property.The Property has many similar geological characteristics that make the Red Lake Greenstone Belt such a prolific gold camp. These include deformation zones, thrust faults, folded iron formation, Balmer Assemblage ultra-mafic lithologies, an unconformity, alteration (potassic, silicic, carbonate), high-grade gold veins and disseminated copper mineralization. GoldON hired Prospectair Geosurveys to complete a heliborne high-resolution MAG survey that included 50-meter flight line spacings for a total of 256-line km to cover the Property. The preliminary data shows a possible Z-fold, northwest-trending fold axes and northeast-trending faults providing multiple areas for potential fluid pathways and traps.The primary target within the Property is the 991 Zone which consists of narrow pyrite, chalcopyrite bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded ultra-mafic horizon. Visible gold occurs in several veins with grab samples yielding 22.272 grams per tonne gold. In 2004, Redstar Gold drilled a single hole (RGC-004) that was ...