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GoldON Makes New Gold Discovery at West Madsen within the Key Balmer Stratigraphy that Hosts All Major Deposits in the Red Lake Greenstone Belt
This is the first time that the Balmer Assemblage has been identified in drill core and clea...
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"GoldON Makes New Gold Discovery at West Madsen within the Key Balmer Stratigraphy that Hosts All Major Deposits in the Red Lake Greenstone BeltThis is the first time that the Balmer Assemblage has been identified in drill core and clearly defines a new prospective gold exploration corridor that extends west from Pure Gold's Wedge Zone on to the West Madsen Property VICTORIA, BC / ACCESSWIRE / July 22, 2020 / GoldON Resources Ltd. (TSXV:GLD) (\"GoldON\" or the \"Company\") is pleased to provide a summary of analytical results from the initial, wide-spaced reconnaissance diamond drilling program recently completed on the West Madsen gold property (the \"Property\").GoldON has the right to earn a 100% interest in the Property through an option agreement with Great Bear Resources (see news release of May 28, 2019 and regional claim map Figure 1). The Property is comprised of two contiguous claim blocks (Block \"A\" and \"B\"), each roughly six kilometres (km) by three km in size for a total area of 3,860 hectares (see Figure 2). Block A adjoins the Pure Gold Red Lake Mine property, which is the highest-grade underground development project in Canada with first gold production expected in Q4 2020.The drilling program tested targets trending east-west that run sub-parallel to magnetic lineaments on Block A of the Property within a larger structural corridor interpreted to be the major structural break between the Balmer and Confederation assemblages. This break is a significant geological and structural contact associated with known gold deposits on the adjacent Pure Gold property and the producing mines in the Red Lake Camp. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the West Madsen property.A total of seven drill holes (2,237.25 metres) were completed during this initial program. Drill hole WM-20-05 intersected 14.4 g/t gold over 0.5 metres hosted by strongly altered mafic volcanic rocks of Balmer Stratigraphy, with observed visible gold. The mineralization is characterized by a blue-grey quartz amphibole calcite vein, within an interval of highly strained mafic volcanic rocks, that are in contact with a package of ultramafic rocks. The observed mineralization is analogous to some of the mineralized intervals observed at the Pure Gold property.This is the ...