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Vancouver, British Columbia--(Newsfile Corp. - March 14, 2013) - Based on interpretation of airborne geophysical data, GoldON Resources' (TSXV: GLD) independent geological consultant has identified a priority area for the next phase of exploration on the company's 100% owned Swayze Gold Property.
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The 6,640 hectare Swayze Project, comprised of three non-contiguous claim blocks, is located half way between Timmins and Sudbury, Ontario in the Swayze greenstone belt, which is the southwestern extension of the Abitibi greenstone belt. These properties either adjoin or are surrounded by Iamgold's multi-million ounce Cote Gold Project. Iamgold (TSX:IMG) is GoldON's largest shareholder, holding two million or approximately 10% of the outstanding shares.
The geological interpretation focused on the 6,000 hectare Neville Potier claim block, and while there were several areas that show good promise in terms of geology and structure, one area reportedly stood out above the rest as shown on the Aeromag map. Of particular significance is a major magnetic low that includes the historical Chester gold operations and the Côté Gold deposit and extends north into GoldON's Neville Potier claims. This geophysical feature could be indicative of a major alteration system
Previous drilling on the Chester property encountered anomalous gold and similar alteration and fracturing as found at the Côté Gold deposit less than 1 kilometre to the south.
Access to the priority area of the Neville Potier claims is excellent year round with a paved road through the middle of the claims.
The company is arranging an equity financing to further fund the next phase of exploration on this property and Iamgold has expressed an interest in participating.
Line cutting and an IP /resistivity geophysical survey will commence shortly. The results of this survey will be used to identify the highest priority drill targets.
The company's other property, the 15,500 hectare Pickle Crow Project located in the Pickle Lake greenstone belt of northwestern Ontario, covers both ends of PC Gold's Pickle Crow Mine trend and their 1.2 million ounce gold deposit.
GoldON Resources, formerly Newcastle Minerals, now trades under the symbol GLD (an easy symbol to remember) on the TSX Venture Exchange. Shareholders recently approved a share consolidation whereby Newcastle shareholder's received one share of GoldON for every five shares of Newcastle.
The GoldON shares trade at $0.105 and with 20.7 million shares outstanding, the company is capitalized at $2.1 million.
For more information, please visit their new website at www.goldonresources.com, or contact the company's President Michael Romanik, at 204-724-0613 or email info@goldonresources.com.
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