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GoldON Resources Expands Footprint in Red Lake Gold District with Acquisition of Three Properties
All properties are underexplored and host structural characteristics typical of gold deposits in the Red Lake Greenstone Belt of Northwestern Ontario VICTORIA,
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"All properties are underexplored and host structural characteristics typical of gold deposits in the Red Lake Greenstone Belt of Northwestern Ontario VICTORIA, BC / ACCESSWIRE / June 11, 2019 / GoldON Resources Ltd. (TSX-V: GLD) (\"GoldON\" or the \"Company\") is pleased to announce it has entered into an option agreement to acquire three properties in the Red Lake Mining District of northwestern Ontario. Under the terms of the option agreement, GoldON can acquire a 100% interest in the McDonough, Pipestone Bay and Coli Lake claim groups from a private company controlled by Perry English for cash payments totaling $45,100 over a three-year period ($10,100 upon regulatory acceptance, $10,000 on the first anniversary, $10,000 on the second anniversary and a final payment of $15,000 on the third anniversary); and the issuance of 110,000 shares over a two-year period (10,000 upon regulatory acceptance, 50,000 shares on the first anniversary and 50,000 shares on the second anniversary). The vendor will retain a 1.5% net smelter returns royalty, of which the Company may repurchase 0.75% for $400,000. \"While our focus remains on West Madsen and our Slate Falls projects, these new properties exhibit similar geological characteristics as recent discoveries in the Red Lake Greenstone Belt and fit well with our project generator model,\" said Michael Romanik President of GoldON. Overview of the three properties: McDonough Claim Group: Comprised of 69 full and partial cells covering 1,062 hectares (ha) within the Red Lake Greenstone Belt, the property is located 15 kilometres (km) north of the town of Red Lake and is contiguous with Rubicon Minerals' Slate Bay gold property (see map Figure 1). The property straddles a regional unconformity, a key structural signature of many mines within the Red Lake Greenstone Belt. Regional interpretational mapping by the Ontario Geological Survey (OGS) returned metasediments and felsic volcanics, however a limited 4-hole drilling program by Pure Gold Resources in 1987 intersected a variable stratigraphic horizon including strongly altered (biotite, silica and carbonate) felsic tuffs, gabbro, mafic volcanics, chert iron formation and feldspar porphyry. Despite hosting ample exploration targets and several geological characteristics typical of Red Lake gold deposits and other deposits in the Uchi Subprovi...