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GoldON Resources Signs Definitive Agreement with Great Bear on West Madsen Property
Property Adjoins Pure Gold's Madsen Project in Ontario's Red Lake Gold Camp VICTORIA, BC / ACCESSWIRE / May 28, 2019 / GoldON Resources Ltd. (TSX-V: GLD) ("Gold
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"Property Adjoins Pure Gold's Madsen Project in Ontario's Red Lake Gold Camp VICTORIA, BC / ACCESSWIRE / May 28, 2019 / GoldON Resources Ltd. (TSX-V: GLD) (\"GoldON\" or the \"Company\") is pleased to announce that, further to the news release of April 30, 2019, it has signed a Definitive Agreement with Great Bear Resources Ltd. (TSX-V: GBR), wherein GoldON has the option to earn an initial 60% interest and a subsequent 100% interest in Great Bear's West Madsen gold property. 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, and is a newly identified geological continuity of the greenstone belt within the Balmer and Confederation assemblages. Block A is contiguous with Pure Gold's Madsen Project, which is host to the historical Madsen and Starratt Olsen gold mines; and where Pure Gold recently completed a Feasibility Study on the Madsen deposit and a Preliminary Economic Assessment on the Fork, Russett South and Wedge deposits. Please click the image to view in full size. \"I am truly excited about the discovery potential of the West Madsen property as it ticks all the boxes for a gold exploration project. It's located in the heart of the prolific Red Lake Camp, adjoins the highest-grade gold development project in Canada, and we have Great Bear Resources as a partner and technical advisor,\" said Michael Romanik president of GoldON. In order to earn an initial 60% interest in the Property, GoldON must: (a) incur minimum Exploration Expenditures on the Property, as follows: (i) $100,000 on or before the first anniversary of the Definitive Agreement; (ii) a cumulative total of not less than $350,000 on or before the second anniversary of the Definitive Agreement; and (iii) a cumulative total of not less than $750,000 on or before the third anniversary of the Definitive Agreement; and (b) pay cash to Great Bear as follows: (i) $50,000 within 10 days of signing a Definitive Agreement; (ii) $50,000 on or before the date that is 10 days after the first anniversary of the Definitive Agreement; and (iii) $75,000 on or before the date that is 10 days after the second anniversary of the Definitive Agreement; and (c)issue common shares of GoldON to Great Bear as follows: (i) 250,000 Shares within 10 days of signing the D...