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GoldON Resources to Option West Madsen Property from Great Bear Resources
Property is contiguous with Pure Gold's Madsen Project in Northwestern Ontario's Red Lake Gold Camp VICTORIA, BC / ACCESSWIRE / April 30, 2019 / GoldON Resource
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"Property is contiguous with Pure Gold's Madsen Project in Northwestern Ontario's Red Lake Gold Camp VICTORIA, BC / ACCESSWIRE / April 30, 2019 / GoldON Resources Ltd. (TSX-V: GLD) (\"GoldON\" or the \"Company\") is pleased to announce it has entered into a binding Letter of Intent (\"LOI\") 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\" - Figure 1), each roughly six kilometers (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. In order to earn an initial 60% interest in the Property, GoldON must: 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 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 issue common shares of GoldON to Great Bear as follows:(I) 250,000 Shares within 10 days of signing the Definitive Agreement;(II) 250,000 Shares on or before the date that is 10 days after the first anniversary of the Definitive Agreement; and(III) 375,000 Shares on or before the date that is 10 days after the second anniversary of the Definitive Agreement. In order to earn the remaining 40% interest, for a total of 100% interest, GoldON must: incur additional Exploration Expenditures on the Property of at least $750,000 on or ...