The Property Adjoins IAMGOLD’s 7.7 million ounce Côté Gold Project
Victoria, British Columbia (FSCwire) -
GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to provide an exploration update on the Company’s 100% owned Neville-Potier property (the “Property”), which adjoins the 7.716 million contained ounce Côté Gold Project (278.6 million tonnes grading 0.9 grams of gold per tonne of Indicated Resources) owned by Trelawney Mining and Exploration Inc., a subsidiary of
IAMGOLD Corporation.
The Property covers a 15 kilometer (km) swath along the Ridout Deformation Zone that has been defined as the extension of the Larder Lake-Cadillac Break. Access and infrastructure are excellent, with the Property’s southern boundary located approximately 3km north of the Côté Gold Project.
Exploration work on the Property completed in the fall of 2015 included approximately 7km of reconnaissance VLF-EM surveying to follow-up two areas for the purpose of determining the potential for Au-bearing structures and to define the best targets that merit drill testing.
Based on the results of the VLF-EM survey and the associated reconnaissance geological mapping completed, along with budgetary constraints, a single drill target was selected in the west-central part of the Property, north of the Côté Deposit. The target was selected for its potential to be a gold-hosting structure interpreted from a previous mapping program. The VLF anomaly lies 150 meters (m) north of a sub-angular altered felsic volcanic float boulder that returned 2.19 g/t Au in previous sampling.
A single 210m drill hole (NEV15-11) was completed to test an in-phase VLF cross-over response. The drill hole encountered significant sulphide mineralization down-dip of the surface location of the VLF anomaly as detailed in the highlights below:
- from 79.97 to 80.48m a zone of folding with approximately 20% pyrite throughout;
- from 86.15 to 87m a carbonaceous/graphitic material with 40-50% semi massive pyrite; and
- from 115.5 to 124.3m a carbonaceous zone with 5-8% pyrite (+ minor pyrrhotite) overall, with areas locally having 15% sulphides.
Detailed logging and sampling is in progress and assay results will be released when available.
Andrew Nevin, Ph.D, P.Eng., and Qualified Person as defined by National Instrument 43-101, has reviewed and approved the information contained in this news release on behalf of the Company.
About GoldON Resources Ltd.
GoldON is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. All of its properties are in good standing and include the Slate Falls gold-silver property in northwestern Ontario and the Swayze gold property adjoining the multi-million ounce Côté Gold Project owned by Trelawney Mining and Exploration, a subsidiary of IAMGOLD Corporation. For more information, visit www.goldonresources.com or view the current GoldON presentation.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
GoldON Resources Ltd.
Michael Romanik, President
Direct line: (204) 724-0613
Email: info@goldonresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
