Project is Drill Ready and Fully Permitted
Victoria, British Columbia (FSCwire) -
GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the “Company”) is pleased to report the latest high-grade sample results from the Slate Falls property located in the Patricia Mining Division of northwestern Ontario (see: Location Map).
Consulting geologist Tim Twomey joined GoldON in mid-May 2014 specifically to focus on the exploration of the Slate Falls Property (the “Property”). Twomey’s efforts to date have included a comprehensive review of the historical exploration data available, prospecting and grab sampling limited to the Property’s high-grade Trail and Sanderson Showings (see: Property Map).
Description and assays of 2014 rock samples are as follows:
| Rock Sample # | X co-ord (East) | Y co-ord (North) | Sample type | Au grams/tonne | Ag grams/tonne | Rock Description |
| 549652 | 601119 | 5671053 | grab | 220.94 | >2000 | Trail Showing: rusty qtz vein with 2-3% py, ga, cpy, sp. |
| 549653 | 601965 | 5671672 | grab | 30.40 | 1111.23 | Sanderson Showing: rusty qtz vein with 5% ga, py, cp. |
| 549654 | 601956 | 5671660 | grab | 4.40 | 280.50 | Sanderson Showing, rusty qtz vein. |
| 549655 | 601986 | 5671666 | grab | 1.49 | 118.63 | Sanderson Showing, 5% fine-grained py in wallrock. |
| 549656 | 601119 | 5671053 | grab | 172.33 | 1400.05 | Trail Showing, rusty qtz vein with 2-3% py, ga, cpy, sp. |
Note: co-ordinates are NAD83 UTM Zone 15U
Mineralization within the high-grade quartz veins (qtz) at the Trail and Sanderson Showings consists of 1% to 7% disseminated sulphides in order of abundance: pyrite (py), galena (ga), chalcopyrite (cp), pyrrhotite (po), sphalerite (sp) and possible tetrahedrite (te).
Grab samples 549652 and 549656 were taken near channel sampling at the Trail Showing from 2002. The Trail Showing is located 1 km southeast of the Sanderson Showing on a different shear zone. Grab samples 549653 to 549655 were taken near channel sampling at the Sanderson Showing which were cut in 2002. Those 14 channel cuts averaged 5.5 grams per tonne (g/t) gold and 164 g/t silver across 0.95 metres over a 170 metre strike length. Further, grab sample 549655 confirms earlier sampling where lower-grade gold assays occur within the wall-rock to the quartz veins in some areas in the showings, which had been previously sampled and mapped at widths up to 3 metres
“These latest high-grade gold and silver sampling results confirm historical results and the Trail and Sanderson Showings are worthy of further exploration expenditures,” said Tim Twomey. “However, the real geological puzzle is determining the source of these near surface precious metals. We are now compiling and re-interpreting the historical exploration data to determine if these high-grade gold-silver showings could be indicative of a larger mineralizing event that took place at depth and has not been drill tested.”
Tim Twomey, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Rock samples were personally collected by Twomey and remained in his custody until he delivered them to Accurassay Laboratories in Thunder Bay, Ontario. Analysis was performed utilizing 50 gram fire assay.
In May 2014, the Mineral Development and Lands Branch of Ontario’s Ministry of Northern Development and Mines issued GoldON an exploration permit for the Slate Falls Property. The Permit is effective for a period of three years with options to renew and includes line cutting, mechanized stripping and diamond drilling.
“GoldON would also like to acknowledge the continued cooperation of the Slate Falls First Nation and look forward to working together with them as the project advances,” said Michael Romanik, President of GoldON.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. The Company’s properties include the Slate Falls gold-silver property in northwestern Ontario and the Swayze Gold Property adjoining IAMGOLD’s multi-million ounce Côté Gold Project in the Swayze Greenstone Belt.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
Email: info@goldonresources.com
www.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.
