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GoldON Resources Ltd (2)
Symbol GLD
Shares Issued 15,152,282
Close 2019-12-03 C$ 0.67
Recent Sedar Documents

GoldON Resources drills 1,006 metres at Slate Falls

2019-12-03 10:41 ET - News Release

Mr. Michael Romanik reports

GOLDON PROVIDES UPDATE ON DRILLING AT SLATE FALLS GOLD-SILVER PROJECT IN NORTHWESTERN ONTARIO

GoldON Resources Ltd. has drilled a total of 1,006.5 metres through nine holes on its 100-per-cent-owned Slate Falls gold-silver project.

This phase 1 drill program tested targets at the Trail zone and the Sanderson Main, East and North zones, where summer sampling and mapping confirmed high-grade gold (Au) and silver (Ag) values (see news releases of June 25 and July 17, 2019). Drilling not only targeted the polymetallic quartz veins but also the shear zones hosting the high-grade veins as little historical sampling was completed on the host rock both in previous drilling and trenching programs (see news release of Nov. 5, 2019).

Drilling concentrated on intersecting surface sample results approximately 50 metres vertically below, while allowing for possible additional parallel shear zones in the footwall and hanging wall within the Slate Falls deformation zone hosting a D2 anticlinal fold axis. All holes hit mineralized shear zones at target depth, as well as parallel mineralized shear zones, in addition to mineralized and altered feldspar porphyry. Drill hole statistics are presented in the attached table and drill target descriptions are as follows:

  • Hole SF-19-01 was drilled at the Trail zone to undercut surface sample No. 251119 that returned assays of 331.76 grams per tonne (g/t) Au and 3,025 g/t Ag.
  • Hole SF-19-02 was drilled at the Trail zone to undercut surface sample No. 251123 that returned assays of 32.95 g/t Au and 542 g/t Ag.
  • Hole SF-19-03 was drilled at the Sanderson Main zone to undercut surface sample No. 251132 that returned assays of 3.23 g/t Au and 314 g/t Ag.
  • Hole SF-19-04 was drilled at the Sanderson Main zone to undercut surface sample No. 251150 that returned assays of 17.09 g/t Au and 1,535 g/t Ag.
  • Hole SF-19-05 was drilled at the Sanderson Main zone to undercut surface sample No. 251156 that returned assays of 5.8 g/t Au and 155 g/t Ag.
  • Hole SF-19-06 was drilled at the Sanderson East zone to undercut surface sample No. 251178 that returned assays of 10.14 g/t Au and 123 g/t Ag.
  • Hole SF-19-07 was drilled at the Sanderson North zone to undercut surface sample No. 251171 that returned assays of nine g/t Au and 310 g/t Ag. The hole was drilled to depth of 43 metres (m) and stopped due to technical issues.
  • Hole SF-19-07A was drilled at the Sanderson North zone to twin hole SF-19-07 and complete the undercut of sample No. 251171 to the target depth.
  • Hole SF-19-08 was drilled at the Sanderson Main zone to undercut hole S-19-05 which began in a shear zone.

The selected samples referenced above are surface rock grab samples and are not representative of the true grade of mineralization on the property.

Drill hole      Target area   Target depth     Hole length
                                        (m)             (m)

SF-19-01              Trail             70              98            
SF-19-02              Trail             70             102           
SF-19-03     Sanderson Main             70           100.5         
SF-19-04     Sanderson Main             70             117           
SF-19-05     Sanderson Main             70             120           
SF-19-06     Sanderson East             70             147           
SF-19-07    Sanderson North             70              43            
SF-19-07A   Sanderson North             70             141           
SF-19-08     Sanderson Main            105             138

"We are very pleased with our initial drill program on the Slate Falls property and anxiously await drill results," said Michael Romanik, president of GoldON. "Multiple mineralized shear zones were encountered in the drilling characteristically similar to those historical zones recently mapped and sampled. The widespread deformation and mineralization support our belief that the Slate Falls deformation zone is a prominent yet poorly explored crustal-scale feature. We'd again like to thank our exploration team and the Slate Falls First Nation for making this program happen."

Logging and sampling of the drill core has been completed and core samples are being submitted in batches to SGS Canada (Burnaby) for analysis. Results will be reported as they are received.

About the Slate Falls property

Located in Ontario's Patricia mining division, the Slate Falls property lies between the Red Lake and Pickle Lake gold camps within the southwestern extension of the Meen-Dempster greenstone belt. Several mineralized gold-silver showings have been identified on the property, including the Carpenter, Fly, FTM, J. Loon, L1, L15, Path, Sanderson and Trail zones. These zones are part of the Slate Falls deformation zone and extend for over 10 kilometres (km) in strike and 1.5 km in width within the property's boundaries. All zones host high-grade Au-Ag mineralization and are related to regional fold axes and structures that provide traps for mineralizing fluid.

Mike Kilbourne, professional geoscientist, an independent qualified person as defined in National Instrument 43-101, was on site during the drilling campaign and has reviewed and approved the technical contents of this news release on behalf of the company.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of Northwestern Ontario, Canada. Active projects include the West Madsen property in the Red Lake gold camp and the company's flagship Slate Falls project in the Patricia mining division where 18 Au-Ag mineralized zones have been identified over the 13-kilometre breadth of the property.

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