GoldON Provides an Update on Slate Falls Gold-Silver Project in Northwestern Ontarioadmin
GoldON Provides an Update on Slate Falls Gold-Silver Project in Northwestern Ontario
Victoria, British Columbia CANADA, February 11, 2014 /FSC/ – GoldON Resources Ltd. (GLD – TSX Venture), (“GoldON” or the “Company”) is pleased to provide a summary of historical exploration work carried out on the recently optioned Slate Falls gold and silver property (the “Property”), located approximately 30 kilometers (km) southwest of the past producing Golden Patricia Mine in Northwestern Ontario.
The ongoing review of historical exploration on the Property has identified at least six gold (Au) and silver (Ag) zones that have produced chip, channel and drill core sample assays of up to 861.3 grams per tonne (g/t) Au and 1,088 g/t Ag that are commonly associated with polymetallic shear-vein systems. These geological characteristics are very similar to those found at the Golden Patricia Mine, where 619,796 ounces of gold was taken from a single high-grade quartz vein that displayed a suite of associated metals. Importantly, on Slate Falls Property the sheared volcanic wall rock that hosts the high grade veins has received little attention despite chip sampling that returned 4 g/t Au over 3 meters (m) and 3.1 g/t Au over 2.5 m. These shear zones represent important exploration targets even if the quartz veining is not present.
Earlier stage targets on the Property include: the Path Occurrence, and the L1, Carpenter and L15 Zones. The two more advanced targets are the Sanderson and Trail Zones.
Historical exploration on the Sanderson Zone indicates an east-west trending shear-vein with a strike length of 625 m hosted in mafic volcanic rocks, intruded by felsic porphyritic dykes. Historical sampling of 14 trenches oriented across the Sanderson Zone returned a weighted average of 5.5 g/t Au and 164 g/t Ag over a width of 0.95 m for a 170 m strike length. High grade silver values of up to 947 g/t Ag over 0.7 m were also returned. Seven short diamond drill holes totaling 298.1 m were completed over a 215 m strike length of the Zone in 1966 and intersected sulphide and quartz veining in shear zones containing narrow widths of gold mineralization.
The Trail Zone is located 1.2 km southwest of the Sanderson Zone and represents a parallel shear zone. Historical chip samples returned an average of 15.1 g/t Au over a width of 0.74 m for a strike length of 70 m. Four drill holes totaling 151.8 m were completed on the Trail Zone in 1966 and two more were drilled in 1984. The four holes drilled in 1966 all intersected mineralized shear zones but sampling was limited and concentrated on quartz veining so many of the shears were not sampled. Hole 66-11, drilled by Couchenour Explorations, intersected a 5.06 m shear zone in which only one sample was taken, returning an assay of 861.3 g/t Au and 213.9 g/t Ag over 0.2 m. Hole 3357-14, drilled by Sulpetro Minerals in 1984, intersected the structure 50 m west of the trenching. Recoveries were very poor, 67% overall, with much of the loss occurring in the sheared zones adjacent to quartz veining. However, assays returned 11.0 g/t Au and 25.4 g/t Ag with the drill hole ending in the mineralized zone.
Silver Quest Resources optioned the Property from the vendor in 2009 and carried out a modest prospecting program on the Trail, Sanderson and Path Zones in 2010 that consisted of 21 chip and rock samples with gold values ranging from 0.009 g/t Au to 177.24 g/t Au. The assay results confirmed the historical high-grade gold mineralization at these three target Zones. A drilling program announced for early 2011 to test underlying bedrock for gold mineralization and the continuity of the structural trends between the Zones was never completed. Silver Quest was acquired by New Gold in late 2011.
“We are truly excited to have been able to acquire this high grade gold and silver prospect where the discovery potential remains intact,” said Mike Romanik, President of GoldON. “The Property was last drilled in 1984 and assessment records indicate that only twenty-six holes have ever been completed on the Property. We feel this represents an excellent exploration opportunity for GoldON as the majority of these holes were very shallow and the targets have never been tested to depth.”
The Company has not performed any new exploration of the Property; technical data contained in this press release was taken from publicly available assessment files from the Thunder Bay District Geologist’s office and assessment files that are available from the Ontario Governments website.
Douglas A. Currie, MAusIMM(CP), an independent technical consultant to GoldON Resources Ltd., is a “Qualified Person” as defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
About GoldON Resources Ltd.:
GoldON Resources Ltd. is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. Its properties include the Slate Falls and Pickle Lake gold properties in northwestern Ontario and the Swayze Gold Property adjoining IAMGOLD’s multi-million ounce Cote Gold Project in the Swayze Greenstone Belt. For more information, visit www.goldonresources.com.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
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.
GoldON Resources Ltd.
108 – 800 Kelly Road,
Victoria, BC V9B 6J9
Tel.: (250) 474-7999
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Source: GoldON Resources Ltd. (TSX-V: GLD) http://www.goldonresources.com
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Posted: February 11th, 2014 under FSCWIRE.