GoldON Completes Fieldwork at Slate Falls Gold-Silver Project and Updates Geological Model
TSX VENTURE: GLD
Victoria, British Columbia (FSCwire) - GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has completed fieldwork based on the conclusions and recommendations from the recent compilation of all historical exploration data available on the expanded Slate Falls property (see claim map and regional geology Figure 1).
Field work included mapping and prospecting of several of the historical showings and regional scale geological mapping along geophysical anomalies. The field program was successful in identifying structural relationships between geophysical anomalies and the distribution and orientation of rock units.
“We have added numerous new targets with the expansion of the property this year, identified key regional scale structures that have known high grade gold showings along them and gained a better understanding of the geological model. The model of steeply dipping, fold-related gold mineralization is well documented in other greenstone belts in the area such as the prolific Red Lake Mine,” said Michael Romanik, President of GoldON. “The market is once again rewarding exploration and discovery and we believe our Slate Falls project has the potential to be a key driver of value creation for our shareholders in the years ahead.”
- Identified the presence of moderate to steeply dipping rock contacts and folded structural fabrics.
- Interpretation of the new structural data suggests that historical showings and gold mineralization may be linked across the property along geophysical anomalies. The anomalies are interpreted as folds and fold hinges where gold mineralization may be concentrated (see Figure 2).
- At least six regional scale structures have been identified in the current interpretation; three of these are associated with historical high grade gold.
- Numerous additional target areas on new claims added in September.
The Slate Falls property (the “Property”) is located between the Red Lake and Pickle Lake Gold Camps in the Patricia Mining Division and covers stratigraphy that is similar to and contemporaneous with the stratigraphy which hosts the past-producing (Sep '88 – Mar '97) Golden Patricia Gold Mine, 30 kilometres to the northeast.
The Property is composed of mafic metavolcanic rocks deposited in a submarine environment. The mafic metavolcanics are intruded by gabbroic sills, mafic to ultramafic intrusive bodies and felsic quartz-feldspar porphyry dykes and stocks. The felsic North Bamaji Pluton occurs along the north shore of North Bamaji Lake. The greenstone belt has undergone two generations of regional folding and shearing to form the Bamaji shear zone. The Rockmere-Wesleyan synform strikes east-west across the length of the Property with an eastwardly plunging fold axis (Wallace, 1985, GR232). The fold axis of an antiformal structure strikes northeast from the central-northern part of the Property near the Sanderson zone. The shear zones which host quartz veins and sulphide mineralization strike east-west with sub-vertical dips.
The Property is located 5 kilometres (km) northeast of the community of Slate Falls, 90 km west of Pickle Lake, 120 km north of Sioux Lookout and 160 km east of Red Lake. The community of Slate Falls is accessible by an all-weather road and regionally the area is well traversed by logging roads and trails. Slate Falls is also accessible by float- or ski-equipped plane charters from Pickle Lake, Sioux Lookout or Red Lake.
R. Bob Singh, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on the prolific 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 Rainy Gold project which is next to New Gold’s Rainy River Mine. To view GoldON’s latest presentation click here. For more information contact Michael Romanik.