- GoldON (GLD) acquires property adjoining one of Canada’s largest undeveloped gold deposits
- GoldON has entered an option agreement to acquire 100% interest in the Springpole East property
- There is a potential for high-grade lode gold deposits as past-producing mines produced gold in excess of 10 grams per tonne
- GoldON is an exploration company focused on discovery-stage properties located in northwest Ontario
- GoldON (GLD) is steady at C$0.18 at 11:45 AM EST
GoldON Resources (GLD) has acquired property adjoining one of the largest undeveloped gold deposits in Canada.
GoldON has entered an option agreement to acquire a 100 per cent interest in the Springpole East property in northwest Ontario.
The property is comprised of 13 contiguous mining claims and is located 40 km northwest of the Slate Falls First Nation.
The property is adjoined by the Springpole Project owned by First Mining Gold Corp. The Springpole deposit hosts reserves of 3.8 million ounces of gold and 20.5 million ounces of silver.
There is a potential for high-grade lode gold deposits as past-producing mines produced gold in excess of 10 grams per tonne.
Under the terms of the option agreement with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc., GoldON can acquire a 100% interest in the property for cash payments totalling $87,000 over three years ($17,000 upon regulatory acceptance, $15,000 on the first anniversary, $20,000 on the second anniversary, and a final payment of $35,000 on the third anniversary); and the issuance of 200,000 common shares.
President of GoldON, Mike Romanik commented on the acquisition.
“A key reason for acquiring the Springpole East Project is the new all-weather road, and we have already booked our exploration team for mapping and sampling as soon as the snow melts.”
GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada.
GoldON (GLD) is steady at C$0.18 at 11:45 AM EST.