- GoldON Resources (GLD) has begun drilling at its McDonough gold property near Red Lake, Ontario
- The drill program will consist of 8 holes totalling 1,200 metres targeting coincident gold-in-soil with induced polarization chargeability anomalies
- Wide intervals between 225 to 425 metres of gold-in-soil anomalies ranging in values from 17 to 253 ppb were found over the unconformity and surrounding area
- GoldON Resources Ltd. was down 8.33 per cent, trading at $0.11 at 09:45 am ET
GoldON Resources (GLD) has begun drilling at its McDonough gold property near Red Lake, Ontario.
The drill program will initially consist of 8 holes totalling 1,200 metres targeting coincident gold-in-soil with induced polarization (IP) chargeability anomalies and other priority stand-alone IP chargeability anomalies.
The property lies along clastic sediments such as the Huston Assemblage conglomerates and the Slate Bay Assemblage. The same Huston Assemblage conglomerates are in contact with the rocks of the Red Lake Mine Complex.
GoldON has completed a high-resolution heliborne magnetic survey, A-horizon soil sampling over select areas, followed up by a ground-induced polarization (IP) survey over the property. Wide intervals between 225 to 425 metres of gold-in-soil anomalies ranging in values from 17 to 253 ppb were found over the unconformity and surrounding area. 23 chargeable IP anomalies were found, and many were coincident with the gold-in-soil anomalies.
The company’s President, Mike Romanik, said that the team has taken a systematic exploration approach to the McDonough property and developed prime drill targets.
“The setting is ideal for gold mineralization, and it’s time to find out what’s hidden beneath the veneer of overburden.”
GoldON Resources Ltd. (GLD) is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario.
GoldON Resources Ltd. (GLD) was down 8.33 per cent, trading at $0.11 at 09:45 am ET.