- GoldON Resources (GLD) has begun a summer exploration program at its Springpole East property
- The 6,674-hectare property is located in the Red Lake Mining District, Ontario
- The recently completed heliborne, high-resolution magnetometer (MAG) survey confirmed the area is an extremely active structural environment
- The property is made up of 18 contiguous mining claims
- GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario
- GoldON Resources Ltd. was unchanged at $0.135 at 12:46 PM ET
GoldON Resources (GLD) has announced the commencement of the summer exploration program at its Springpole East property.
The 6,674-hectare property is located in the Red Lake Mining District, Ontario.
The property consists of typical greenstone mafic to felsic volcanic sequences intercalated with clastic and chemical sediments which have been intruded by pre to syn-tectonic felsic to mafic intrusives and syn to post-tectonic mafic to ultra-mafic rocks.
Although very little is known about the property’s underlying geology, the recently completed heliborne, high-resolution magnetometer (MAG) survey confirmed the area is an extremely active structural environment.
Initial interpretations of the survey data were used to plan the initial fieldwork that will consist of prospecting, mapping, and sampling.
The MAG survey was flown at 50-metre flight line spacings for a total of 1,390-line kilometres and preliminary interpretations of the survey data reveal most of the area is affected by linear magnetic features characteristic of alternating sequences of mafic volcanic rocks with sedimentary or intermediate to felsic volcanic rocks, with possibly some intrusive stocks, sills or dykes locally.
The strongest anomaly of the survey exceeds 40,000 nanotesla (nT), an amplitude typical of magnetic-rich iron formations, and occurs near the northern edge of the bloc.
Most magnetic lineaments are generally trending from WNW-ESE to NE-SW in the area.
In some areas, it is possible to detect structural features offsetting observed magnetic lineaments and causing abrupt interruption or changes of the magnetic response.
These features are typically caused by faults, fractures and shear zones, and thought to be favorable structures in the exploration context of orogenic gold mineralization.
The property comprises 18 contiguous mining claims covering 6,674 hectares and is located in the Keigat Lake Area township approximately 40 km northwest of the Slate Falls First Nation community.
GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario.
GoldON Resources Ltd. was unchanged at $0.135 at 12:46 PM ET.