- GoldOn Resources (GLD) has enlisted Chibougamau Diamond Drilling to carry out a drill program at its West Madsen Project in northwest Ontario
- Drilling will focus on the expanded Block A of the project which lies adjacent to Pure Gold’s Red Lake Mine
- According to a news release dated October 27, 2020, the Red Lake Mine is expected to pour its first gold later this year
- The company currently has an option to acquire a 100 per cent interest in the West Madsen Project pursuant to an agreement with Great Bear Resources
- GoldOn Resources is currently steady at C$0.75 per share
GoldOn Resources (GLD) has enlisted Chibougamau Diamond Drilling to carry out a drill program at its West Madsen Project in northwest Ontario.
With offices in Rouyn-Noranda, Thunder Bay, White River and Red Lake, Chibougamau Diamond Drilling has been in operation for more than 50 years. The company develops and builds their own rigs and currently owns 35 drills, including surface, underground and heliport able set-ups.
The drilling work is expected to focus on Block A of the West Madsen Project, which lies next to and is contagious with Pure Gold’s Red Lake Mine. According to a news release dated October 27, 2020, the Red Lake Mine is expected to pour its first gold later this year.
The reserves and resources hosted at the Red Lake Mine sit within a seven-kilometre-long gold system that follows a major contact between the Balmer and Confederation assemblages.
This same contact has been exposed in outcrop roughly 1.6 kilometres west of the Red Lake Mine property boundary and is thought to continue for approximately 8 kilometres across the West Madsen Project.
Also notable is the Red Lake Mine property’s Wedge Zone, which lies within 1 kilometres of the West Madsen Project boundary.
Surface drilling conducted by Pure Gold at the Wedge Zone has shown the continuity of high-grade gold mineralisation, both down plunge and along strike, which reinforces the region as a high-priority target for resource growth.
“We are fortunate to be able to assemble the same team as earlier this year with Chibougamau looking after the drilling and Rimini Exploration and Consulting designing and managing the program,” said Mike Romanik, President of GoldOn Resource.
“We expect drilling to begin within 30 days,” he added.
Pursuant to an agreement signed on May 28, 2019, with Great Bear Resources, GoldOn has an option to acquire a 100 per cent interest in the West Madsen Project.
GoldOn Resources is currently steady at C$0.75 per share at 11:54am EST.
