• GoldON Resources (GLD) receives assay results from its McDonough property
  • In total, 1,138 metres of drilling was done over eight holes that targeted induced polarization (IP) chargeability anomalies
  • The company said no significant assays were returned
  • Drilling confirmed the ground IP geophysical survey that identified several chargeability anomalies
  • Shares of GoldON Resources (GLD) are down 12.50 per cent to C$0.11 as of 9:30 a.m. EDT

GoldON Resources (GLD) has received final assay results from its McDonough property in Ontario.

In total, 1,138 metres of drilling was done over eight holes, targeting induced polarization (IP) chargeability anomalies. This also included ones with coincident A-horizon gold-in-soil anomalies.

However, the company said no significant assays were returned.

“The setting was ideal with coincident geophysical and geochemical anomalies proximal to a regional unconformity where several mines of the Red Lake gold camp are situated. Unfortunately, our first drilling program did not unlock this part of the Camp’s secrets,” Mike Romanik, president of GoldON, said in a release.

GoldON said that drilling confirmed the ground IP geophysical survey identified several chargeability anomalies and successfully located sulphides in intermediate volcanic and metasedimentary rocks.

Headquartered out of Victoria, British Columbia, GoldON Resources is focused on discovery-stage properties in Ontario’s greenstone belts. Its portfolio includes six properties in the Red Lake Mining District and one property in the Patricia Mining District.

Shares of GoldON Resources (GLD) are down 12.50 per cent to C$0.11 as of 9:30 a.m. EDT.

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