VICTORIA, BC, March 7, 2017 – GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has signed a Memorandum of Understanding (MOU) with both the Slate Falls First Nation and Cat Lake First Nation. The MOU ensures that GoldON and both first nation communities will work together to build a positive working relationship in regard to the “Slate Falls gold-project” and other potential future projects in the area. The MOU will also ensure that the communities will benefit from economic growth should any economic mineral resources be discovered and developed.
“This is a key milestone in the advancement of our Slate Falls project,” said Mike Romanik, President of GoldON. “Working together with the Slate Falls and Cat Lake First Nations, we are very pleased to have begun planning a drilling program to test the high-grade targets we have identified on the Property.”
The Slate Falls Property represents an excellent risk/reward exploration scenario. Exploration work to date has identified at least six gold (Au) and silver (Ag) zones on the Property that have produced chip, channel and drill core sample assays of up to 861.3 grams per tonne (g/t) Au and >2,000 g/t Ag. Despite the high-grade Au-Ag showings and numerous copper-zinc (Cu-Zn) base metals showings, the source of the mineralization has not yet been found. The Property was last drilled in 1984, when gold averaged US$360 per ounce and silver averaged US$8 per ounce, with only 26 shallow holes having ever been drilled on the Property and none of the holes testing below ~30 meters of surface. The Property is drill ready and fully permitted though April 27, 2020.
About GoldON Resources Ltd.
GoldON Resources is an exploration company geographically focused on the prolific mining belts of Ontario, Canada. Current projects include the drill-ready Slate Falls gold-silver-VMS property and the Rainy Gold project that adjoins New Gold’s Rainy River mine where first production is targeted for fall-2017. For more information see our website or click here for our corporate presentation.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
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