“We have added numerous new targets with the expansion of the property this year, identified key regional scale structures that have known high-grade gold showings along them and gained a better understanding of the geological model. The model of steeply dipping, fold-related gold mineralization is well documented in other greenstone belts in the area such as the prolific Red Lake Mine,” said Michael Romanik, President of GoldON. “The market is once again rewarding exploration and discovery and we believe our Slate Falls project has the potential to be a key driver of value creation for our shareholders in the years ahead.”
The Slate Falls Property represents an excellent risk/reward exploration scenario. Exploration work to date has identified at least 18 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. The mineralized zones have been are interpreted as east-west striking shear-hosted gold-silver bearing quartz veins with associated sulphide mineralization.
Despite the numerous Au-Ag showings and the good correlation between the geophysical, geochemical and geological indicators, the Property has never undergone systematic exploration and the source of the high-grade surface mineralization has not yet been found.
GoldON acquired the original three claims in 2014 through an option agreement and acquired an adjoining 11 claims through staking in Q3 2017. The Project now offers district scale potential and this year's field work was based on the recommendations from the recently completed compilation of all historical exploration data available on the expanded Property (click on map to enlarge).
Field work in 2017 included mapping and prospecting of several of the historical showings and regional scale geological mapping along geophysical anomalies. The field program was successful in identifying structural relationships between geophysical anomalies and the distribution and orientation of rock units. At least six regional scale structures have been identified in the current interpretation; three are associated with historical high-grade gold (click on map below to enlarge).
GoldON’s previous work on the original claims includes surface sampling to confirm some of the historical exploration data (click on map below to enlarge). The two most advanced targets within the original three-claims are the high-grade showings at the Trail and the Sanderson Zones (see Au-Ag Showings) where the geometry appears to be similar to the narrow, gold-bearing quartz vein that was mined at the past-producing (Sep 1988 – Mar 1997) Golden Patricia Mine (“Golden Pat”) and demonstrates that there is potential to mine that style of gold deposit in Ontario. The Golden Pat mined 1.2 million tonnes at 16.5 grams/tonne (g/t) gold and the mill recovered gold at 96%.
To date, a total of 26 shallow drillholes in three different drilling campaigns (9 holes in 1966, 3 holes in 1973 and 14 holes in 1984) have occurred to test the high-grade showings at the Trail and Sanderson Zones; and none of these drillholes tested below a depth 30 metres of surface. These campaigns returned erratic assay results similar to surface sampling but no “ore shoots” were outlined. Channel sampling was also conducted on the showings in 2002 and the Sanderson Showing returned the best results with 14 channel cuts averaging 5.5 g/t gold and 164 g/t silver across 0.95 metres over a 170 metre strike length.
The recently staked claims (see news release of September 6, 2017) have at least five known gold occurrences that include the: FTM Zone, Corner Occurrence, BAD-02 Occurrence, Hydroline Occurrence and T-02 showing (click on map below to enlarge). A 1971 ground IP survey identified seven northeast trending anomalies which roughly correspond to ten airborne EM anomalies identified in a 1997 survey. The area of the airborne EM anomalies is 100 to 700 meters long and the anomalies closely match 12 residual magnetic anomalies also identified in 1997. These IP, EM and residual magnetic anomalies correspond to gold mineralization and represent excellent exploration target areas.
GoldON detailed GIS and 3D compilation involved data extraction from various historical assessment reports including: drillhole and surface sample records; numerous trenches, pits and rock sample descriptions; structural data; outcrop locations; and various other data including, contacts, shear zones and geochemical grid locations. Interpretation work included re-analysis of airborne magnetic data with re-gridding of the data and 3D analysis of drillhole and geochemical data in Leapfrog 3D software.
The recommendations resulting from the interpretation and review of the data include:
Property wide geological mapping and rock sampling to follow up interpreted relationships between fold hinges and historic high-grade rock samples.
Collection of detailed structural and alteration data including multi-element analysis of rock samples.
Determine source of geophysical anomalies in particular mapping potential mineralized structures and fold hinges.
Assess potential for drilling better geochemical/geophysical anomalies that the limited historical drilling appears to have not targeted.
“Our data compilation represents the most comprehensive review of the historical exploration work in the Slate Falls area,” said Michael Romanik, President of GoldON. “We are now proceeding with a systematic exploration plan that will lead to prioritizing the mineralized targets and defining an exploration model for the project.”
GoldON has an option to earn a 100% interest in the orignal three claims optioned in 2014 and the entire Property is subject to a 2% net smelter returns royalty, of which the Company may purchase 1% for $1,000,000.
The Property is comprised of 14 claims totaling 200 units (3,200 hectares) and is located 5 km northeast of the community of Slate Falls, 90 km west of Pickle Lake, 120 km north of the community of Sioux Lookout and 160 km east of Red Lake, Ontario. The community of Slate Falls is accessible by an all-weather road and regionally the area is well traversed by logging roads and trails. Slate Falls is also accessible by float- or ski-equipped plane charters from Pickle Lake, Sioux Lookout or Red Lake (click on regional map below to enlarge).
Property Photos (click on one and you can scroll left or right)