Mineralized quartz sample from Trail Showing

Slate Falls Gold Silver VMS Property

“The Slate Falls property is a geological puzzle and one of the most interesting gold-silver-VMS exploration prospects in Northwestern Ontario,” said Mike Romanik, President of GoldON. “Our new exploration model proposes that the source of the high-grade surface showings could be a precious-metals-rich VMS mineralizing event that took place at depth and has yet to be drill tested.”

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 Propertythat 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 through April 27, 2020.

Slate Falls Au Ag Showings

GoldON’s work to date on the Property includes surface sampling to confirm and a reinterpretation of all historical exploration data. The two most advanced targets within the Property are the high-grade showings at the Trail and the Sanderson Zones (see Au-Ag Showings) where the geometry is 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%.

The gold to silver ratio of the dore bars produced at Golden Pat was 10 to 1, typical for Archean gold deposits. However, the gold to silver ratio from assays at the showings at the Slate Falls property is 1 to 10, which is the opposite of that at Golden Pat and more akin to Phanerozoic epithermal deposits rather than Archean hydrothermal deposits, so this is unusual.

SlateFalls Exploration Model

To date, a total of 26 shallow drill-holes 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, with the veins only being explored to approximately 30 metres below the 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 unusual high-grade, silver-gold narrow veins occur within vertical shear zones that cut the near flat-lying stratigraphy and could be remobilized from a source at depth. This may have occurred as: 1) the source rocks beneath the shallow holes drilled below the showings could be precious-metal-rich volcanogenic massive sulphide (VMS) deposit; or 2) a remobilized precious-metal-rich magmatic deposit directly associated with the contact of the Bamaji Pluton.

There is good exploration potential within the Property to host a larger precious-metal-rich deposit underneath the narrow high-grade silver-gold showings.

The new exploration model (see map attached) proposes that the Bamaji Pluton could have been the “heat engine” underneath the older and folded Woman Assemblage that may have driven the creation of a precious-metal-rich VMS base-metals mineralizing event in overlying Bamaji Assemblage as well as remobilized the Ag-Au rich quartz veins into Woman Assemblage rocks. The new exploration model remains untested.

All GoldON’s exploration work to date and the interpretation of a new exploration model was carried out by Tim Twomey, PGeo and independent Qualified Person under National Instrument 43-101. Tim has over 25 years of exploration experience in the Archean greenstone belts of Northwestern Ontario, which includes playing a key role in the discovery, development and production of the “High-Grade Zone”—the backbone of Goldcorp’s mining operation in Red Lake.

GoldON has an option to earn a 100% interest in the Slate Falls property (the “Property”) subject to a 2% net smelter returns royalty, of which the Company may purchase 1% for $1,000,000.

The Property is comprised of three claims totaling 48 units (768 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.  

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