2014-03-04 14:36:15 -
Victoria, British Columbia CANADA, March 04, 2014 /FSC/ - GoldON Resources Ltd. (GLD - TSX Venture), ("GoldON" or the "Company") is pleased to provide a further information update on the newly optioned Slate Falls gold and silver property (the "Property"), located approximately 30 kilometers (km) southwest of the past producing Golden Patricia Mine in Northwestern Ontario.
The following is previously undisclosed information that has just been reviewed by GoldON. The work was carried out by a private company, Fortune Tiger Resources Ltd., which had optioned the Slate Falls claims in 2012. Work consisted of a preliminary prospecting program carried out between May 20 and 29, 2012, utilizing two two-person teams consisting of a prospector, a geologist and two field assistants.
The purpose of the program was to locate and georeference historic trenches, stripped areas, drill hole collars, trails, claim posts and grid lines. In addition, examination of exposed trenches and grab sampling was carried out to verify results of historical sampling and gain knowledge of the geology, alteration and structure hosting gold mineralization.
Significant grab sample gold values in the Sanderson Zone, ranging from 0.03 grams per tonne (g/t) up to 40.209 g/t gold (Au), confirm previous historical sample results in the area. In the Sanderson area mineralized quartz veins associated with easterly striking shear zones extend for a strike length of 600 to 700 meters (m).
In the Trail Zone, previous elevated historical sample results have also been confirmed, with gold values from the 2012 program ranging from 0.11 g/t up to 151.51 g/t Au. Significant results were obtained over a strike length of nearly 200m within areas contained by old trenches.
Elsewhere on the property moderate gold values (1.47g/t and 5.6 g/t) were returned from areas of previous sampling in the so-called Orezone showing and Carpenter Zone suggesting that this poorly accessed and exposed area is worthy of further evaluation. While extensive stripping, trenching and surface sampling by previous explorers has led to the discovery of widespread, sometimes spectacular gold mineralization, limited historical diamond drilling on the Property (26 shallow holes) has so far failed to establish continuity of the gold-bearing structures and gold values.
The Company has not performed any new exploration of the Property; technical data contained in this press release has been derived from a 2012 assessment report filed with the Ontario Ministry of Northern Development and Mines by private mineral exploration company Fortune Tiger Resources Ltd., on behalf of the Property owner.
Douglas A. Currie, MAusIMM (CP), an independent technical consultant to GoldON Resources, is a "Qualified Person" as defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
About the Slate Falls Property
The geological characteristics of the Slate Falls Property are very similar to those found at the past-producing Golden Patricia Mine located 30 kilometers (km) northeast of the Property. The Golden Patricia Mine, which operated from September 1988 to March 1997, produced 619,796 ounces of gold from 1,216,165 tonnes of ore grading approximately 0.51 ounce per tonne. The ore was taken from a single narrow high-grade quartz vein that displayed a suite of associated metals.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. Its properties include the Slate Falls and Pickle Lake gold properties in northwestern Ontario and the Swayze Gold Property adjoining IAMGOLD's multi-million ounce Cote Gold Project in the Swayze Greenstone Belt. For more information, visit www.goldonresources.com
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the press release as a PDF, please click on the following link:
Source: GoldON Resources Ltd. (TSX-V: GLD) www.goldonresources.com
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