2014-01-30 14:37:06 -
Victoria, British Columbia CANADA, January 30, 2014 /FSC/ - GoldON Resources Ltd. (GLD - TSX Venture), ("GoldON" or the "Company") is pleased to provide the following review and update on corporate activities.
While it's no secret that 2013 was a continuation of a very challenging period for the mining and exploration sector, GoldON management continues to be proactive and utilize the period as an opportunity to reposition the Company with the expectation of better days ahead.
The effort to reposition the Company started early last year with the successful restructuring of the Company, which received overwhelming shareholder support with 97% of the votes cast in favour of the plan. Support for the restructuring included the Company's largest shareholder, IAMGOLD
Corporation, which currently owns a 13.6% stake in GoldON (18.4% on a partially diluted basis) through a wholly owned subsidiary.
Pickle Lake Property:
The latest exploration work was focused on the under-explored Fault Creek area located in the southern portion of GoldON's 100% owned Pickle Lake property and consisted of the completion of a prospecting and channel sampling program. Program results included the discovery of a mineralized gold horizon within iron formation consistent with past-producing gold mines in this area of the Pickle Lake Greenstone Belt. For further details see the news release of February 5, 2013( goldonresources.com/wp-content/pdfdoc/News%20Releases/2013/2013. ..
GoldON's Pickle Lake property ties on to the south west of PC Gold's Pickle Crow Mine trend and the past-producing Pickle Crow Mine, which produced 1.45 million ounces of gold from 1935-1966. The Company has initiated conversations with PC Gold's management on several occasions to investigate the possibility of combining the two projects to enhance operating efficiencies and attract financing. No progress has been made with this initiative to date. As a result, the Company has adjusted its approach and has been bringing the potential of the Pickle Lake project to the attention of select third parties?both gold producers and mining financiers?that may have an interest in a strategic investment.
The 100% owned Swayze Property consists of three non-contiguous properties - the Chester, Mollie River and Neville-Potier claim blocks - that adjoin or are surrounded by IAMGOLD's multi-million ounce Cote gold project in the Porcupine Mining Division of Ontario. Exploration work in 2013 focused on a portion of the Neville-Potier claims (NP claims) and included line cutting, differential GPS surveying and an IP / resistivity test survey.
Interpretation of the IP Survey identified three key geological units on the NP claims. Coincident apparent resistivity highs and chargeability highs were observed in seven to eight ESE-WNW striking zones, ranging from 250m to >1300m in length. These are interpreted to be possible sulfides hosted in silicified zones and are priority targets for gold mineralization.
These zones could represent splays off of the nearby Ridout Deformational Zone, a major east-west high-strain zone that is interpreted to be the western extension of the Larder Lake-Cadillac Deformation Zone of the southwestern Abitibi Belt. The Ridout Deformation Zone is spatially associated with the area's two largest former gold producers, the Joburke and Jerome Mines. IAMGOLD's Cote gold deposit is similarly located within a few kilometers of the Ridout Deformation Zone. For further details see the news release of September 4, 2013( goldonresources.com/news-releases/2013-2/news_09-04-2013
The Company continues to share exploration data and discuss future exploration objectives with IAMGOLD. The Ontario Ministry of Northern Development and Mines issued a three year exploration permit for the NP claims on January 7, 2014.
Market conditions have resulted in the availability of several interesting projects in and around the established gold camps of Ontario. The Company is actively reviewing several high-grade drill ready projects in an effort to add a third property to its project portfolio.
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 two current properties are the Pickle Lake Gold property 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 file, please click on the following link:
Source: GoldON Resources Ltd. (TSX-V: GLD) www.goldonresources.com
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