GoldON Starts 2013 Exploration on its Swayze Gold Property that Adjoins IAMGOLD's Multi-Million Ounce Cote Gold Project in Ontario
13.03.2013 | FSCwire
Large magnetic low could be indicative of a major alteration systemVictoria, British Columbia CANADA, March 13, 2013 /FSC/ - GoldON Resources Ltd. (GLD - TSX Venture), ("GoldON" or the "Company"), is pleased to announce that interpretation of airborne geophysical data by the Company's independent geological consultant has identified a priority area for the next phase of exploration on the Company's 100% owned Swayze Gold Property (the "Property") that adjoins IAMGOLD's Cote Gold Project in Ontario.
The Property consists of three non-contiguous claim blocks in the Swayze Belt, which is the southwestern extension of the Abitibi Greenstone Belt, and the interpretation focused on the Neville Potier claim block (the "NP claims"). And while there are several areas that show good promise in terms of geology and structure, one area of the NP claims definitely stands out above the rest as shown on the Aeromag map (see slide 12 of the presentation available at www.goldonresources.com).
The geophysical feature of particular significance is a major magnetic low that includes the historical Chester gold operations and the Cote Gold deposit and extends north into the NP claims (see Aeromag map). This feature effectively crosses the geological grain from the Chester pluton in the south, through the volcanic units of the Swayze Belt and into the granitoid domain to the north. This could be indicative of a major alteration system. Theoretically, magnetite in various lithological units is altered to non-magnetic iron minerals such as hematite, pyrite etc. The gold mining areas of the Abitibi Belt are characterized by complex structure and widespread alteration. It is interesting that one of the IAMGOLD geotechnical holes into this feature found hematite alteration and anomalous gold.
Access to the priority area of the NP claims is excellent year round with a paved road through the middle of the claims. Line cutting and an IP/resistivity geophysical survey will commence shortly under the supervision of the Company's independent geological consultant. The results of this survey will be used to identify the highest priority drill targets.
The technical information herein was prepared under the supervision of Howard Coates, MSc., P.Geo., of MPH Consulting Limited, who acts as GoldON's Qualified Person as defined by National Instrument 43-101.
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 key properties are the 15,500-hectare Pickle Lake Gold Property in northwestern Ontario and its 6,640-hectare 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
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
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.
GoldON Resources Ltd.
108 - 800 Kelly Road,
Suite 416,
Victoria, BC V9B 6J9
Tel.: (250) 474-7999