GoldON Commences IP Geophysical Survey Test on its Swayze Exploration Project Adjoining Iamgold's Multi-Million Ounce Cote Gold Project in Ontario
25.06.2013 | FSCwire
Survey covers a target area of the NP Claims near the Ridout Deformation Zone, where a large magnetic low could be indicative of a major alteration systemVictoria, British Columbia CANADA, June 25, 2013 /FSC/ - GoldON Resources Ltd. (GLD - TSX Venture), ("GoldON" or the "Company"), is pleased to report that the IP/resistivity geophysical test survey ("IP Survey") has commenced on the Company's 100% owned Swayze gold exploration properties (the "Swayze Project") adjoining IAMGOLD's multi-million ounce Cote Gold Project. The IP Survey was to be completed in May, but equipment availability and adverse weather delays were beyond the Company's control.
The Swayze Property consists of three non-contiguous properties - the Chester, Mollie River and Neville-Potier claim blocks - located approximately halfway between Timmins and Sudbury, Ontario in the Swayze Greenstone Belt. The Swayze Greenstone Belt is the southwest extension of the Abitibi Greenstone Belt.
The IP Survey is being carried out as part of a systematic exploration program on an under-explored area of the Neville-Potier claim block (the "NP Claims") that lies inside or near the Ridout Deformation Zone, which is generally recognized as the western extension of the Larder Lake-Cadillac Break. The geophysical feature of particular significance in this initial test area is a distinct magnetic low that includes the historical Chester gold operations, IAMGOLD's Cote Gold deposit and extends north into the NP Claims as shown on the Aeromag map on the Swayze Project page of the Company's website at www.goldonresources.com. This feature could be indicative of a major alteration system and the gold mining areas of the Abitibi Belt are characterized by complex structure and widespread alteration. Detailed lithological, structural and alteration mapping is also being conducted over the test area and the combined results will be utilized to define potential drill targets and to refine GoldON's exploration strategy for the Swayze Project in general.
The IP Survey is being conducted as part of the follow up to recommendations included in the National Instrument (NI) 43-101 Technical Report completed on the Swayze Project last month by MPH Consulting Ltd. ("MPH"). The Report is now available online under GoldON's profile at www.sedar.com.
The technical information herein was prepared under the supervision of Howard Coates, MSc., P.Geo., of MPH, who acts as GoldON's Qualified Person as defined by NI 43-101.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on the prolific gold mining areas of Ontario, Canada. Its two current projects are the 15,500-hectare Pickle Lake Gold Property in northwestern Ontario and its 6,640-hectare Swayze Gold Property that adjoins IAMGOLD's multi-million ounce Cote Gold Project in the Swayze Greenstone Belt. IAMGOLD, through a wholly owned subsidiary, is also GoldON's largest shareholder with 13.6% of the outstanding common shares.
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.