PROJECTS https://miningnewsdaily.com/goldon-resources/gld-1/gold-region-canada/lp-g1?utm_source=dm&utm_medium=push&utm_campaign=dm-push_GLD_audience_MND-LP-G1_audience-Full_cmt_CA-US_M-F_304050&utm_content=GLD-MND-LP-G1 Well, drilling highlights of the Wedge discovery include high-grade 108.5 g/t gold over 1.0 meter and 167.0 g/t gold over 1.1 meters,
which bodes well for GoldON’s West Madsen project.
Additionally, the PureGold property has a historical production of 2.6 million ounces of gold; and current resources from the Madsen (FS status),
Russett South, Fork, and Wedge deposits (PEA status) include an indicated resource of 2,063,000 ounces of gold (7.2 million tonnes at 8.9 g/t Au)
and an inferred resource of 467,000 ounces of gold (1.9 million tonnes at 7.7 g/t Au), highlighting GoldON Resources’
(TSXV:GLD) (OTC:NCMBF) (FRA:6NR2) massive potential as a result of the same Balmer-Confederation contact trending onto GoldON’s property.
For GoldON to earn an initial 60% interest in West Madsen Block A and B under the May 2019 Option Agreement, it must fulfill a number of requirements,
most of which have already been dealt with. These include:
- Incurring an exploration expenditure of more than $450,000 so far.
Cash payment of $100,000 to Great Bear Resources.
Issue 500,000 GoldON common shares to Great Bear.
GoldON Resources (TSXV:GLD) (OTC:NCMBF) (FRA:6NR2) maintains strong fiscal responsibility
and has a proven track record of monetizing non core assets and raising capital when favorable.
Recently, the company closed a non-brokered private placement of 1,000,000 common shares at a price of $0.50 per unit with qualified investors raising
$500,000 to be used to fund the company’s exploration of the Red Lake Gold Camp and for general working capital purposes.8
Unlike other early stage explorers, GoldON is worthy of a closer look considering its tight share structure and significant insider ownership, with the CEO being the largest shareholder, owning ~10% of shares. With a $10 million market cap and no debt with capital devoted to exploration instead of excessive salaries, it’s highly probable that GoldON Resources’ (TSXV:GLD) (OTC:NCMBF) (FRA:6NR2) share price won’t remain at C$0.55 for long.
The Resurgence of Red Lake
Over its nine decade history, the Red Lake Mining district has produced more than 29 million ounces of high-grade gold from 29 gold mines
(including the still-operating Red Lake Gold Mine), making it one of the largest and highest grade gold producing districts in Canada.
With such a long track record of mining in Red Lake,
it was easy to believe that the richest concentrations of near-surface gold mineralization had all been mined out a long time ago.
A close look at exploration companies in the Red Lake district clearly shows that
GoldON Resources (TSXV:GLD) (OTC:NCMBF) (FRA:6NR2) is trading at a bargain and has the potential to grow its valuation significantly.