GoldON Hires Rouillier Drilling for West Madsen Gold Project in Ontario's Red Lake Camp
Rhea-AI Summary
GoldON Resources (TSXV: GLD) has engaged Rouillier Drilling for its upcoming drilling program at the 100%-owned West Madsen gold property. GoldON's team is heading to the site to prepare for drilling. The property is strategically located in Ontario's Red Lake Gold District, covering 5,988 hectares and divided into two blocks, A and B. The next phase of drilling will focus on Block A, which shares geological characteristics with the nearby Madsen gold mine, owned by West Red Lake Gold Mines (WRLG). WRLG plans to restart production at Madsen in the latter half of 2025. Rouillier Drilling, established in 1977, specializes in surface and underground drilling and has received the UL 2724 ECOLOGO® certification for eco-friendly mineral exploration services.
Positive
- GoldON's selection of Rouillier Drilling enhances the credibility and potential success of the drilling program.
- The strategic location near WRLG's operational Madsen mine may offer synergistic benefits and resource-sharing opportunities.
- Identification of an ~8-km corridor of disrupted regional magnetics on Block A indicates promising gold mineralization.
Negative
- Potential operational risks if WRLG's planned restart of the Madsen mine in 2025 encounters delays.
News Market Reaction
On the day this news was published, NCMBF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The eastern boundary of the West Madsen property is a 5 km drive from the Madsen gold mine and mill complex owned by West Red Lake Gold Mines (WRLG)
Victoria, British Columbia--(Newsfile Corp. - September 4, 2024) - GoldON Resources Ltd. (TSXV: GLD) (the "Company") is pleased to announce it has hired Rouillier Drilling for the upcoming drilling program at its
GoldON personnel are enroute to the Property to coordinate site preparations in advance of the commencement of drilling.
Figure 1: Looking northeast from GoldON's West Madsen property to WRLG's Madsen Gold Mine property.
To view an enhanced version of this graphic, please visit:
https://goldonresources.com/images/westmadsen/WM-BLK-A_WRLG.jpg
About Rouillier Drilling:
Founded in 1977, Rouillier Drilling is a family-owned company with a reputation as a specialist in surface and underground drilling in Eastern Canada. It was the first company to obtain the UL 2724 ECOLOGO® certification for service providers of the mineral exploration industry. Rouillier Drilling is a division of the Rouillier Group that includes various subsidiaries in diamond drilling and the manufacture of high-performance mining equipment.
About the West Madsen Property:
Located in the heart of the Red Lake Gold District, the 5,988-hectare property covers two claim blocks, Block A (east) and Block B (west), that are non-contiguous by less than 100 metres. The next phase of drilling will focus on Block A where previous drilling has confirmed gold mineralization in several different geological environments and represents typical Archean terrane orogenic gold deposit settings.
Block A adjoins the Madsen gold mine property (Figure 1) where West Red Lake Gold Mines (WRLG) expects to restart production in the second half of 2025. The bulk of the mineral resources on the Madsen mine property are hosted in a ~7-km-long gold trend that follows the major crustal break or contact between the Balmer and Confederation assemblages.
GoldON has observed the same Balmer-Confederation contact in outcrop approximately 1.5 km west of the Block A eastern claim boundary and identified it within an ~8-km corridor of disrupted regional magnetics that traverses Block A from the Madsen mine property.
About GoldON Resources Ltd.
GoldON is a mineral exploration company focused on discovery-stage properties. Our goal with a property is to add value by defining or redefining the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition, and development.
For more information on GoldON and the West Madsen gold project, please visit our website at goldonresources.com. You can also download our investor presentation here and follow us on X at https://x.com/GoldONResources.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221989
FAQ
What is the significance of GoldON Resources' new drilling program?
Who is conducting the drilling for GoldON's West Madsen project?
Where is GoldON's West Madsen property located?
When does West Red Lake Gold Mines plan to restart production at Madsen?
What geological features are present at GoldON's West Madsen property?
