Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
GoldON Resources (TSXV: GLD) reported that it has received an exploration drilling permit for the West Madsen gold property located in Ontario, Canada.
At present, the company has the right to earn a 100% interest in the property through an option agreement with Great Bear Resources (TSX-V: GBR).
West Madsen is located in Ontario’s Red Lake Gold District and comprises two claim blocks measuring 6 kilometres by 3 kilometres in size, for a total area of 3,860 hectares
In a press release, GoldON said it is evaluating drill bids and will finalize the drilling recommendations and budget once all bids are received.
“We are thrilled to be preparing for our initial drilling campaign before the first anniversary of optioning the West Madsen project,” Mike Romanik, GoldON’s president, said in the media brief.
“The Ontario government has deemed mining and exploration an essential business and we will be commencing the drill program as soon as logistically possible.”
According to the executive, the focus of the program will be initial drill testing of four of six main drill targets that trend along in an east-west direction and run sub-parallel to magnetic lineaments on Block A of the property.
“These lineaments are interpreted to represent the contact between the Balmer and Confederation assemblages which is a geological/structural contact that is similar to the adjacent Pure Gold Mining property where development of the Red Lake Gold Mine is on track and first gold production is anticipated in late 2020,” Romanik said.
