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GoldON Resources (TSX-V: GLD) announced that it has entered into an option agreement to acquire three properties in the Red Lake Mining District of northwestern Ontario, Canada.
For GoldON to be able to acquire a 100% interest in the McDonough, Pipestone Bay and Coli Lake claim groups from a private company controlled by Perry English, the miner has to make cash payments totaling $45,100 over a three-year period and issue 110,000 shares over a two-year period.
The topography at the McDonough and Pipestone Bay claim groups is relatively flat with local areas of relief with outcrop exposure approximately 10%
The McDonough claim group is comprised of 69 full and partial cells covering 1,062 hectares within the Red Lake Greenstone Belt. The property is located 15 kilometres north of the town of Red Lake and is contiguous with Rubicon Minerals’ Slate Bay gold property.
The Pipestone Bay claim group, on the other hand, is comprised of 22 full and partial cells covering 448 hectares within the Red Lake Greenstone Belt. The property is located 32 kilometres west of the town of Red Lake.
The Coli Lake claim group is comprised of 31 full and partial cells covering 428 hectares within the Red Lake Greenstone Belt. The property is located 35 kilometres northeast of the town of Red Lake and is contiguous with the Sidace Lake gold property that is a joint venture between Newmont Goldcorp and TomaGold.
“While our focus remains on West Madsen and our Slate Falls projects, these new properties exhibit similar geological characteristics as recent discoveries in the Red Lake Greenstone Belt and fit well with our project generator model,” Michael Romanik, president of GoldON, said in a media statement.
