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GoldON Resources (TSXV: GLD) decided to accelerate its option agreement with Bounty Gold and acquired a 100% interest in the two claim blocks that adjoin Block A of the West Madsen gold project in Ontario, Canada.
With this addition, West Madsen becomes contiguous to Pure Gold’s Red Lake property, Canada’s newest high-grade gold mine.
Besides adjoining Red Lake, the acquisition expands West Madsen to 5,862 hectares of gold exploration real estate
To complete the acquisition of the claims, which are known as Flat Lake and Madsen-Medicine Stone, GoldON had to pay Bounty $80,000 in cash and issue 250,000 common shares. Bounty will retain a 2% net smelter return royalty of which GoldON may purchase half for $1 million.
Besides adjoining Red Lake, the acquisition expands West Madsen to 5,862 hectares of gold exploration real estate.
According to GoldON, some 2,100 metres of the proposed 7,000-metre Phase II drilling program were completed before the December break and assays are pending.
“The focus of the Phase II drilling program is to aggressively test the strike-extension of both the known gold mineralization to the east and follow-up on the gold mineralization discovered during GoldON’s Phase I drilling,” the miner said in a media statement.
