Things are humming in the gold patch, with news Thursday from Victoria, B.C.-based GoldON Resources Ltd. (TSX-Venture:GLD) had gotten cracking on Phase I exploration on the West Madsen gold property, located in Northwestern Ontario, and recently optioned from Great Bear Resources.
This will include reconnaissance geological mapping, sampling and prospecting across the property, ultimately to identify new zones of gold mineralization and defining potential drill targets.
CEO Michael Romanik remarked, “The adjacent Pure Gold property has confirmed the potential for high-grade gold mineralization observed near this particular crustal-break structure and the recent work completed by our partner, Great Bear, highlights the potential for gold mineralization along these major crustal breaks within not only mafic volcanic rocks but also within the contact intermediate to felsic volcanic rocks.”
GoldOn shares boosted a nickel, or 7.7%, to 70 cents, though volume was an underwhelming 19,500 shares