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GoldON gains on high-grade grab samples

GoldON Resources (TSXV: GLD) shares are at a seven-year high after the junior reported high-grade gold and silver assay results from grab samples at its Slate Falls property in Ontario.
GoldON gains on high-grade grab samples GoldON gains on high-grade grab samples GoldON gains on high-grade grab samples GoldON gains on high-grade grab samples GoldON gains on high-grade grab samples

GoldON reported 331.76g/t gold and 3,025g/t silver from this grab sample at Slate Falls in Ontario

Staff reporter

The company collected 99 samples, with the first batch of results from 10 samples last week revealing highlights including up to 331.76g/t gold and 3,025g/t silver from sample 251119 at the Trail Zone.

"These initial sample results are very encouraging, but we've only scratched the surface in our effort to prioritise targets for the upcoming drilling program," president Michael Romanik said.

GoldON said all four samples collected at the Trail Zone correlated "very well with over limit gold, silver and lead and one sample with over limit zinc".

The project lies between the Red Lake and Pickle Lake gold camps.

The company is also exploring the West Madsen gold property in Red Lake, where it has the option to earn up to 100% from Great Bear Resources, with the May deal sending GoldON's shares at the time to a 4.5-year high of C35c.
 
The company entered an option agreement last month to expand its Red Lake portfolio and acquire 100% of three more properties, for staged payments totalling $45,100 and issuing 110,000 shares.

GoldON raised $565,000 (US$431,000) in June at 50c per flow-through share and 45c per common share.

Its shares gained 32.35% on Friday to close at 90c, a level last seen in May 2012, capitalising it at $12.4 million (US$9.5 million).