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MCDONOUGH GOLD PROPERTY

The McDonough soils are lighting up along the contact between an iron formation clast dominated conglomerate and the mafic volcanics right at the intersection of NNE and NNW structures which are ideal conditions for gold mineralization. This brings another one of our Red Lake projects to the drill-ready stage,” Michael Romanik president of GoldON.

GoldON has an option to earn a 100% interest in the Property, subject to 1.5% net smelter returns (NSR) royalty. Located 15 kilometres (km) north of the town of Red Lake, the 1,062-hectare Property is contiguous with Evolution Mining's Slate Bay gold property and straddles a regional unconformity that is a key structural signature of many mines within the Red Lake Greenstone Belt.

In 2020, GoldON had Prospectair Geosurveys complete a property-wide heliborne high-resolution magnetometer (MAG) survey and subsequent work by Orix Geosciences included a data compilation and reinterpretation study incorporating the new MAG data with all known lithological and mineralogical information and structural measurements. The result of the Orix study is a far better understanding of the geological and structural framework of the Property that is acutely demonstrated in the comparison of maps below with the Regional Township Geology from the Ontario Geological Survey (OGS) on the left and the new Orix mineralization integration on the right (click on the image to enlarge).

Results of the data compilation and reinterpretation study are as follows:

  1. Good correlation of anomalous soil samples up to 253 ppb along the contact of an iron formation clast dominated conglomerate and intermediate to felsic volcanic suite at the intersection of north-northeast (NNE) and north-northwest (NNW) structures (see map below).
  2. Two phases of deformation (D1 and D2) are identified in the surface reinterpretation causing F1 and F2 folds.
  3. Late faults and shear zones dominantly strike NNW and NNE, crosscut and locally displace the early structures.
  4. The presence of iron formation which has been broadly locally folded and displaced by late structure.
  5. A wider range in lithological types and greater definition of contacts.

A primary target area has now been identified within the Property where elevated soil samples overly the contact between an iron-formation clast dominated conglomerate (Huston Assemblage) and intermediate to felsic volcanics at northeast and northwest intersecting structures (see map above). The Huston Assemblage has been compared to the Timiskaming conglomerates commonly associated with gold in the Timmins camp of the Abitibi greenstone belt (Dube et al, 2003). The structural environment is key to forming pathways for gold-bearing hydrothermal fluids and the iron contained in the clasts should provide chemistry to precipitate gold-bearing sulphides. The presence of iron formation that has been structurally disrupted also provides a target of merit as an Archean-hosted iron formation gold hosted deposit model similar to Ontario's Musselwhite, Pickle Crow and Beardmore-Geraldton gold camps.

Follow-up work in 2021 has included the completion of a 7.68 line-km induced polarization (IP) survey with the objective of testing chargeability and resistivity responses over gold-in-soil anomalies that were coincident with a regional unconformity.

The IP survey, interpreted by Dynamic Discovery Geoscience, defined a total of 23 chargeable IP axes. The chargeable responses coincide very well with the McDonough gold-in-soil anomalies where A-horizon soil samples returned values from 2-229 ppb over an iron formation clast supported conglomerate in an unconformable contact with mafic volcanics (see map above). The conglomerate belongs to the Huston Assemblage, which is proximal and associated with the Cochenour, Campbell and Red Lake Mine Complex 15 km to the south.

The setting at McDonough is ideal for gold mineralization,” said Mike Romanik president of GoldON. “We have our permits in place and are awaiting drilling bids to test the coincident gold-in-soil and IP anomalies in this very favourable geological setting.”

The topography of the Property is relatively flat with outcrop exposure less than 10%. Much of the area has been logged over the last 15 years leaving a network of trails with excellent access via Pine Ridge Road. Recent logging has provided even greater access to some of the key portions of the Property identified in the 2020 MAG survey.

GoldON is acquiring a 100% interest in the McDonough property along with the Pipestone Bay property under the terms of the June 2019 option agreement. GoldON can acquire a 100% interest in both properties from EMX Royalty Corp. (formerly Perry English) for cash payments totalling $45,100 over a three-year period ($10,100 was paid upon regulatory acceptance, $10,000 was paid on the first anniversary, $10,000 was paid on the second anniversary and a final payment of $15,000 is due on the third anniversary); and the issuance of 110,000 shares over a two-year period that has been paid. EMX Royalty will retain a 1.5% NSR royalty, of which the Company may repurchase 0.75% for $400,000.