GoldON Resources (TSX-V: GLD) announced this week its desire to earn an initial 60% interest and a subsequent 100% interest in Great Bear Resources\u2019 (TSX-V: GBR) West Madsen gold property in Ontario.<\/p>\n
To pursue its initial goal, GoldON has entered into a binding Letter of Intent with Great Bear. The document stipulates that GoldON has to invest at least $1.2 million in exploration on the property through a 3-year period; pay Great Bear $145,000 in cash in different installments during the first two years, and issue 875,000 common shares of GoldON to Great Bear through the first two years of the option agreement.<\/p>\n
According to a press release issued by GoldON, to acquire the remaining 40% interest, the company would have to incur in additional exploration expenditures on the property of at least $750,000 on or before the fourth anniversary of the signing of a definitive agreement, and pay $500,000 cash or issue 500,000 shares to Great Bear at GoldON’s election around the third anniversary of the signing of the deal.<\/p>\n The expanded West Madsen gold project is located in Ontario\u2019s Red Lake Gold District and comprises two claims blocks measuring roughly 6 kilometres by 3 kilometres in size, for a total area of 3,860 hectares.<\/p>\n Great Bear\u2019s information states that the project is a newly identified geological continuity of the greenstone belt within the Balmer and Confederation assemblages, which are host to the adjacent historical Madsen and Starratt Olsen mines. \u201cResults from neighboring Pure Gold\u2019s Madsen project, reported September to November 2016, include 126.6 g\/t gold over 3.7 metres; 34.0 g\/t Gold over 11.0 metres; 25.4 g\/t gold over 8.0 metres; and 76.0 g\/t gold over 2.1 metres,\u201d the company\u2019s brief reads.<\/p>\n The post GoldON interested in Great Bear\u2019s West Madsen gold project in Ontario<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Victoria-based company announced its desire to earn an initial 60% interest and a subsequent 100% interest in the West Madsen gold property.<\/p>\n The post GoldON interested in Great Bear’s West Madsen gold project in Ontario<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2525,675,404,369],"tags":[25,48],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1113687"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1113687"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1113687\/revisions"}],"predecessor-version":[{"id":1113766,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1113687\/revisions\/1113766"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1113687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1113687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1113687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}For the initial 60% interest, the Victoria-based miner would have to invest $1.2 million in exploration on the property.<\/q><\/p>\n