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Investor Interest in the Red Lake Mining District Continues to Rise Following C$15 Million Investment in Pure Gold


News provided by

Microsmallcap.com

28 Oct, 2020, 12:00 GMT

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- FN Media Group Presents Microsmallcap.com Market Commentary

NEW YORK, Oct. 28, 2020 /PRNewswire/ -- Market experts believe a second rally in gold prices is on the horizon, making now an ideal time to get into the market. The falling US dollar, the upcoming US presidential election, and stagnant interest rates are just a few factors that could affect gold prices. Add to that the ongoing economic uncertainty caused by the health crisis and it's clear why gold has maintained its purchasing power and safe-haven status. With gold prices remaining close to 2011's peak, the prolific Red Lake Mining District in northern Ontario has become a hotbed for investments, including a recent C$15 million investment from gold guru Eric Sprott into near-term gold producer Pure Gold (TSXV:PGM) (OTCPK:LRTNF). Of course, Pure Gold isn't the only gold stock generating excitement in Red Lake. Thanks to elevated gold prices, gold miners like Yamana Gold (TSX:YRI) (NYSE:AUY), Great Bear Resources (TSXV:GBR) (OTCQX:GTBAF), Premier Gold Mines (TSX:PG) (OTCPK:PIRGF), and GoldON Resources (TSXV:GLD) (NCMBF) have also continued to uncover the vast potential of the prolific gold region.

GoldON Resources (TSX-V:GLD) (NCMBF) may be the most recent addition to the prolific Red Lake region, but the company has already made serious headway at its West Madsen project, an option/joint venture with Great Bear Resources. Since acquiring an option on the West Madsen property in May 2019, the company has completed a phase I diamond drilling program and acquired additional claims in 2020, and received permits for phase II drilling in 2020.

Mr. Red Lake, Perry English, also joined GoldON Resources during that time as a strategic advisor. English, who has been referred to as a one-man project generator, has staked thousands of claims and sold hundreds of properties in the region over the last 35 years, including the West Madsen project and Great Bear's Dixie Gold Project.

With the addition of the new claims, GoldON Resources' West Madsen project now covers 4,722 hectares of prime gold exploration real estate in the heart of the Red Lake Gold District. The property also adjoins the highest-grade underground gold project in Canada, the Pure Gold Red Lake Mine, which is set to begin production before the end of 2020.

Finding High-Grade Gold in the Shadow of Headframes

"Finding gold in the shadow of headframes" may be an old mining adage, but it evidently still rings true today. GoldON Resources' West Madsen property meets this criteria thanks to its close proximity to the high-grade Pure Gold Red Lake Mine, which is just a few hundred meters from the property's boundary.

In July, GoldON completed the initial, wide-spaced reconnaissance diamond drilling program at West Madsen, which included the discovery of 14.4 grams per tonne (g/t) gold over 0.5 meters (m). The company has since received drill permits and is prioritizing targets for Phase II drilling on the expanded West Madsen project later this quarter.

Gold Miners Continue to Advance Projects in Red Lake

As mentioned, Pure Gold Mining (TSXV:PGM) (OTC:LRTNF), who's market cap is approaching C$1 Billion, is expecting their first pour at its Pure Gold Red Lake Mine before the end of 2020. The robust economics of the project, bolstered by the rising gold price, have attracted serious investors including a C$15 million investment from Eric Sprott. In February 2019, the feasibility study on the property outlined a 12-year, high-grade mining operation with a production rate of 800 tonnes per day.

The Pure Gold Red Lake Mine has probable mineral reserves of 3.5 million tonnes (Mt) at 9.0 g/t containing 1 million ounces of gold included in a mineral resource of 7.19 million indicated tonnes grading 8.9 g/t gold for 2.06 million ounces of gold and 1.88 million inferred tonnes grading 7.7 g/t gold for 467,000 ounces of gold, making it the highest grade development-stage gold deposit in Canada.

Great Bear Resources (TSXV:GBR) (OTC:GTBAF) has also experienced success in the Red Lake region. Since acquiring 100% interest in their flagship Dixie property in 2017, the company has made numerous high-grade gold discoveries. On October 7, the company announced they had reached 100,000 meters drilled in 180 holes and reported additional results, including 18.58 g/t gold over 19.25m.

Southwest of the Red Lake Mining District, Yamana Gold (TSX:YRI) (NYSE:AUY) is developing its own Red Lake project, which consists of 543 hectares of land in two properties: North Madsen and Headway. The North Madsen property covers a significant mineral envelope defined by 280 drill holes that are immediately west of the Hasaga gold deposit owned by  Premier Gold Mines (TSX:PG) (OTC:PIRGF), which has a measured and indicated resource of 42 Mt at 0.83 g/t gold containing 1.12 million ounces of gold. The Headway property consists of 127 hectares south and adjacent to Newmont Corp's Red Lake Gold Mines operation.

Yamana Gold is currently prioritizing its most advanced exploration projects, but said that a key element of the generative exploration program is to build in the flexibility to shift focus quickly if a Tier Two or Tier Three project, like Red Lake, shows the greatest potential to meet the company's objectives.

It's clear that the Red Lake Mining District has been rejuvenated thanks to the gold bull run and has become a hotspot for high-grade gold discoveries. It's likely that this trend will continue as gold prices remain at record highs, creating an exciting opportunity for the region's most recent addition, GoldON Resources.

For more information on GoldON Resources, please visit this link.

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above. MSC owns and operates Miningnewsdaily.com.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

 The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Else Nutrition Holdings.

 FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

Media Contact: 
FN Media Group, LLC
info@financialnews.com 
 +1(561)325-8757

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