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GoldON Resources acquires 7 new claims, expands Rainy project

GoldON Resources Ltd. said June 8 that it acquired seven unpatented mining claims in the Rainy River area of Ontario, expanding the Rainy gold project, which is optioned to the company.

The option agreement over the Rainy project was signed in October 2016, under which GoldON may acquire the project in exchange for C$89,716.50 in cash to be paid over a four-year period and 100,000 shares to be issued over a two-year period.

According to GoldON, the new claims cover ground previously held by Rainy River Resources Ltd., which recommended trenching and mapping work programs for five previous gold results, with the Beven Showing identified as a drill-ready target.

Furthermore, Rainy River suggested a high-density drill program to test the near surface bulk tonnage potential as the next step in the evaluation of the property's occurrence.