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GoldON Resources reported engaging Orix Geoscience for data compilation and interpretation to prepare for drilling at its West Madsen gold property in Red Lake, Ontario. The property, covering 5,988 hectares, includes two claim blocks, with current efforts focused on Block A, proximal to the Madsen mine. The objective is to explore the gold mineralization potential within felsic rocks of the Confederation Assemblage, inspired by Great Bear Resources' findings at the Dixie property. Orix will conduct GIS data compilation and review geophysical interpretations to identify targets for the next drilling phase.
GoldON Resources (TSXV: GLD) has successfully completed a non-brokered private placement financing, raising $400,000 through the issuance of 8,000,000 non-flow-through units priced at $0.05 each. Each unit includes one common share and one share purchase warrant, allowing the holder to buy an additional share at $0.10 within two years. The funds will be used for the West Madsen Gold Property and general working capital needs.