GoldON Set to Drill Former Great Bear Resources Property

Great Bear Resources Ltd. (TSXV:GBR) believes in the project enough to send two advisors to GoldON Resources Ltd. (TSXV:GLD)

Bob Moriarty | October 26, 2020 | SmallCapPower: One interesting company I am following is named GoldON Resources Ltd. (TSXV:GLD). They did a deal with Great Bear Resources Ltd. (TSXV:GBR) and picked up ground that Great Bear just didn’t have the bandwidth to advance.

(The following is an article originally published on on October 15, 2020)

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One is the West Madsen property adjoining the Pure Gold Red Lake Mine project valued at $1 billion. Terms call for GLD to spend $1.2 million in exploration over three years to get a 60% interest as well as paying Great Bear $175,000 over two years and issuing them 875,000 shares of GLD.

To pick up the remaining 40% interest GoldON needs to spend an additional $750,000 in exploration and either pays $500,000 in cash or will issue 500,000 shares to Great Bear. The agreement includes a 2.5% NSR on production.

Great Bear believes in the project enough that two of their personnel from GBR serve as advisors to GLD. A technical report just out suggests the Balmer-Confederation shear that hosts the mineralization at Pure Gold’s 7 km strike of a gold system continues onto the West Madsen property. A few drill holes will tell the story. Drilling begins in November.

I am known for suggesting investors keep things simple. Buy when things are cheap and sell when they are dear. GLD has a market cap of about $10 million. Pure Gold has a market cap of over $1 billion. The structure on Pure Gold’s project is the same as on GoldON’s West Madsen. I don’t know if Pure Gold is expensive but I do know that GoldON is cheap.

And GoldON has an additional four discovery-stage projects I haven’t even mentioned yet. The fact that you haven’t heard of GoldON is not a good reason to not buy it.

GoldON is an advertiser. I did participate in the past private placement and as such I am biased. I do not share in either your profit or your losses so do your own due diligence, please.

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