GoldON Set to Drill West Madsen

Bob Moriarty of 321gold profiles a junior that is exploring a property it has optioned from Great Bear Resources.

For investors in the resource sector this year has to seem similar to one of those sick, good-news, bad-news jokes. As a result of some world-class stupidity from governments around the globe shutting down the world economy in response to what appears to be little more than a bad flu season pretty much guarantees the mass destruction of all fiat currencies.

Even the WHO has woken up and realized the unnecessary lockdown of countries is doing far more damage to people’s health and welfare than a bad flu season. Don’t even get me started on how stupid and useless the whole mask fiasco has been.

Paper currencies are toast. Gold and silver are going to shine. I’m not yet certain if that is the good news or the bad news. While it’s true that the price for gold and silver shot higher along with the penny dreadfuls, and it’s also true that hundreds of tiny resource companies have done yeoman work at raising money, now they are drilling off properties like a flock of hungry ground hogs.

That’s where the problem is. A thousand juniors raised money on a couple of thousand great properties. Investors are ready to throw more money at them.

But the assay labs are understaffed and months behind schedule. Assays from as far back as July still haven’t come through. If a junior is well cashed up, some have thrown money at the labs in the faint hope of getting faster results. It might work some day. It just hasn’t worked yet.

There are going to be some brilliant results. If and when the assay labs get to work.

One interesting company I am following is named GoldON Resources Ltd. (GLD:TSX.V). They did a deal with Great Bear and picked up ground that Great Bear just didn’t have the bandwidth to advance.

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.

GoldON Resources
GLD-V $0.54 (Oct 14, 2020)
NCMBF-OTCBB 18.6 million shares
>GoldON website

Bob Moriarty
President: 321gold

Bob Moriarty founded, with his late wife, Barbara Moriarty, more than 16 years ago. They later added to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.


1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: GoldON. GoldON is an advertiser on 321 Gold. I determined which companies would be included in this article based on my research and understanding of the sector.
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