GoldON Acquires a 100% Interest in Great Bear’s West Madsen Gold Property in Red Lake Ontario The Project is located in the heart of the Red Lake Gold Camp and adjoins Canada’s newest high-grade gold mine
FOR IMMEDIATE RELEASE
GoldON Acquires a 100% Interest in Great Bear’s West
Madsen Gold Property in Red Lake Ontario
The Project is located in the heart of the Red Lake Gold Camp and adjoins
Canada’s newest high-grade gold mine
VICTORIA, BC – September 15 , 2021 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON”
or the “Company”) is pleased to announce it has elected to accelerate the option agreement with
Great Bear Resources Ltd. (see news release of May 28, 2019) and has acquired a 100% interest in
the original Block A and B portions (see Figure 1) of the West Madsen Gold Project (the “Project”).
Figure 1: Original West Madsen Blocks A and B optioned from Great Bear Resources (click to enlarge)
In keeping with the terms of the option agreement, GoldON paid Great Bear a total of $175,000 in
cash, issued 1,375,000 common shares and incurr ed exploration expenditures exceeding
$2,300,000 to complete the acquisition. Great Bear re tains a 2.5% Net Smelte r Return royalty on
the Property with GoldON having the right to buy back 1% of the Royalty for $500,000 at any time
prior to a production decision being made on all or part of the Property.
GoldON now owns a 100% interest in the Project that covers 5,862 hectares in the heart of the Red
Lake Gold Camp (see Red Lake regional map) and is comprised of the Block A and B claim groups;
the Flat Lake and Madsen-Medicine Stone claim groups that GoldON acquired a 100% interest in
from Bounty Gold (see news release of January 7, 2021); and claims GoldON acquired via staking
in December 2020. The expanded Block A adjoins Pu re Gold’s Red Lake mine property where
they achieved commercial production last month (see Pure Gold’s news release of August 3, 2021).
Figure 2: West Madsen Phase I & II target area and drill hole locations (click to enlarge)
“We have completed the acquisition of the West Madsen property over two years ahead of the term
of the option agreement,” said Mike Romanik president of GoldON. “We are still in early days of
exploration at West Madsen and look forward to getting back out in the field this fall to define our
next drill targets.”
Ian Russell, P.Geo., an independent Qualified Pe rson as defined in NI 43-101, has reviewed and
approved the contents of this news release on behalf of the Company.
About GoldON Resources Ltd.
GoldON is an exploration compan y focused on discovery-stage prop erties located in the prolific
gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes six
properties in the Red Lake Mini ng Division (West Madsen, Re d Lake North, Pipestone Bay,
Pakwash North, McInnes Lake, and McDonough) and a seventh property in the Patricia Mining
Division (Slate Falls).
For additional information: please visit our website at goldonresources.com, you can download
our latest investor presentation by clicking here and you can follow us on Twitter at
https://twitter.com/GoldONResources.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: [email protected]
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain “forwa rd-looking statements” that involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking
statements. Any forward-lo oking statement speaks only as of the date of this news release and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.