GoldON Acquires Bruce Lake Property in Ontario’s Red Lake Gold District Property borders Great Bear’s recently acquired Pakwash Property
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Acquires Bruce Lake Property in Ontario’s Red Lake
Gold District
Property borders Great Bear’s recently acquired Pakwash Property
VICTORIA, BC, March 28, 2019 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to announce it has entered into an option agreement to acquire the
Bruce Lake property (the “Property”), which consists of four mi ning claims covering
approximately 1,640 hectares in an underexplored area of the Uchi Greenstone Belt.
The Property is located 36 kilometers (km) southeast of the tow n of Red Lake, 11 km southeast
of the high-grade gold discovery Great Bear Resources made on i ts Dixie property last year, and
shares its southern boundary with Great Bear’s recently acquire d Pakwash property. Highway
105 bisects the Property providing year-round access to and fro m the regional infrastructure in
Red Lake (see location map).
Spatially, the Property is associ ated with the Sydney Lake Defo rmation Zone and the Pakwash
Lake Deformation Zone. The northeast-trending Keelson Fault con necting these two east-
trending deformation zones in a s inistral-like fashion provides ample structural activity in the
region. The Property is also geologically active with Ontario G eological Survey mapped mafic
metavolcanics, metasediments, gabbro and felsic volcanics intru ded by synvolcanic diorite to
granodiorite intrusions.
Limited historical exploration ha s been carried out on the Prop erty. Reconnaissance lake
sediment and Mobile Metal Ions (MMI) soil geochemistry sampling on 500-meter centers by
Laurentian Goldfields in 2010 outlined gold-in-soil and gold-in-sediment anomalies. The gold-in-
soil anomalies are considered in situ while the gold-in-sediments lake samples are down ice from
the Property. This suggests that the Property itself could be the source of the gold anomaly. These
targets and the Property remain undrilled.
“Great Bear has demonstrated that high-grade gold discoveries w ithin the metal-endowed Uchi
Belt can be found outside of the Red Lake Gold Camp; and the Br uce Lake property has the key
ingredients for gold deposition common to the belt including st ructure, deformation zones and
active geology,” said Mike Romanik, president of GoldON.
Under the terms of the option agreement, GoldON can acquire a 1 00% interest in the Bruce Lake
Property from a private vendor for cash payments totaling $51,5 00 over a three-year period
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
($4,500 upon regulatory acceptance, $10,000 on the first annive rsary, $12,000 on the second
anniversary and a final payment of $25,000 on the third anniver sary) and the issuance of 110,000
shares over a two-year period (10,000 upon regulatory acceptanc e, 50,000 shares on the first
anniversary and 50,000 shares on the second anniversary). The v endor will retain a 1.5% net
smelter returns royalty, of which the Company may repurchase 0.75% for $400,000.
Michael Kilbourne, P.Geo., an independent Qualified Person as d efined in National Instrument
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 company geographically focused on disc overy-stage properties located
in the prolific gold mining belts of Ontario, Canada. The Compa ny’s flagship project is the Slate
Falls property in northwestern Ontario where at least 18 Au-Ag mineralized zones have been
identified over 7 kilometers o f the property. Slate Falls is fu lly permitted for exploration and
drilling. To learn more about the Company please visit our webs ite and view our latest
presentation by clicking here.
For additional information contact Michael Romanik.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
Michael Romanik, President
Direct line: (204) 724-0613
Email: [email protected]
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