GoldON Acquires Hagarty Creek Lithium Pegmatite Prospect in the Quetico Subprovince of Ontario
FOR IMMEDIATE RELEASE
GoldON Acquires Hagarty Creek Lithium Pegmatite
Prospect in the Quetico Subprovince of Ontario
VICTORIA, BC – May 11, 2023 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to announce that it has entered into an option agreement to acquire a 100%
interest in the Hagarty Creek lithium property (the “Property”).
Comprised of 17 mining claims covering 7,731 hectares, the Property is approximately 46
kilometres (km) southeast of the town of Longl ac in the municipality of Greenstone, Ontario.
Access is excellent year-round via Trans-Ca nada Highway 11, Ontario Highway 625, and a
network of logging roads that cover the claim group.
The Property lies within the Quetico Subprovince of the Superior Province, which is known to host
significant deposits of rare -element pegmatite-hosted mineraliza tion. Lithium is a rare element,
and the Georgia Lake pegmatite field, with its numerous lithium deposits and o ccurrences, lies
within the Quetico Subprovince.
According to Ontario Geological Survey ( OGS) mapping, the Property hosts an S-type
peralu
minous muscovite-bearing granite. These types of granites are the parental fertile rocks that
fractionate rare-element pegmat ite-hosted mineralization. The pera luminous granite is in contact
with clastic metasediments. Thes e are excellent hosts for rare element fractionation and volatile
enrichment of pegmatite dykes. There are multiple north trendi ng faults on the Property that
provide fracture systems and pathways needed for parental melts to invade metasediments (Breaks
et al., 20031).
Mapping by the OGS (Map 40f) to the northeast of the Property has identified pegmatites hosting
muscovite, tourmaline, apatite, and cordierite in and around a similar ge ological environment as
the Property. Apparently, the OGS mapping did not extend to the location of the claim group.
"A key reason we are pursuing the Hagarty Creek property is th e extensive network of logging
roads. They not only provide access but are also indicative of significant outcrop exposure, which
is well supported by Google Earth imagery," said Mike Romanik, president of GoldON. "Access
with the ability to sample the majority of the Property will enable us to determine if the project is
worth committing additional resources to after our initial fieldwork."
Under the terms of the option agreement, GoldON can acquire a 100% interest in the Property for
cash payments totaling $90,000 over three years ($18,000 within seven business days, $18,000 on
the first anniversary, $24,000 on the seco nd anniversary, and a final payment of $30,000 on the
third anniversary); and the i ssuance of 300,000 common shares upon regulatory acceptance. The
optionors will retain a 1.5% net smelter returns royalty, of which the Company may repurchase
0.5% for $500,000.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed
and approved the contents of this news release on behalf of the Company.
References:
1. Breaks, F.W., Selway, J.B. and Tindle, A.G. 2003. Fertile p eraluminous granites and related rare-element
mineralization in pegmatites, Superior Province, northwest and northeast Ontario: Operation Treasure Hunt;
Ontario Geological Survey, Open File Report 6099, 179p.
About GoldON Resources Ltd.
GoldON is an exploration compan y focused on discovery-stage prop erties located in the prolific
greenstone belts of northwestern Ontario, Canada . Our current project portfolio includes six
properties in the Red Lake Mining District (McDonough, Springpole East, Pipestone Bay, Pakwash
North, McInnes Lake, and West Mads en) and a seventh property in the Patricia Mining District
(Slate Falls).
For additional informa tion, please visit our website or you can download our latest investor
presentation. You can also follow us on Twitter.
ON BE
HALF 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) accept responsibility for the adequacy or accuracy of this release.