GoldON Acquires Springpole East Property in the Red Lake Mining District The Property adjoins First Mining Gold’s Springpole Project one of the largest undeveloped gold deposits in Canada at 3.8Moz probable reserves
FOR IMMEDIATE RELEASE
GoldON Acquires Springpole East Property in the Red
Lake Mining District
The Property adjoins First Mining Gold’s Springpole Project one of the largest
undeveloped gold deposits in Canada at 3.8Moz probable reserves
VICTORIA, BC, December 8th, 2021 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to announce it has entered into an option agreement to acquire a 100%
interest in the Springpole East pr operty (the “Property”) situate d, primarily, in th e Keigat Lake
Area township of the Red Lake Mining District, Northwestern Ontario (See Figure 1).
Figure 1: Regional map showing Springpole East location and GoldON’s other projects
The Property is comprised of 13 contiguous mining claims covering 5,186 hectares and is located
approximately 40 kilometres (km) northwest of the Slate Falls First Nation community. Access is
via a new all-weather road being built that has been completed to the southern claim boundary and
is slated to run right through the claim block.
The Property is located within the Birch-Uchi Greenstone Belt of the no rthern Uchi Subprovince
and consists of typical greenstone mafic to felsic volcanic sequences intercalated with clastic and
chemical sediments which have been intruded by pre to syn-tectonic felsic to mafic intrusives and
syn to post-tectonic mafic to ultra-mafic rocks. Very little is known about the Property’s underlying
geology with most of it inferre d from airborne magnetics (MAG) that suggest a very active
structural environment.
The western boundary of the Property adjoins the Springpole project owned by First Mining Gold
Corp. (TSX: FF), with the Springpole deposit located 9 km to the west of the boundary and hosting
reserves of 3.8 million ounces of gold and 20.5 million ounces of silver. The 2021 pre-feasibility
study of Springpole is highlighted by a 30,000 tonnes per day mining operation with a life of mine
of 11 years.
There is also potential for high-grade lode gold deposits as past-producing mines from the 1930s
mined gold in excess of 10 grams per tonne prox imal to the Property. One example is the Argosy
gold mine that is situated 15 km northwest along strike from the Propert y and operated
intermittently between 1934-1952 producing 102,000 ounces of gold at an average grade of 12.5
g/t Au.
Under the terms of the option agreement with Gravel Ridge Resources Ltd. and 1544230 Ontario
Inc., GoldON can acquire a 100% interest in the Property for cash payments totaling $87,000 over
three years ($17,000 upon regulatory acceptance, $15,000 on the first anniversary, $20,000 on the
second anniversary, and a final payment of $35,000 on the third anniversary); and the issuance of
200,000 common shares (100,000 upon regulatory acceptance and 100,000 shares on the first
anniversary). The optionors will retain a 1.5% net smelter returns royalty, of which the Company
may repurchase 0.5% for $500,000.
“A key reason for acquiring the Springpole East Project is the new all-weather road, and we have
already booked our exploration t eam for mapping and sampling as soon as the snow melts,” said
Mike Romanik, president of GoldON. “We have to thank our strategic advisor, Perry English, and
Gravel Ridge for bringing us the Property.”
Mike Kilbourne, P.Geo., an independent Qualifie d Person 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 seven
properties in the Red Lake Mini ng District (West Madsen, Spri ngpole East, Red Lake North,
Pipestone Bay, Pakwash North, McInnes Lake, a nd McDonough) and an eighth property in the
Patricia Mining District (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 resu lts, 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-looking 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.