GoldON Commences Discovery-Stage Drilling at McDonough Gold Project in Ontario’s Red Lake Camp Drill targets are well supported by coincident IP, geochem and geology

FOR IMMEDIATE RELEASE

GoldON Commences Discovery-Stage Drilling at

McDonough Gold Project in Ontario’s Red Lake Camp

Drill targets are well supported by coincident IP, geochem and geology

VICTORIA, BC – January 30, 2023 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or

the “Company”) is pleased to report that drilling has commenced at its 100%-owned McDonough

gold property (the “Property”) located approximately 15 kilometres north of the town of Red Lake,

Ontario.

Figure 1: Regional geological location of the McD onough gold property within the Red Lake greenstone

belt. Source: Harris, J., Sanborn-Barrie, M., Pan agapko, D., Skulski, T and Parker, J. (2007). Gold

prospectivity maps of the Red Lake greenstone belt: Application of GIS technology. Canadian Journal of

Earth Sciences. 43. 865-893.

The Property lies along the contact and unconformi ty of the Huston Assemblage conglomerates

(2733-2743 million years [(Ma]) an d the Slate Bay Assemblage (Confederation) (<2903 Ma)

clastic sediments. The same Huston Assemblage conglomerates are in unconformable contact with

the Balmer Assemblage mafic and ultra-mafic rocks where the Red Lake Mine Complex (Campbell

and Red Lake gold mines) lies in close proximit y. Sediment unconformities are also proximal to

the Madsen and Starratt-Olsen gold mines southwest of Red Lake (Figure 1).

To date GoldON has completed a high-resolution heliborne magnetic survey, A-horizon soil

sampling over select areas followed up by a gr ound induced polarization (IP) survey over the

Property. Wide intervals (225-425 metres) of gold-in-soil anomalie s ranging in values from 17-

253 ppb were encountered over the unconformity a nd surrounding host lithologies. Interpretation

of the IP survey identified 23 chargeable IP anom alies. Many of these were coincident with the

gold-in-soil anomalies (Figure 2).

Figure 2: Winter 2023 planned drill holes at the McDonough Property.

The drill program will initially consist of 8 holes totaling 1,200 me tres targeting coincident gold-

in-soil with IP chargeability anomalies and other Priority 1 stand-alone IP chargeability anomalies.

“We’ve taken a systematic exploration approach to the McDonough property and developed prime

drill targets,” said Mike Romanik, Presiden t of GoldON. “The setting is ideal for gold

mineralization, and it’s time to find out what’s hidden beneath the veneer of overburden.”

Mike Kilbourne, P. Geo, an independent qualif ied person as defined in NI 43-101, has reviewed

and approved the technical 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 Mining District (McDonough, Spri ngpole East, Red Lake North,

Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property in the

Patricia Mining District (Slate Falls).

For more information, please visit our website at goldonresources.com; you can download our

latest investor presentation by clicking here and 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) accept responsibility for the adequacy or accuracy of this release.