GoldON Commences Drilling at West Madsen Gold Property in Ontario’s Red Lake Camp Property adjoins the Pure Gold Red Lake Mine project - the highest-grade underground development project in Canada expecting first gold pour in late 2020
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Commences Drilling at West Madsen Gold
Property in Ontario’s Red Lake Camp
Property adjoins the Pure Gold Red Lake Mine project - the highest-grade
underground development project in Canada expecting first gold pour in late 2020
VICTORIA, BC May 21st, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to report that diamond drilling is underway at the West Madsen gold
property (the “Property”).
GoldON has the right to earn a 100% interest in the Property th rough an option agreement with
Great Bear Resources (see news release of May 28, 2019 and regional claim map Figure 1). The
Property is comprised of two c ontiguous claim blocks (Block "A" and "B"), each roughly six
kilometres (km) by three km in size for a total area of 3,860 hectares (see Figure 2).
The focus of the fully-funded drilling program will be initial testing of four of six main drill targets
that trend along in an east-west direction and run sub-parallel to magnetic lineaments on Block A
of the Property (see Figure 3). These lineaments are interpreted to represent the contact be tween
the Balmer and Confederation assemblages which is a geological/structural contact that is similar
to the adjacent Pure Gold Red Lake Mine property where first gold production is anticipated in late
2020. Mineralization hosted on ad jacent and/or nearby propertie s is not necessarily indicative of
the mineralization hosted on the West Madsen property.
Chris Taylor, President and CEO of Great Bear said, "We origina lly staked the West Madsen
properties because of their strong potential to host gold miner alization. As GoldON shareholders,
we view the identification of six new drill targets, four of wh ich will be tested in this inaugural
program, as a demonstration of s ignificant exploration progress. We are looking forward to these
drill results as they will provide critical data to drive ongoi ng exploration and could potentially
lead to a transformative discovery.”
“We have achieved our original goal of defining targets and com mencing our initial drilling
campaign before the first annive rsary of optioning the West Mad sen Project from Great Bear
Resources," said Mike Romanik Pre sident of GoldON. “It’s exciti ng to be drilling brand new
t a r g e t s i n t h e h e a r t o f t h e R e d L a k e G o l d C a m p a n d w e h a v e a v ery experienced team with
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Chibougamau Diamond Drilling Ltd. and Rimini Exploration & Cons ulting Ltd. overseeing the
program.”
Ian Russell, P.Geo, an independent qualified person as defined in National Instrument 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 pro perties located in the prolific
gold mining belts of northwestern Ontario, Canada. Active proje cts include the West Madsen
property in the Red Lake Gold Camp, an option/JV with Great Bea r Resources; the Bruce Lake
property that adjoins BTU Metals' Dixie Halo property and their TNT Target; and the 100% owned
Slate Falls project in the Patricia Mining Division, where numerous Au-Ag mineralized zones have
been identified over the 13-km breadth of the property. GoldON has 16,908,432 shares issued, all
our properties are in good standing and we are fully funded for our initial 202 0 exploration
programs.
For additional information: please visit our website at https://goldonresources.com, you can
download our latest 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
Direct line: (204) 724-0613
Email: [email protected]
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.