GoldON Commences Exploration at Springpole East Property in the Red Lake Mining District, Ontario 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 Commences Exploration at Springpole East
Property in the Red Lake Mining District, Ontario
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, June 28, 2022 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to announce that the summer exploration prog ram has commenced at its
Springpole East property (the “Property”) in the Red Lake Mining District, Ontario.
Figure 1: Regional map showing Springpole East location and GoldON’s other projects.
The 6,674-hectare Property is located within the Birch-Uchi Greenstone Belt of the northern 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.
While very little is known about the Property’s underlying geology, the recently completed
heliborne, high-resolution magnetometer (MAG) survey confirmed the area is an extremely active
structural environment a nd preliminary interpretations of the survey data were used to plan the
initial fieldwork that will consist of prospecting, mapping, and sampling.
Figure 2: Preliminary Interpretation of Springpole East Heliborne MAG Survey over Tilt Angle Derivative.
The MAG survey was flown at 50- metre flight line spacings for a total of 1,390-lin e kilometres
(km) and preliminary interpretations of the survey data reveal most of the area is affected by linear
magnetic features characteristic of alternating sequences of mafic volcanic rocks with sedimentary
or intermediate to felsic volcanic rocks, with possibly some intrusive stocks, sills or dykes locally.
The strongest anomaly of the survey exceeds 4 0,000 nanotesla (nT), an amplitude typical of
magnetic rich iron formations, and occurs near th e northern edge of the block (Figure 3). This
anomaly also appears folded in a flattened S-shape denoting F1 possible structure. Structures such
as these through a possible iron formation are conducive for iron formation hosted gold deposits
such as Musselwhite, the Pickle Lake camp and the Geraldton-Beardmore camp of Ontario.
Figure 3: Preliminary Interpretation of Springpole East Heliborne MAG Survey over Total Magnetic Intensity.
Most magnetic lineaments are generally trending from WNW-ESE to NE-SW in the area. A
majority of lineaments appear cu rved, either by shearing or foldin g structures, or possibly also at
the contact zone with intrusions. These featur es are attesting that the area underwent strong
deformation events in the past. In general terms, magnetic lineaments are related to rock formations
that are enriched in magnetic minerals (magnetite and/or pyrrhotite). In some areas, it is possible
to detect structural features offsetting observed magnetic lineaments and causing abrupt
interruption or changes of the ma gnetic response. These features are typically caused by faults,
fractures and shear zones, and thought to be favor able structures in the exploration context of
orogenic gold mineralization.
The Property is comprised of 18 contiguous mining claims covering 6,674 hectares and is located
in the Keigat Lake Area township approximately 40 km northwest of the Slate Falls First Nation
community. Access to the Property is via a new all-weather logging road to the southern boundary
with extensions planned into the claim group in the near future.
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 mill ion 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. See NI 43-101 Technical Report and Pre-feasibility Study on Springpole Gold Project
prepared by AGP Mining Consultants Inc., February 26, 2021.
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 located in the Red Lake Mining District (McDonough, Springpole East, Red Lake North,
Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property located
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 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.
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