GoldON Completes Phase I Exploration at its 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 Completes Phase I Exploration at its
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, July 26th, 2022 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to announce the completion of the Phase I field exploration program at its
Springpole East property (the “Property”) in the Red Lake Mining District, Ontario.
Prospecting, mapping, and sampling were carried out from June 22 nd to July 7 th with 109 grab
samples and 31 lake sediment samples collected by a two-man crew based at a fly-camp in the
central part of the Property on Durkin Lake. Expl oration efforts were aide d by interpretations of
the heliborne, high-resolution magnetometer (MAG) survey flown over the Property in the spring
(See news release of June 7th, 2022 and Figure 1).
Figure 1: Mag Survey Data over Area Map with Prospecting Coverage.
At least three horizons of quartz +/- feldspar ve ining over strike lengths of up to 3.8 kilometres
(km) were located on the Property, associated w ith approximately east-west magnetic lineaments
which locally appear to correspond to metasedimentary-metavolcanic contact areas or horizons of
chert-magnetite ir on formation. Veining freq uently occurs within sheared greywacke-arkose
metasediments and has been observed up to 25 centimetres (cm) wi de in outcrop. Veins and wall
rock appear to contain up to 1-2% pyrite, with locally minor chalcopyrite. Veins appear to be tightly
folded along with thin (cm-scale) bands of felsic intrusive material.
Prominent magnetic lineaments in the southern part of the Property were found to correspond to a
broad unit of weakly to moderately magnetic mafic to intermediate volcanics, with the possibility
of hidden bands of chert-magnetite iron formation as have been observed elsewhere. Approaching
the granite-greenstone contact in the far southern part of the Pr operty, folded mafic gneiss was
observed, and mafic units in this area locally contain up to 0.5% pyrite.
A prominent magnetic lin eament in the northern part of the Property was found to be associated
with metasedimentary rocks containing disseminated magnetite. Garnet-biotite schist with trace
pyrite was also noted in this area.
“While very little is known about the large Property’ s underlying geology, we focused our
prospecting effort on the MAG anomalies in the Durkin Lake area,” said Mike Romanik, president
of GoldON. “This initial progra m represents a good first pass of this area, and we are looking
forward to receiving analytical results for the grab and lake sediment samples.”
Figure 2: 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 whic h have been intruded by pre- to syn-tectonic felsic to mafic
intrusives and syn- to post-tectonic mafic to ultra-mafic rocks.
The Property is comprised of 18 contiguous mining claims 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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