GoldON Engages Orix Geoscience for Drill Target Development at its 100%-Owned West Madsen Gold Project in Red Lake, Ontario
FOR IMMEDIATE RELEASE
GoldON Engages Orix Geoscience for Drill Target Development at
its 100%-Owned West Madsen Gold Project in Red Lake, Ontario
The eastern boundary of the West Madsen property is a 5 km drive from the
Madsen gold mine and mill complex owned by West Red Lake Gold Mines
VICTORIA, BC – May 16, 2024 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to announce the engagement of Orix Geoscience for data compilation and
interpretation to prepare for the next phase of drilling at its West Madsen gold property.
Located in the heart of the Red Lake Gold District, the 5,988 -hectare West Madsen property (the
“Property”) covers two distinct claim blocks (Block A and Block B, see location map). GoldON’s
work to date has focused on Block A, which adjoins the Madsen mine property (Figure 1) owned
by West Red Lake Gold Mines (WRLG).
Figure 1: Looking northeast from West Madsen Block A to WRLG’s Madsen Gold Mine property.
The bulk of the mineral resources on the Madsen mine property are hosted in a ~7-kilometre-long
gold trend that follows the major crustal break or contact between the rock packages of the Balmer
and Confederation assemblages. The same Balmer -Confederation contact has been observed in
outcrop approximately 1.5 km west of the Block A eastern claim boundary and identified within
an ~8-km corridor of disrupted regional magnetics that traverses Block A from the Madsen mine
property. Previous drilling by GoldON has also confirmed gold mineralization on Block A in
several different geological environments and represents typical Archean terrane orogenic gold
deposit settings.
Orix Geoscience was engaged to conduct two phases of work on Block A in an area of felsic
intrusive rocks within the Confederation Assemblage that is the priority target (Figure 2) for the
next phase of drilling . Phase one is a GIS compilation of all historical work, geological,
geophysical, and drillhole data from work by GoldON, and the integration of relevant government
datasets. Phase two is an independent review of the 2020 geophysical interpretation to gain a better
understanding of the structural and lithological controls of gold mineralization, which will include
the identification of regional structures and extensions of intrusives underneath the surface cover.
Figure 2: Geophysical interpretation with known gold showings and Priority 1 target .
While exploration in the Red Lake Gold Camp has historically focused on the Balmer Assemblage,
the exploration potential for gold mineralization within felsic rocks of the Confederation
Assemblage was elevated by Great Bear Resources' discovery of the LP Fault at the Dixie property
in 2019. Instead of intermittent high -grade, vein-hosted gold mineralization that is typical of the
Red Lake Camp, Great Bear found continuous sheet -like mineralization with high -grade gold
occurring within a lower-grade mineralized halo. Kinross Gold Corp. crystalized the significance
of the LP Fault discovery when they acquired Great Bear in February 2022 for $1.8 billion.
Figure 3: OGS Regional second vertical derivative MAG with interpreted trace of LP deformation zone.
Notably, the Dixie property is also located within a magnetic (MAG) low along the LP deformation
zone/ fault. The regional second vertical derivative MAG signature from the Ontario Geological
Survey (OGS) suggests that this important deep -seated gold -bearing structure could be traced
northwesterly through Block A (Figure 3) where several prominent MAG lows are coincidently
located.
GoldON’s exploration efforts, combined with the work of Great Bear, have provided valuable clues
to support the theory that a more robust gold mineralization system may potentially reside within
the Confederation Assemblage of Block A . GoldON is also not alone in its re-evaluation of the
exploration potential of the Confederation Assemblage. West Red Lake Gold recently outlined its
2024 exploration strategy which highlighted particular interest in the exploration potential that
could exist within the Confederation Assemblage that makes up approximately 50% of the Madsen
land package and remains underexplored.
Mike Kilbourne, P. Geo ., an independent qualified person as defined in N ational Instrument 43-
101, has reviewed and approved the technical contents of this news release on behalf of the
Company.
About Orix Geoscience
Orix Geoscience (www.orixgeo.com) is a Canadian geological consulting firm advancing strategic
exploration and mining through data optimization and efficiencies , and innovative geological
understanding.
About GoldON Resources Ltd.
GoldON is a mineral exploration company focused on discovery-stage properties. Our goal with a
property is to add value by defining or redefining the exploration opportunity, maintain ownership
control during the value creation phase of discovery, and then source a well -financed partner
capable of accelerating discovery, resource definition, and development.
For more information, you can visit our website at goldonresources.com, download our investor
presentation by clicking here, and follow us on X 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 “forward -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 an y 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
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obligation to update any forward -looking statement, whether as a result of new information, future events, or
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