GoldON Enters into Option Agreement with BTU Metals on Bruce Lake Property Southeast of Red Lake
FOR IMMEDIATE RELEASE
GoldON Enters into Option Agreement with BTU
Metals on Bruce Lake Property Southeast of Red Lake
VICTORIA, BC, March 23, 2021 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to announce it has entered into an agreement with BTU Metals Ltd. (BTU)
granting BTU an option to acquire up to an 80% ownership intere st in GoldON’s Bruce Lake
property (the “Property”).
The Property is comprised of 152-cell mining claims covering 3,103 hectares (ha) and is located
approximately 36 kilometres (km) southeast of the town of Red L ake in an underexplored area of
the Uchi Greenstone Belt. (see Figure 1). Pursuant to underlying agreements on the Property, EMX
Royalty Corporation will retain a 1.5% net smelter returns roya lty, of which the companies may
repurchase 0.75% for $400,000.
Under the cumulative terms of the agreement GoldON shall receive cash payments of up to $75,000
and the issuance of up to 1,400,000 common shares of BTU, and B TU will incur qualified
exploration expenditures on the Property of up to $1,000,000 wi thin 36-months. BTU, at its
discretion, may elect to stay at c ertain, fixed percentages ove r the course of the option at which
time a definitive joint venture agreement will be entered into by the companies.
“This transaction is a win-win for both companies and enables us to retain an interest in any future
exploration success at Bruce Lake ,” said Mike Romanik president of GoldON. “This deal also
allows us to focus on our other Red Lake properties including t he drilling program in progress at
our West Madsen Gold Project.”
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. Our current project portfolio includes four
properties in the Red Lake Mining Division (West Madsen, Pipestone Bay, McDonough and Bruce
Lake) and a fifth property in the Patricia Mining Division (Slate Falls). GoldON is fully funded to
complete the Phase II drilling program in progress at West Madsen.
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]
Suite 108 - 800 Kelly Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain “f orward-looking statements” that involve known and unknown risks, uncertainties,
assumptions and other factors th at 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-looking 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) accepts responsibility for the adequacy or accuracy of this release.