GoldON Expands Pipestone Bay Property in Red Lake Gold Camp and Completes Airborne MAG Survey Property lies in an area of numerous gold occurrences with four developed prospects and two past producers located within 1.5 km of the claim boundary
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Expands Pipestone Bay Property in Red Lake
Gold Camp and Completes Airborne MAG Survey
Property lies in an area of numerous gold occurrences with four developed
prospects and two past producers located within 1.5 km of the claim boundary
VICTORIA, BC May 7, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to report that it has added cells to amalgamate the two original separate
claim blocks at the Pipestone Bay property (the “Property”) and completed a property-wide
airborne magnetometer (MAG) survey.
Located within the Red Lake Greenstone Belt approximately 32 kilometres (km) west of the town
of Red Lake, the Property lies in an area of numerous significa nt gold occurrences with four
developed prospects and two past producers located within 1.5 km of the claim boundary. GoldON
entered into an option agreement last June to earn a 100% interest in the original 448-hectare claim
blocks, subject to a 1.5% net smelter returns royalty. Subseque ntly, the Company acquired
additional claims by staking and cash purchase to increase the land package to a contiguous 1,013
hectares (see claim map ). Mineralization hosted on adja cent and nearby properties is n ot
necessarily indicative of mineralization hosted on the Company’s Property.
The Property has many similar geological characteristics that make the Red Lake Greenstone Belt
such a prolific gold camp. Thes e include deformation zones, thr ust faults, folded iron formation,
Balmer Assemblage ultra-mafic l ithologies, an unconformity, alt eration (potassic, silicic,
carbonate), high-grade gold vein s and disseminated copper miner alization. GoldON hired
Prospectair Geosurveys to comple te a heliborne high-resolution MAG survey that included 50-
meter flight line spacings for a total of 256-line km to cover the Property. The preliminary data
shows a possible Z-fold, northwest-trending fold axes and north east-trending faults providing
multiple areas for potential fluid pathways and traps.
The primary target within the Property is the 991 Zone which co nsists of narrow pyrite,
chalcopyrite bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded
ultra-mafic horizon. Visible gold occurs in several veins with grab samples yielding 22.272 grams
per tonne gold. In 2004, Redstar Gold drilled a single hole (RG C-004) that was collared into an
ultramafic unit north of the 991 Zone and drilled to the south. The hole intersected a 200-metre-
wide zone of strongly quartz and sericite altered felsic strati graphy with pyrite and chalcopyrite
stringer mineralization and anomalous (>100 ppb) gold values.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
The width of the strong alteration, mineralization and brecciation intersected by RGC-004 indicates
the presence of widespread hydrothermal activity within a struc turally conducive zone. The
presence of anomalous gold and copper mineralization is considered significant as copper has been
noted with high-grade gold veins at surface. Follow up drilling was recommended to target both
the contact zone as well as at north-south trending quartz vein s identified at surface. Follow up
drilling has never been done.
“As we dive deeper into the data on the Pipestone Bay project it appears to be at a more advanced
stage then we had initially thought,” said Mike Romanik President of GoldON. “Previous operators
have spent millions on exploration over the years yet priority drill targets remain untested.”
Mike Kilbourne, P. Geo, an inde pendent qualified person as defi ned in National Instrument 43-
101, has reviewed and approved the technical contents of this n ews 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 District, 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 2020 exploration programs.
Additional information is available on 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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