GoldON Files NI 43-101 Technical Report on 100% Owned Slate Falls Gold-Silver Property Exploration Recommended in Five New Areas of the structurally complex Property where deformation, folding, shearing and faulting have been mapped
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Files NI 43-101 Technical Report on 100%
Owned Slate Falls Gold-Silver Property
Exploration Recommended in Five New Areas of the structurally complex Property
where deformation, folding, shearing and faulting have been mapped
VICTORIA, BC August 18 th, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to announce the completion of an independent techni cal report (the
“Report”) on its Slate Falls gold-silver property that assesses the technical merit and economic
potential of the project and reco mmends additional exploration. The Report was prepared in
accordance with National Instrument 43-101 – Standards of Discl osure for Mineral Projects (“NI
43-101”) and is now filed under the Company’s profile on SEDAR.
The 5,656-hectare Slate Falls pr operty (the “Property”) is loca ted in the Patricia Mining Division
of northwestern Ontario and lies within the southwestern extens ion of the Meen-Dempster
Greenstone Belt between the Red Lake and Pickle Lake gold camps (see Figure 1).
Figure 1 – The Uchi Subprovince is host to several multi-million-ounce gold deposits (click on image to enlarge). Mineralization
hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
The Report is based on the compilation of all historical geolog ical, geochemical and geophysical
data into GIS referenced layers needed for methodical and diligent well-vectored exploration. The
structural complexity of the Property and its relation to the k nown metal occurrences was
interpreted and addressed by a competent structural geologist. The high-resolution heliborne
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
magnetic survey completed earlier this year aided greatly in th is structural interpretation and has
identified new areas that need to be investigated further by prospecting, sampling and mapping.
Figure 2 – Slate Falls property geology and structural map with historical showings and areas recommended for follow-up
A Phase 1 exploration program is recommended that includes, but is not limited to, the areas
referenced in Figure 2 above and summarized below:
1) The FTM Zone (traced for 500m) now appears to be associated wit h a fold axis proximal
or along a felsic intrusive. This brittle environment crosscut by north northeast structures
can provide important traps and pathways for mineralization and thus presents a horizon
as a target with high merit.
2) Probable ultra-mafic bodies wer e better defined by the airborne magnetic survey and
associated cross-cutting structural features make these litholo gies conducive for possible
re-mobilized Cu-Ni min eralization. Structurally damaged ultra-m afic bodies in the Uchi
Subprovince are also important hosts for gold mineralization.
3) The extent of volcanic assemblage s and possible F2 fold axes in the Scanes Pluton not
previously mapped or recognized is also a target of high merit for gold, Ni-Cu- PGE or
even VMS-type mineralization.
4) Gold mineralization associated at the Fly Zone in a sericite-am phibole schist in contact
with an iron formation and associ ated structure is another targ et of high merit. Cross-
cutting structural features s hould be investigated for sulphida tion of magnetite, grunerite
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
(amphibole) alteration and shear related quartz veining as a ba nded iron formation hosted
gold deposit model.
5) Structures hosting polymetallic mineralization whether in volcanic packages or within syn-
deformational felsic rocks such as the North Bamaji Pluton on t he western side of the
property should be investigated f or a possible Archean-related Au-(Cu) porphyry model
deposit.
“The Slate Falls project is an underexplored sleeping giant that has yet to reveal the source of the
numerous high-grade showings ide ntified across the ten-plus-kil ometre Property,” said Mike
Romanik President of GoldON. “While our current focus remains o n our Red Lake projects, we
are looking forward to returning to Slate Falls and investigating these new areas using the modern-
day exploration techniques that have been successful in discove ring both precious and base metal
deposits in other areas of the Uchi Subprovince.”
Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 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 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 (Sla te Falls). If you are an investor
looking for exposure to the rising gold price, then GoldON is an explorer worthy of a closer look:
tight share structure with a $10 million market cap, discovery- stage projects all in good standing,
experienced management and adviso rs, and no debt with capital d evoted to exploration not
excessive salaries.
For additional information: please visit 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]
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.