GoldON Identifies Anomalous Gold Trend 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 Identifies Anomalous Gold Trend 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, November 9th, 2022 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to provide an update on e xploration activity at its Springpole East
property (the “Property”) in the Red Lake Mining District, Ontario (See Regional Map).
Figure 1: Springpole East Property New Au Trend
A Phase II prospecting program was carried out in late September to follow up on results of up to
457 ppb gold (sample E5830289) from the initial expl oration program in June-July (see news
release of October 24, 2022). During the Phase II program, 3 samples were collected of altered,
foliated granite with quartz-feldspar veining and 1-2% disseminated to coarse pyrite. These were
located along strike to the west of sample E5830289 within an a pproximately east-west-trending
domain of generally higher magnetic readings (Target 1 from the Oct 24 th news release). Assay
results for these samples return ed from 191 ppb to 1.27 grams per tonne (g/t gold) (sample
C271106, see Photo 1).
Photo 1: Altered granitic rock with quartz-feldspar veining, 1% pyrite, 1.27 g/t gold.
These samples, along with sa mple E5830289 from the initial pr ogram, define a 2.8 km trend of
anomalous Au along an approximately east-west structural corridor suggested by the magnetic data
(see Figure 1). This east-west structural corridor may be part of a broad regional fold with a D 2
axis which provides excellent structural traps for Au-mineralizing fluids.
The trend appears to be poorly exposed, with go ld-bearing samples being collected from angular
float on the south shores of two sm all lakes, more than likely sc oured from these lakes by glacial
activity. More prospecting as well as soil and lake sediment sampling must be carried out to
confirm the validity of the trend. Multi-element assay results are pending for all samples.
Felsic intrusive rocks (the host rock of the 3 re cent gold-bearing samples) may be an important
factor in the deposition of gold mineralization on the Property, given that the Springpole Deposit
to the west is centered on a deformed trachyte intrusion. Disseminated gold mineralization in the
core area of the deposit is associated with potassic alteration, biotite and pyrite, displaying a good
correlation with potassium and rubidium (First Mining Springpole Project Technical Report).
“Springpole East is a greenfield property in a favourable setting next door to a major deposit, and
the discovery of a new anomalous gold trend in an underexplored pa rt of the same belt is a great
way to start our exploration campaign,” said Mike Romanik, president of GoldON.
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
was achieved by float plane from Kabeelo Lodge east of Red Lake. A new all-weather logging
road extends close to the southern boundary of the claims with ex tensions 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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