GoldON Makes New Gold Discoveries on McInnes Lake Property North of Ontario’s Red Lake Gold Camp Results reveal five new gold showings in a variety of environments
FOR IMMEDIATE RELEASE
GoldON Makes New Gold Discoveries on McInnes Lake
Property North of Ontario’s Red Lake Gold Camp
Results reveal five new gold showings in a variety of environments
VICTORIA, BC – September 29, 2021 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON”
or the “Company”) is pleased to announce it has received results fro m its initial mapping and
sampling program completed on the McInnes Lake property (the “Property”) in northwestern
Ontario. Results of the program re veal the discovery of five new gold showings in a variety of
environments not historically recorded within the entire greenstone belt.
Highlights include:
1) A grab sample of a 10-centimetre quartz vein within granodior ite with 1% pyrite
returned 3.56 g/t Au, 3135 ppm As, 1% Zn, and 1212 ppm Pb. This is the highest
recorded gold sample in the belt and app ears to be polymetallic veining within a
granodiorite body.
2) Sampling of unsampled drill core from a hole drilled by Cominco in 1979 returned
values up to 400 ppb Au from biotized mafic volcanic s with 0.5% fine pyrite and
pyrrhotite. The core was located on an is land at a Cominco core storage location
indicated by an assessment report map in a large heap and partially identifiable by tags.
3) Grab samples of weakly sheared, hematized sandstone with quartz stringers and trace
pyrite and chalcopyrite returned from 70 to 244 ppb Au in outcrop and angular float
boulders separated by over 700m. This is a newly recognized host for gold
mineralization in the McInnes greenstone belt and may be extensive along strike.
4) Banded iron-formation hosted gold mineraliz ation in angular float boulders with
samples returning up to 269 ppb Au and up to 1.28% Cu and 22.58 ppm Ag. Iron
formation hosted gold deposits in Canadian Archean greenstone belts are and have been
important gold production contributors (Musselwhite, Pickle Lake gold camp,
Geraldton gold camp, and Meadowbank).
5) A grab sample of mafic metavolcanic schist with 7-10% pyrite returned 444 ppb Au as
well as 0.34% Cu and 0.32% Zn, suggestive of a VMS environment.
Grab samples are selective in nature and not necessarily representative of the mineralization on the
Property.
“We recognized the McInnes green stone had all the characteristic s conducive to orogenic gold
mineralization but had no systematic exploration in over 25 years. Thus, we staked the whole belt”,
says Mike Romanik, president of GoldON. “We ar e pleased with the results of our first-pass
reconnaissance prospecting and mapping. Having discovered gold mineralization in several
different gold model types, we are looking forward to returning and expanding on these footprints.”
About the McInnes Greenstone Belt:
Located approximately 117 kilometres (km) north of Red Lake, the 11,424-hectare Property is 29
km long by up to 8.5 km and covers the majority of the McInnes Lake Greenstone Belt. Comprised
of a volcanic-sediment package of rocks represen ting a back-arc environment ‘sandwiched’ in
between two opposing granitic masses, age-dating of the McInnes Lake Greenstone Belt volcanic
rocks has determined they are 2.93-2.97 billion years old representing Balmer Assemblage aged
lithologies (OGS P3589). The Balmer Assemblage is host to the gold mines of the Red Lake Camp.
Figure 1: Regional Map with location of McInnes Lake Property and GoldON’s other Projects (click to enlarge)
Orix Geoscience was engaged to compile and analyze historical data to create a 2D GIS
compilation and geologically assess the Property for exploration target s of high merit and
recommend an exploration strategy. Orix identif ied four prominent regi onal features through
compilation and the interpretation of an Onta rio Geological Survey (OGS) conducted airborne
magnetic and VLF-EM survey in 2008.
The initial fieldwork consisted of prospecti ng, mapping, and lake sediment sampling which
focused on the four core areas identified by Orix in the vastly underexplored claim package. The
fieldwork was carried out by Emerald Geological Services led by Bruce MacLachlan, whose long-
standing career has been instrumental in the discovery of the Eagle River gold mine located in the
Mishibishu greenstone belt currently being mined by Wesdome and the Sugar Zone located east of
Hemlo currently being mined by Harte Gold.
Mike Kilbourne, P.Geo., an independent Qualifie d Person as defined in NI 43-101, has reviewed
and approved the 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 six
properties in the Red Lake Mini ng Division (West Madsen, Re d Lake North, Pipestone Bay,
Pakwash North, McInnes Lake, and McDonough) and a seventh property in the Patricia Mining
Division (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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