GoldON Makes New Gold Discovery at West Madsen within the Key Balmer Stratigraphy that Hosts all Major Deposits in the Red Lake Greenstone Belt This is the first time that the Balmer Assemblage has been identified in drill core
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Makes New Gold Discovery at West Madsen
within the Key Balmer Stratigraphy that Hosts all
Major Deposits in the Red Lake Greenstone Belt
This is the first time that the Balmer Assemblage has been identified in drill core
and clearly defines a new prospective gold exploration corridor that extends west
from Pure Gold’s Wedge Zone on to the West Madsen Property
VICTORIA, BC July 22nd, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to provide a summary of analytical results from the initial, wide-spaced
reconnaissance diamond drilling program recently completed on t he West Madsen gold property
(the “Property”).
GoldON has the right to earn a 100% interest in the Property th rough an option agreement with
Great Bear Resources (see news release of May 28, 2019 and regional claim map Figure 1). The
Property is comprised of two c ontiguous claim blocks (Block "A" and "B"), each roughly six
kilometres (km) by three km in size for a total area of 3,860 hectares (see Figure 2). Block A adjoins
the Pure Gold Red Lake Mine prop erty, which is the highest-grad e underground development
project in Canada with first gold production expected in Q4 2020.
The drilling program tested targets trending east-west that run sub-parallel to magnetic lineaments
on Block A of the Property within a larger structural corridor interpreted to be the major structural
break between the Balmer and Confederation assemblages. This br eak is a significant geological
and structural contact associated with known gold deposits on the adjacent Pure Gold property and
the producing mines in the Red Lake Camp. Mineralization hosted on adjacent and/or nearby
properties is not necessarily indicative of the mineralization hosted on the West Madsen property.
A total of seven drill holes (2,237.25 metres) were completed during this initial program. Drill hole
WM-20-05 intersected 14.4 g/t gold over 0.5 metres hosted by st rongly altered mafic volcanic
rocks of Balmer Stratigraphy, with observed visible gold. The mineralization is characterized by a
blue-grey quartz amphibole calcite vein, within an interval of highly strained mafic volcanic rocks,
that are in contact with a package of ultramafic rocks. The observed mineralization is analogous to
some of the mineralized intervals observed at the Pure Gold property.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
This is the first time that the Balmer Assemblage has been iden tified in drill core on the Property
and clearly defines a new prospective exploration corridor extending west from Pure Gold’s Wedge
Zone. Two holes (WM-20-05 and WM -20-06) tested this corridor wi th a nominal spacing of 500
metres between the collars and the Balmer stratigraphy was observed in both holes. Several other
holes intersected elevated gold va lues, variably hosted within felsic volcanic rocks, and will be
considered for future exploration targets. A summary of the hol es is presented below, as well as
assay results:
Table 1: Drill hole summary table.
Hole Easting Northing
Length
(m) Dip Azimuth
WM-20-01 429796 5643472 264.00 -50 165
WM-20-02 429705 5643236 282.00 -50 165
WM-20-03 429235 5643492 267.00 -50 145
WM-20-04 427980 5643602 263.25 -50 180
WM-20-05 427492 5643645 402.00 -50 340
WM-20-06 427998 5643718 318.00 -50 340
WM-20-07 428421 5643713 441.00 -50 340
Table 2: Assay table summary.
Hole From (m) To (m) Gold (g/t) Width*
(m)
WM-20-05 246.80 247.30 14.40 0.50
WM-20-05 334.00 335.00 0.69 1.00
WM-20-01 202.60 203.60 1.43 1.00
WM-20-03 220.00 221.00 0.57 1.00
WM-20-03 111.00 111.50 0.52 0.50
*Widths are drill indicated core lengths. True widths are interpreted to be 80-
95% of core length.
Chris Taylor, President and CEO of Great Bear said, "GoldON has just crossed a discovery
threshold that many junior companies struggle to reach. These r esults validate our exploration
models, which predicted the Balmer Assemblage would be present on the West Madsen property,
projecting west from the Madsen mine. The discovery of gold mineralization in multiple drill holes,
including high-grade gold, clearly shows the potential of the project. As GoldON shareholders and
future royalty holders of the Wes t Madsen project, we are very pleased to see these positive
developments and are looking forw ard to seeing further drill re sults from West Madsen, and to
testing Great Bear’s other regional exploration targets at the Sobel, Dedee and Pakwash
properties.”
“The discovery of gold-bearing Balmer Stratigraphy in our Phase I drilling program demonstrates
the untapped potential of the West Madsen property,” said Mike Romanik president of GoldON.
“Through a systematic, scientific approach utilizing ground mapping, sampling, geochemistry and
regional geophysics, we have successfully discovered a package of highly prospective rocks that
were not observed in bedrock prior to this drill program. We are currently updating our exploration
model in order to select and prioritize targets for Phase II drilling.”
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Ian Russell, 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.
QA/QC and Core Sampling Protocols
Drill core was logged and sampled in a secure core storage faci lity located in Red Lake
Ontario. Core samples were cut i n half, using a diamond cutting saw, and were analyzed at
Activation Laboratories Ltd. (Ac tlabs) in Thunder Bay, ON. All samples are analyzed for gold
using a standard 50g Fire Assay-AA technique. Samples returning over 10.0 g/t gold are analyzed
utilizing standard 50g Fire Ass ay-Gravimetric methods. Certifie d gold reference standards and
blanks were routinely inserted into the sample stream, as part of GoldON’s quality control/quality
assurance program (QAQC). No QAQC issues were noted during this program.
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 Division, where numerous Au-Ag mineralized zones have
been identified over the 13-km breadth of the property. GoldON has 17,208,432 shares issued, all
our properties are in good standing and we are fully funded for our 2020 exploration programs.
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]
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