GoldON Plans Drilling at McDonough Gold Property in Red Lake, Ontario Drill targets are well supported by coincident IP, geochem and geology
FOR IMMEDIATE RELEASE
GoldON Plans Drilling at McDonough Gold Property
in Red Lake, Ontario
Drill targets are well supported by coincident IP, geochem and geology
VICTORIA, BC – November 29, 2022 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON”
or the “Company”) is pleased to announce that diamond drilling will commence early in the first
quarter of 2023 on its McDonough gold property (the “Property”) located 15 kilometres (km) north
of the town of Red Lake, Ontario.
Drilling will target induced polarization (IP) chargeability anomalies coincident with wide
anomalous gold-in-soil anomalies that straddle a key structural feature associated with many gold
deposits within the Red Lake Greenstone Belt (Figure 1).
Figure 1: Regional location of the McDonough Property and GoldON’s other Projects
The Property lies along the contact and unconformi ty of the Huston Assemblage conglomerates
(2733-2743 million years [(Ma]) an d the Slate Bay Assemblage (Confederation) (<2903 Ma)
clastic sediments. The same Huston Assemblage conglomerates are in unconformable contact with
the Balmer Assemblage mafic and ultra-mafic rocks where the Red Lake Mine Complex (Campbell
and Red Lake gold mines) lie in close proximity. Sediment unconformities are also proximal to the
Madsen and Starratt-Olsen gold mines southwest of Red Lake (Figure 2).
Figure 2: Regional geological location of the McDonough gold property within the Red Lake greenstone
belt. Source: Harris, J., Sanborn-Barrie, M., Pan agapko, D., Skulski, T and Parker, J. (2007). Gold
prospectivity maps of the Red Lake greenstone belt: Application of GIS technology. Canadian Journal of
Earth Sciences. 43. 865-893.
To date, GoldON has completed a high-resolution magnetic survey followed by compilation of all
known historical information along with a geological and structural reinterpretation. Results from
the geological and structural interpretation provided targets wh ere A-horizon soil samples were
taken at 25 metre (m) intervals over an interpreted iron formation clast supported conglomerate of
the Huston Assemblage in unconformable contact with the Slate Bay Assemblage.
Wide intervals of gold-in-soil anomalies were encountered over the unc onformity between the
Huston and Slate Bay Assemblages into the overlyi ng Graves Assemblage which is comprised of
intermediate volcanic rocks (Figure 3). Local grid L9+00 E contained a gold-in-soil anomaly over
225 m with values ranging from 32 to 206 ppb gold. Local grid L30+00E produced a gold-in-soil
anomaly 425 m wide with values ranging from 17 to 253 ppb gold.
Figure 3: McDonough regional geology and structural interpretation with gold-in-soil sample results.
The gold-in-soil anomalies provided further vectori ng of exploration effort s where an IP survey
was completed in March 2021. The IP survey, in terpreted by Dynamic Di scovery Geoscience,
defined a total of 23 chargeable IP axes. Many of these were coincident with the gold-in-soil
anomalies and along the unconformity (Figure 4).
Figure 4: McDonough IP anomaly axes over geology with gold-in-soil results
Only one drill hole exists in the target area that was drilled in 1987 by Noramco and targeted a
break in the magnetic signatu re. The 203 m diamond drill hol e (NMD87-20) missed an IP
chargeability anomaly and a gold-in-soil anomaly. The last 1.5 m of the hole ended in quartz-veined
stringer-sulphide metasediments. This hole was never followed up on.
“The setting at McDonough is ideal for gold mine ralization,” said Mike Romanik, president of
GoldON. “We have a regional unconformity coinci dent with wide gold-in-soil anomalies, which
are coincident with IP chargeab ility responses. The structural environment is key to forming
pathways for gold-bearing hydrothermal fluids, and the iron contai ned in the conglomerate clasts
should provide the chemistry to pr ecipitate gold-bearing sulphides. We have taken a systematic
exploration approach in our target development and have high expectations for our initial drilling
program.”
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.
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.