GoldON Provides Exploration Update and Prepares for Drilling at West Madsen Gold Property in Ontario’s Red Lake Camp Property adjoins Pure Gold’s Red Lake Mine Project where mine construction is underway with first gold production expected in late 2020
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Provides Exploration Update and Prepares
for Drilling at West Madsen Gold Property in
Ontario’s Red Lake Camp
Property adjoins Pure Gold’s Red Lake Mine Project where mine construction is
underway with first gold production expected in late 2020
VICTORIA, BC March 24, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to provide an exploration update on the West Madsen gold property (the
“Property”) that it has the right to earn up to a 100% interest in through 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 contiguous claim blocks (Block “A” and “B”), each roughly six
kilometres (km) by three km in size for a total area of 3,860 h ectares (see Figure 2). Block A is
directly adjacent to Pure Gold Mining’s Red Lake Mine property and is interpreted to host the
extension of the Balmer Assemblage rocks of the Red Lake Greens tone Belt. This Assemblage is
host to Pure Gold’s Red Lake Gold Mine where the development schedule is on track and first gold
production is anticipated in late 2020.
During the fall of 2019, GoldON co mpleted a Phase II soil-gas-h ydrocarbon (SGH) survey,
following up on the successful results of the Phase I SGH survey. A final report, compiling a total
of 1007 samples from the two surveys, has identified a total of s i x m a i n t a r g e t a r e a s a n d 1 8
secondary target areas. The targets trend along in an East-West direction and run sub parallel to
magnetic lineaments on Block A. These lineaments are interpreted to represent the contact between
the Balmer and Confederation assemblages, which is a geological/structural contact that is similar
to the adjacent Pure Gold property.
Of the six main target areas identified, four have been selected for further exploration through drill
testing (see Figure 3 below) and the application process for the drilling permits has been initiated.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Figure 3: Plan map showing the location of the proposed area for future drilling campaign (shown in red).
“Based on the recent results from the second SGH program and the compilation of both data sets,
we are very pleased to have identified prospective drill targets this early in our exploration effort,”
said Mike Romanik president of GoldON. “Our goal since optioning the West Madsen Project from
Great Bear Resources has been to fast track exploration. Howeve r, the COVID-19 pandemic is
impacting all our lives and with the closing of non-essential businesses in Ontario we are uncertain
as to when we will be able to commence our Phase I drilling program.”
R. Bob Singh, P. Geo, an independent qualified person as define d 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. 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 18 Au-Ag mineralized zones have been
identified over the 13-km breadth of the property. GoldON has 1 6,858,432 shares issued, all our
properties are in good standing and we are fully funded for our 2020 exploration programs.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
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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