GoldON Provides Exploration update on West Madsen Gold Property in Ontario’s Red Lake Camp Property adjoins Pure Gold’s Madsen Project where exploration drilling continues and mine construction is underway with first gold production expected in Q4
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Provides Exploration update on West Madsen
Gold Property in Ontario’s Red Lake Camp
Property adjoins Pure Gold’s Madsen Project where exploration drilling continues
and mine construction is underway with first gold production expected in Q4
VICTORIA, BC January 9, 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 below). Block
A is directly adjacent to Pure Gold Mining’s Madsen property an d 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 Madsen Red Lake Gold Mine with a historical production of 2.6 million ounces
of gold and a current indicated resource of 2,063,000 ounces gold at 8.9 grams per tonne (g/t) gold
(in 7.2 million tonnes), an inferred resource of 467,000 ounces gold at 7.7 g/t gold (in 1.9 million
tonnes) (see Pure Gold’s Nationa l Instrument 43-101 Technical R eport filed July 5, 2019
www.puregoldmining.ca). Note: mineralization found on Pure Gold's property is not n ecessarily
indicative of mineralization that may be found on the West Madsen property.
During the fall of 2019, GoldON mobilized Rimini Exploration & Consulting crews to complete a
Phase II prospecting and geological mapping program on the West Madsen Property to follow up
on the Phase I soil-gas-hydrocarbon (SGH) survey anomalies identified earlier this year (see news
release of October 22, 2019). In conjunction with this prospecting program, the SGH survey was
expanded to the west to test the projected extension of the contact of the Balmer and Confederation
assemblages, a geological/structural contact that is similar to the adjacent Madsen property. Results
from the extended SGH survey are pending and results from the prospecting program follow.
Phase II prospecting and geological mapping on West Madsen Block A was planned to investigate
the hydrocarbon anomalies identifi ed in ActLab’s SGH survey int erpretation. Work was focused
on areas that were prospective for gold mineralization in the SGH report or were situated proximal
to Pure Gold’s Wedge target (see Figure 2 below). A total of 28 grab samples were taken from
outcrop and analyzed for gold and a multi-element suite (ICP-OES).
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Figure 2: Property and survey locations for the West Madsen Property
The samples returned gold values ranging from below detection t o a high of 0.524 g/t gold (see
Figure 3 below). Note: grab samples are selective by nature and may not be representative of the
mineralization across the Property.
The 0.524 g/t gold sample was collected from a silicified felsi c volcanic rock, with 5%
disseminated pyrite. This area was not the highest potential gold-bearing zone identified from the
Phase I SGH survey, however the rocks overlie an area of elevated hydrocarbon activity coincident
with a geophysical magnetic high anomaly (see Figures 3 and 4 below). Felsic volcanic rocks with
similar style mineralization ar e proven to host high- and low-g rade gold mineralization at Great
Bear Resources’ Dixie Project and may represent a target not pr eviously identified on the West
Madsen property. Other samples collected consisted of felsic, i ntermediate and mafic volcanic
rocks, with variable mineralizat ion consisting of pyrite and ra re chalcopyrite with malachite
staining.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Figure 3: 2019 fall sample location with summer 2019 soil gas hydrocarbon survey
Prospective features that may warrant further work in the map area include “breaks” in magnetic
highs that underlie the SGH identified gold-zones as well as the magnetic high which underlies
the 0.524 g/t gold sample (see Figure 4 below).
Once the pending Phase II SGH survey results are received GoldON will analyze the data to define
the areas that may require drilling to further test these anomalies.
“The gold exploration opportunity at West Madsen continues to expand with the discovery of this
potentially new style of mineralization in conjunction with the SGH Phase I anomalies, many of
which are predominantly till covered,” said Mike Romanik presid ent of GoldON. “We are also
very encouraged by the continued exploration success at Pure Gold’s adjacent Wedge Zone, where
significant high-grade gold inter cepts are proving the strength of a large-scale gold system that
appears to trend towards our Property.”
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Figure 4: Prospecting samples with 2nd vertical derivative magnetics.
QA/QC and Sampling Protocols
Samples from the program are sent to Activation Laboratories in Ontario for analysis, an accredited
mineral analysis laboratory. All samples are analyzed for gold using 50g Fire Assay-AA finish.
Samples returning over 5.0 g/t gold are re-analyzed utilizing 5 0g Fire Assay-Gravimetric
finish. All Samples are also analyzed for 37 elements utilizing 4-acid (near total) digest ICP-OES
(Inductively Coupled Plasma – Optical Emission Spectrometry). Certified gold reference standards
and blanks are routinely inserted into the sample stream, as pa rt of the Company’s quality
control/quality assurance program (QA/QC). No QA/QC issues wer e noted with the results
reported herein.
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 projects include: the West Madsen gold
property in the Red Lake Camp, wh ere Phase II field exploration r e s u l t s a r e p e n d i n g ; a n d o u r
flagship Slate Falls project in the Patricia Mining Division, w here 18 Au-Ag mineralized zones
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
have been identified over the 13-km breadth of the property and d r i l l c o r e s a m p l e r e s u l t s a r e
pending from our maiden nine-hole drill program that tested fiv e zones. GoldON has 15,452,282
shares issued and is fully funded to complete its current 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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