GoldON Provides Update at Halfway Point of Phase II Exploration Drilling at West Madsen in the Heart of Ontario’s Red Lake Gold Camp West Madsen adjoins Canada’s newest high-grade gold mine
FOR IMMEDIATE RELEASE
GoldON Provides Update at Halfway Point of Phase II
Exploration Drilling at West Madsen in the Heart of
Ontario’s Red Lake Gold Camp
West Madsen adjoins Canada’s newest high-grade gold mine
VICTORIA, BC – February 9, 2021 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to provide an update on the fully-funded Phase II d iamond drilling
program in progress at its West Madsen Gold Project adjoining the new Pure Gold Red Lake Mine.
Figure 1: Phase II Target Area and Drill Plan for the West Madsen Project
The black ellipse in Figure 1 above depicts the area of the int erpreted east-west trending Balmer-
Confederation contact along with the completed and proposed Phase II drill holes to systematically
test the extension of the stratigraphy within the structurally controlled corridor.
Phase II Program Highlights:
To date, 3600 metres of the proposed 7000 metres have been dril led over eight holes (see
Table 1 below). Prospective Balmer Assemblage volcanic rocks have been identified in five
of the eight holes. The mafic volcanic rocks are typically highly strained, containing lenses
of blue-grey silica and carbonate that are transposed with the foliation, overprinted by
diopside and amphibole and separated by ribbons of microcline. Accessory alteration
products may include biotite and sericite. Sulphide mineralization varies locally in style and
abundance but tends to include pyrite-pyrrhotite-chalcopyrite+/-arsenopyrite. Visually, the
mafic units are similar in character and alteration to the gold-bearing mafic rocks observed
at Pure Gold Red Lake Mine property.
Assays have been received for the first five holes of the progr am (WM-20-08 to WM-20-
12) and are discussed below.
Assays are pending for three holes (Holes WM-21-13 to WM-21-15) that were 75 metre
step-outs on the gold-bearing intercept of hole WM-20-05 (14.4 g/t Au over 0.5 metres; see
GoldON news release of July 22, 2020 ) and display similar styles of blue-grey quartz-
carbonate veining and associated alteration at a similar strati graphic level but occur over
broader intervals than were noted in the first phase of drilling.
Table 1: Phase II drill hole table
Hole Easting Northing Length (m) Dip Azimuth
WM‐20‐08 431921 5643805 474 ‐50 0
WM‐20‐09 431566 5643957 150 ‐50 0
WM‐20‐10 430440 5643658 633 ‐50 355
WM‐20‐11 429915 5643733 379 ‐50 25
WM‐20‐12 430675 5643684 567 ‐45 355
WM‐21‐13 427495 5643649 588 ‐60 340
WM‐21‐14 427563 5643673 363 ‐50 340
WM‐21‐15 427420 5643637 446.1 ‐50 340
The first two holes of the program (WM-20-08 and 20-09 – see Fi gure 2 below) were targeting
magnetic highs trending onto the newly acquired Madsen-Medicine Stone claims (see GoldON
news release of January 7, 2021) that were interpreted to represent a continuation of the Balm er
stratigraphy hosting Pure Gold’s Wedge zone. These holes were u nsuccessful in identifying the
extrusive mafic and ultramafic rocks of the Balmer Assemblage. Based on observations made from
the core logging, it is interpret ed that the Balmer Stratigraph y is likely faulted to the west of this
area. Sample assays have been received for these holes and retu rned anomalous gold values up to
0.326 g/t Au over 1.2 metres.
Figure 2: Drill hole location map. Magnetics map base.
Holes WM-20-10, 20-11 and 20-12 (see Figure 2 above) targeted t he rocks underlying a series of
historic trenches, also located on the newly acquired Madsen-Me d i c i n e S t o n e c l a i m b l o c k ,
documented to contain Balmer Assemblage, mafic and ultramafic volcanic rocks. Holes WM-20-
10 and WM-20-12 were successful in identifying rocks of the Balmer Assemblage, similar to those
noted on surface, and displayed geologic similarities to gold-b earing rocks within the Pure Gold
property. Although the assays recorded no high-grade intercepts (up to 0.595 g/t Au over 0.6
metres), it should be noted that gold values were consistently elevated above background levels
across the width of the newly drilled Balmer mafic rocks.
Holes WM-21-13, 21-14 and 21-15 (see Figure 3 below) were planned as 75 metre step-outs below
to the east and west of the gold-bearing intercept of hole WM-2 0-05. All three ho les identified
rocks displaying similar textural , mineralogical and metamorphi c characteristics to the gold-
bearing rocks identified in 2020. The thickness of the Balmer i ntercepts in these three holes
suggests the package may be broad ening westward beneath the mai n body of Tack Lake, where
rocks of the Balmer Assemblage were first discovered in 2019 (s ee GoldON news release of
October 22, 2019). Assays for these three holes a re pending. Future drillholes are planned to test
the continuity and gold-bearing potential of the Balmer Assembl age rocks interpreted to be
underlying Tack Lake.
Figure 3: Drill hole location map. Magnetics map base.
“While we have not intersected s ignificant gold mineralization in the program to date, we have
confirmed the presence of the prospective Balmer volcanic strat igraphy in several new locations
and are still only halfway thr ough the program,” said Michael R omanik president of GoldON.
“Having received just 60% of the sample assays from the drilling completed to date, we are looking
forward to seeing additional assay results from the prospective Balmer Stratigraphy intersected in
holes 13, 14 and 15 along with results from the remaining 3,400 metres of drilling in our Phase II
program.”
About the West Madsen Gold Project
Now covering 5,862 hectares of prim e gold exploration real esta te in the heart of the Red Lake
Camp, the West Madsen Project is comprised of the original Bloc k A and B claim groups, where
GoldON has the right to earn a 10 0% interest through an option agreement with Great Bear
Resources (see news release of May 28, 2019 ); the Flat Lake and Maden-Medicine Stone claim
groups that GoldON acquired a 100% interest in from Bounty Gold (see news release of January
7, 2021); and claims GoldON acquired via staking in December (see Red Lake regional map).
The West Madsen Project is contiguous with the Pure Gold Red La ke Mine property, where they
poured first gold on December 29, 2020 and anticipate being in commercial production by the end
of Q1 2021 (see Pure Gold’s news release of December 30, 2020 ). Pure Gold’s reserves and
resources are hosted in a seven-kilometre-long gold system that follows the major crustal break or
contact between the Balmer and C onfederation assemblages. This same Balmer-Confederation
contact has been exposed in outcrop 1.6 kilometres (km) west of the Pure Gold property boundary
and is interpreted to continue for ~8 km across Block A of GoldON’s property.
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 in half, using a diamond cutting saw, and were analyzed at Activation
Laboratories Ltd. (Actlabs) in T hunder Bay, Ontario. All sample s 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 Assay-Gravimetric methods. Certified 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.
Ian Russell, 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. Our current project portfolio includes four
properties in the Red Lake Mining Division (West Madsen, Pipestone Bay, McDonough and Bruce
Lake) and a fifth property in the Patricia Mining Division (Slate Falls). GoldON is fully funded to
complete the Phase II drilling program in progress at West Madsen.
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]
Suite 108 - 800 Kelly Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain “f orward-looking statements” that involve known and unknown risks, uncertainties,
assumptions and other factors th at 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-looking 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.