GLD.V · 2019-12-03 12:00:00

GoldON Provides Update on Drilling at Slate Falls Gold-Silver Project in Northwestern Ontario Drill core samples from nine holes are being submitted for analysis and results will be reported as received

Exploration Programs

FOR IMMEDIATE RELEASE

GoldON Provides Update on Drilling at Slate Falls

Gold-Silver Project in Northwestern Ontario

Drill core samples from nine holes are being submitted for analysis and results will

be reported as received

VICTORIA, BC, December 3, 2019 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or

the “Company”) is pleased to report that a total of 1006.5 metres of core dri lling has been

completed through nine holes on its 100% owned Slate Falls Gold-Silver Project.

This Phase I drill program tested targets at the Trail Zone, and the Sanderson Main, East and North

zones (see drill hole location map ), where summer sampling and mapping confirmed high-grade

Au and Ag values (see news releases of June 25 and July 17, 2019). Drilling not only targeted the

polymetallic quartz veins but a lso the shear zones hosting the high-grade veins as little historical

sampling was completed on the host-rock both in previous drilli ng and trenching programs (see

news release of November 5, 2019).

Drilling concentrated on intersecting surface sample results ap proximately 50 metres vertically

below while allowing for possible additional parallel shear zones in the footwall and hanging wall

within the Slate Falls Deformation Zone hosting a D2 anticlinal fold axis. All holes hit mineralized

shear zones at target depth, as well as parallel mineralized sh ear zones in addition to mineralized

and altered feldspar porphyry. Dr ill hole statistics are presen ted below in Table 1 and drill target

descriptions are as follows:

Hole SF-19-01 was drilled at the Trail Zone to undercut surface sample # 251119 that returned

assays of 331.76 g/t Au and 3,025 g/t Ag.

Hole SF-19-02 was drilled at the Trail Zone to undercut surface sample # 251123 that returned

assays of 32.95 g/t Au and 542 g/t Ag.

Hole SF-19-03 was drilled at the Sanderson Main Zone to undercut surface sample # 251132 that

returned assays of 3.23 g/t Au and 314 g/t Ag.

Hole SF-19-04 was drilled at the Sanderson Main Zone to undercut surface sample # 251150 that

returned assays of 17.09 g/t Au and 1,535 g/t Ag.

Hole SF-19-05 was drilled at the Sanderson Main Zone to undercut surface sample # 251156 that

returned assays of 5.8 g/t Au and 155 g/t Ag.

Hole SF-19-06 was drilled at the Sanderson East Zone to undercu t surface sample # 251178 that

returned assays of 10.14 g/t Au and 123 g/t Ag.

Hole SF-19-07 was drilled at the Sanderson North Zone to undercut surface sample # 251171 that

returned assays of 9 g/t Au and 310 g/t Ag. The hole was drilled to depth of 43 m and stopped due

to technical issues.

Hole SF-19-07A was drilled at the Sanderson North Zone to twin hole SF-19-07 and complete the

undercut of sample # 251171 to the target depth.

Hole SF-19-08 was drilled at the Sanderson Main Zone to undercu t hole S-19-05 which began in

a shear zone.

Note: the selected samples referenced above are surface rock gr ab samples and are not

representative of the true grade of mineralization on the Property.

Drill Hole # Target

Area

Target

Depth (m)

Collar

Collar Azimuth Dip Hole

Length (m)

SF-19-01 Trail 70 601122 5671005 360 -45 98

SF-19-02 Trail 70 601150 5671005 360 -45 102

SF-19-03 Sanderson Main 70 601900 5671605 360 -45 100.5

SF-19-04 Sanderson Main 70 601990 5671615 360 -45 117

SF-19-05 Sanderson Main 70 602050 5671615 360 -45 120

SF-19-06 Sanderson East 70 602325 5671605 360 -45 147

SF-19-07 Sanderson North 70 602285 5671885 360 -45 43

SF-19-07A Sanderson North 70 602285 5671885 360 -45 141

SF-19-08 Sanderson Main 105 602050 5671590 360 -45 138

“We are very pleased with our initial drill program on the Slate Falls Property and anxiously await

drill results,” said Michael Romanik president of GoldON. “Multiple mineralized shear zones were

encountered in the drilling characteristically similar to those historical zones recently mapped and

sampled. The widespread deforma tion and mineralization support our belief that the Slate Falls

Deformation Zone is a prominent yet poorly explored crustal scale feature. We’d again like to thank

our exploration team and the Slate Falls First Nation for making this program happen.”

Logging and sampling of the drill core has been completed and c ore samples are being submitted

in batches to SGS Canada (Burnaby) for analysis. Results will be reported as they are received.

About the Slate Falls Property

Located in Ontario’s Patricia Mining Division, the Slate Falls Property (the “Property”) lies

between the Red Lake and Pickle Lake gold camps within the southwestern extension of the Meen-

Dempster Greenstone Belt (see regional map). Several mineralized gold-silver showings have been

identified on the Property including the Carpenter, Fly, FTM, J . Loon, L1, L15, Path, Sanderson

and Trail Zones. These zones are part of the Slate Falls Deform ation Zone and extend for over 10

kilometres (km) in strike and 1.5 km in width within the Property’s boundaries. All zones host high

grade Au-Ag mineralization and are related to regional fold axe s and structures that provide traps

for mineralizing fluid (see property map).

Mike Kilbourne, P. Geo, an inde pendent qualified person as defi ned in National Instrument 43-

101, was on-site during the drilling campaign and 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 Cam p and our flagship Slate Falls project in the Patricia Mining

Division where 18 Au-Ag mineralized zones have been identified over the 13-kilometre breadth of

the property. GoldON has 15,152,282 shares issued and is fully funded to complete its fall

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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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.

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