GoldON Receives Drill Permits for Newly Acquired Claims at West Madsen and Commences Fieldwork The prospective Balmer-Confederation contact is interpreted to transect the expanded West Madsen Project for 8.0 kilometres
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Receives Drill Permits for Newly Acquired
Claims at West Madsen and Commences Fieldwork
The prospective Balmer-Confederation contact is interpreted to transect the
expanded West Madsen Project for 8.0 kilometres
VICTORIA, BC August 6th, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is pleased to report that it has received drill permits for the two claim groups newly
acquired from Bounty Gold Corp. (see news release of July 29, 2020 and Figure 1 below).
Figure 1: West Madsen – Block A and Bounty Claim Groups with inferred Balmer-Confederation Contact
Fieldwork on the new claims ha s commenced that will include pro specting, mapping and soil
sampling to define and prioritize targets for phase II drilling on the expanded West Madsen project.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
The Project is comprised of the West Madsen (Block A and Block B) claims, where GoldON has
the right to earn a 100% interest through an option agreement with Great Bear Resources (see news
release of May 28, 2019 ), and the Flat Lake and Madsen-Medicine Stone claim groups, wh ere
GoldON can acquire a 100% interest. The Flat Lake and Madsen-Me dicine Stone claims are
contiguous with Block A and the Pure Gold Red Lake Mine propert y (see Figure 1 above and
regional claim map Figure 2).
Notably, Pure Gold’s Russet South deposit and Wedge zone lie approximately 400 metres northeast
and 300 metres southeast, respec tively, from the Project’s east ern claim boundary (see Figure 3
below).
Figure 3: Looking east from West Madsen – Block A and new Bounty Claims toward Pure Gold Red Lake Mine
Pure Gold has identified a seven-kilometre-long gold system along the major crustal break between
the Balmer and Confederation as semblages. The Balmer-Confederat ion contact trends west and
has been identified on the Madsen-Medicine Stone Claim Group 1. 6 km west of the Pure Gold
property boundary at an outcrop e xposure. This area is a high-p riority exploration target as the
metavolcanics show evidence of deformation, alteration and mineralization demonstrating that the
Balmer-Confederation contact was active here as it was further east on the Pure Gold property.
Based on a geological and struct ural interpretation of a 2017 r egional airborne magnetic survey
completed by Great Bear Resource s in conjunction with surface t renching and the recent drilling
results, the prospective Balmer-Confederation contact is interp reted to transect the Madsen-
Medicine Stone claims and continue on to West Madsen - Block A for 8 km (see Figure 1 above).
To date, only two drill holes have tested this prospective contact.
Mike Romanik, President of GoldON said, “The West Madsen projec t now covers 4,722 hectares
of prime gold exploration real estate in the heart of the Red Lake Gold Camp and is right next door
to Canada’s next gold mine where initial production is expected before the end of the year.”
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Ian Russell, P.Geo., an independent qualified person as defined 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 (Sla te Falls). If you are an investor
looking for exposure to the rising gold price, then GoldON is an explorer worthy of a closer look:
tight share structure with a $12 million market cap, discovery- stage projects all in good standing,
experienced management and advisors, and no debt with capital d evoted to exploration not
excessive salaries.
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]
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.