GoldON Receives Geological and Structural Study on its McDonough Gold Property in Ontario’s Red Lake Camp Primary target area identified where elevated soil sample results correlate with volcanic-sediment contact and intersecting structures
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Receives Geological and Structural Study on
its McDonough Gold Property in Ontario’s Red Lake
Camp
Primary target area identified where elevated soil sample results correlate with
volcanic-sediment contact and intersecting structures
VICTORIA, BC September 29, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to announce the completion of a geological data com pilation and
reinterpretation study on its 1,062-hectare McDonough gold prop erty (the “Property”) by Orix
Geoscience (Orix). The Property is located in the Red Lake Gree nstone Belt approximately 15
kilometres (km) north of the town of Red Lake, Ontario (see Figure 1 ), and is one of four
exploration properties controlled by GoldON in the Red Lake Gold Camp (see Figure 2).
GoldON completed a property-wide heliborne high-resolution magn etometer (MAG) earlier this
year; and subsequent work by Orix has included a data compilati on and reinterpretation study
incorporating the 2020 MAG survey data with all known lithologi cal and mineralogical
information and structural measurements. The result of the Orix study is a far better understanding
of the geological and structural framework of the Property that is acutely demonstrated in the
comparison of maps below ( Figure 3 ) with the Regional Township Geology from the Ontario
Geological Survey (OGS) on the left and the new Orix mineralization integration on the right (click
on the image to enlarge).
Figure 3 – Comparison of McDonough Property geology with OGS Regional Township (left) versus Orix 2020 (right)
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Results of the data compilation and reinterpretation study are as follows:
1. Good correlation of anomalous soil samples up to 253 ppb along the contact of an iron
formation clast dominated conglomerate and intermediate to felsic volcanic suite at the
intersection of north-northeast (NNE) and north-northwest (NNW) structures.
2. Two phases of deformation (D1 and D2) are identified in the surface reinterpretation causing
F1 and F2 folds.
3. Late faults and shear zones dominantly strike NNW and NNE, crosscut and locally displace
the early structures.
4. The presence of iron formation which has been broadly locally folded and displaced by late
structure.
5. A wider range in lithological types and greater definition of contacts.
Figure 4 – Integration of McDonough soil sample results over geology and structures
A primary target area has now been identified within the Proper ty where elevated soil samples
overly the contact between an iron-formation clast dominated conglomerate (Huston Assemblage)
and intermediate to felsic volcanics at northeast and northwest intersecting structures (see Figure
4 above). The Huston Assemblage has been compared to the Timiska ming conglomerates
commonly associated with gold in the Timmins camp of the Abitib i greenstone belt (Dube et al,
2003). The structural environment is key to forming pathways for gold-bearing hydrothermal fluids
and the iron contained in the clasts should provide chemistry to precipitate gold-bearing sulphides.
The presence of iron formation that has been structurally disru pted also provides a target of merit
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
as an Archean-hosted iron formation gold hosted deposit model similar to the Musselwhite, Pickle
Crow and Beardmore-Geraldton gold camps that are also located in Ontario.
Reconnaissance soil sampling completed by GoldON in 2019 and 20 20 on the Property ranged in
values from 1-253 ppb Au.
“The McDonough soils are lighting up along the contact between an iron formation clast dominated
conglomerate and the mafic volcanics right at the intersection of NNE and NNW structures which
are ideal conditions for gold mineralization,” said Mike Romani k President of GoldON. “This
brings another one of our Red Lake projects to the drill-ready stage. We are looking forward to an
active fall exploration campaign on our various projects and fe el GoldON is grossly undervalued
compared to our peer group.”
Mike Kilbourne, P. Geo, an inde pendent qualified person as defi ned in National Instrument 43-
101, has reviewed and approved the technical contents of this n ews 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 $9 million market cap, discovery-s tage projects all in good standing,
experienced management and adviso rs, 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.