GoldON Receives Geological Compilation and Reports Grab Samples up to 44.9 g/t Au on Pipestone Bay Gold Property, Red Lake Primary drill target selected and exploration permits received VICTORIA, BC
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Receives Geological Compilation and Reports
Grab Samples up to 44.9 g/t Au on Pipestone Bay Gold
Property, Red Lake
Primary drill target selected and exploration permits received
VICTORIA, BC August 27 th, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to provide an overview of the geological data compi lation and
reinterpretation study completed by Orix Geoscience on its 100% o w n e d P i p e s t o n e B a y g o l d
property (the “Property”). The 914-hectare Property is located in the Red Lake Greenstone Belt
approximately 32 kilometres (km) west of the town of Red Lake, Ontario. The Property is hosted
along the Pipestone Bay Deformation Zone, where West Red Lake Gold Mines has focused recent
drilling 7 km to the east. The major gold deposits in the Red Lake Gold Camp are associated with
regional-scale deformation zones (see Figure 1).
Figure 1 – Structure related gold deposits of the Red Lake Gold Camp
The Property has many similar geological characteristics that make the Red Lake Greenstone Belt
such a prolific gold camp. Thes e include deformation zones, thr ust faults, folded iron formation,
Balmer Assemblage ultra-mafic l ithologies, an unconformity, alt eration (potassic, silicic,
carbonate), high-grade gold veins and disseminated copper mineralization.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
GoldON recently completed a heliborne high-resolution magnetometer (MAG) survey to cover the
Property, and Orix Geoscience has now completed a data compilat ion and reinterpretation study
incorporating the 2020 MAG survey data with all known lithologi cal and mineralogical
information and structural measurements.
The results of the Orix study are a greater understanding of the geological and structural framework
of the Property as summarized below:
1. A wide zone of low magnetic intensity occurs at the contact of mafic-ultramafic units
with northern felsic intrusive rocks is the western continuation of the Pipestone Bay – St.
Paul Bay Deformation Zone with possible dextral shearing.
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 north-northwest and north-northeast,
crosscut and locally displace the early structures.
4. The 991 Showing is possibly controlled by an early E-W structure that is likely a
second-order structure to the Pipestone Bay – St Paul Bay Deformation Zone.
5. Other notable mineralization occurs in iron formation units or proximal to fault
intersections.
The Property’s primary target is the 991 Zone which consists of narrow pyrite, chalcopyrite bearing
quartz veins within a brecciated felsic volcanic unit in contac t with a folded ultra-mafic horizon.
Work on the Property by a previous operator, Redstar Gold Corp. , confirmed visible gold occurs
in several veins with grab samples yielding 22.27 grams per tonne (g/t) Au. In 2004, Redstar drilled
a single hole (RGC-004) that was collared into an ultramafic unit north of the 991 Zone and drilled
to the south. The hole intersected a 200-metre-wide zone of str ongly quartz and sericite altered
felsic stratigraphy with pyrite and chalcopyrite stringer mineralization and anomalous (>100 ppb)
gold values.
Sampling completed on the 991 Zone by GoldON in May 2020 confir med high-grade gold
mineralization with seven grab samples ranging in value from 0. 006 g/t Au to 44.9 g/t Au. Grab
samples are selected samples and are not necessarily representative of the mineralization hosted on
the property. Two high-priority diamond drill holes have been recommended by Orix to target the
991 Zone mineralization and related structure. GoldON has recei ved the exploration and drilling
permits for the Property.
“Discovery is the name of the game and we are thrilled to have been able to bring the Pipestone
Bay Project to this stage in such short order,” said Mike Roman ik President of GoldON. “With a
priority target selected and permits in hand, this adds another drill-ready Red Lake project to our
portfolio.”
QA/QC Protocol
Rock grab samples were personally collected by Bruce MacLachlan , P.Geo. (Limited), secured
with zip ties and remained in his custody until personally delivered to ALS Laboratories (ALS) in
Timmins, Ontario for sample prep aration. Analyses was performed at ALS in Vancouver, BC.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
Primary analytical methods by ALS for Au was Au-AA23, a 30-gram Fire Assay with an ICP-OES
finish. Over-limits for Au beyond 10 ppm where then analyzed us ing method Au-GRA21, a lead
fusion fire assay method with a gravimetric finish. ALS practic es stringent Quality Control
Protocols with the insertion for exploration and ore grade samples which includes sample reduction
blanks and duplicates, method blanks, weighted pulp replicates and reference materials. There were
no QA/QC failures in the above sam ple batch. Grab samples are s elected samples and not
necessarily representative of the mineralization hosted on the property.
Mike Kilbourne, 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 $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.