GoldON Receives Geophysical Interpretation on West Madsen Gold Project in Red Lake, Ontario Preparations underway for fall drilling along the prospective Balmer- Confederation Contact that is interpreted to transverse the property for ~8 km
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Receives Geophysical Interpretation on West
Madsen Gold Project in Red Lake, Ontario
Preparations underway for fall drilling along the prospective Balmer-
Confederation Contact that is interpreted to transverse the property for ~8 km
VICTORIA, BC October 14, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is pleased to announce it has received the final geophysical interpretation report
on the West Madsen Project. Paterson, Grant and Watson Limited (PGW) was contracted to
provide a detailed analysis and interpretation of a 50 metre line-spaced airborne magnetics survey,
completed on the Block A and B claims in 2017 by Great Bear Resources.
Figure 1: Detailed West Madsen Block A MAG TMI survey and the regional OGS MAG Survey with
Interpreted Balmer-Confederation Contact
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
The PGW report includes a detaile d lithological and structural interpretation of the property. In
conjunction with the regional mapping, rock sampling, regional Soil-Gas-Hydrocarbon (SGH)
survey and the recent drilling program, the datasets present a compelling exploration target. Based
on these datasets, and with the recent addition of the Madsen-M edicine Stone claim group, the
prospective Balmer Assemblage/Confederation assemblage contact is interpreted to traverse across
GoldON’s property for approximately 8 kilometres (Figure 1) above. This prospective contact is a
key target in the Red Lake Greenstone Belt and is spatially associated with most of the current and
past producing gold mines.
“The PGW report is being combined with the data collected from field programs completed to date
and our exploration team is designing a second drilling program to test several new targets across
Block A of the West Madsen Property this fall,” said Mike Roman ik, President of GoldON. “The
along-strike extension of Pure Go ld’s Russet South and Wedge Zo ne stratigraphy, that are
interpreted to trend west onto GoldON’s property, present a highly prospective series of first-order
gold exploration targets.”
The West Madsen Project (see map of regional claims Figure 2) is comprised of the West Madsen
(Block A and B) claims, 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); and the Flat Lake and
Madsen-Medicine Stone claim groups that adjoin Block A, where G oldON can acquire a 100%
interest through an option agre ement with Bounty Gold (see news release of July 29, 2020 ) and
Figure 3 for proximity to Pure Gold Red Lake Mine property).
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).
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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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.