GoldON Resources Corporate Overview Five discovery-stage gold projects in Northwestern Ontario and fully funded to complete current exploration plans
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
FOR IMMEDIATE RELEASE
GoldON Resources Corporate Overview
Five discovery-stage gold projects in Northwestern Ontario and fully funded to
complete current exploration plans
VICTORIA, BC April 14, 2020 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or the
“Company”) is a Canadian-based gold explorer focused on discovery through the exploration of
overlooked and underexplored properties; and is pleased to provide an overview of its operations,
capital structure and projects.
Company Operations:
By design, GoldON has always operated on a virtual basis with o ur senior officers,
administration, communications a nd geological consultants all w orking remotely from locations
in British Columbia, Manitoba and Ontario. This has enabled us to save significantly on
operational expenses over the years and is allowing us to opera te normally during the COVID-19
crisis.
Capital Structure:
The Company has approximately $1,400,000 in cash and no debt. S hare capitalization includes
16,858,432 common shares issued, 3,355,450 share purchase warra nts exercisable at an average
price of $0.45, 2,630,000 incentive stock options exercisable a t an average price of $0.41, and
23,032,782 common shares outstanding on a fully diluted basis assuming all warrants and options
are exercised. Insider ownership is approximately twenty percen t of shares issued and GoldON’s
President Michael Romanik owns approximately ten percent of shares issued.
A Geographic Focus:
GoldON is focused on exploring di scovery-stage properties in th e mining-friendly jurisdictions
of northwestern Ontario, a regi on that contains some of the mos t prolific gold producing belts in
the world. Our current projects include the Slate Falls propert y in the Patricia Mining District;
and the West Madsen, Bruce Lake, Pipestone Bay and McDonough pr operties all located in the
Red Lake Mining District (see regional map with property locations Figure 1).
Fostering our geographic focus is the contribution Perry Englis h has made since joining the
Company early last year as strategic advisor. Referred to as a one-man project generator, Perry is
an experienced prospector specializing in northwestern Ontario and he has enabled us to acquire
three new properties in the Red Lake area on very favourable terms.
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
All our properties are in good standing and a brief summary of each project follows with more
comprehensive project overviews to be provided as we finalize our 2020 exploration programs.
Slate Falls Property:
GoldON owns a 100% interest in the property, subject to a 2% net smelter returns (NSR) royalty.
The 5,656-hectare property is lo cated within the southwestern e xtension of the Meen-Dempster
Greenstone Belt between the Red Lake and Pickle Lake gold camps . Key regional-scale
structures correlate with numerous high-grade gold and silver s howings that have been identified
including the Carpenter, Fly, FTM, J. Loon, L1, L15, Path, Sand erson and Trail Zones (see
Figure 2 ). These zones are part of the Slate Falls Deformation Zone and extend for over 10
kilometres (km) in strike and 1.5 km in width within the land package (Parker, 1995).
West Madsen Property:
GoldON has an option to earn a 100% interest in the property from Great Bear Resources, subject
to a 2.5% NSR royalty. The 3,860-hectare property is comprised of two contiguous claim blocks
(Block “A” and “B”), each roughly six km by three km in size (s ee Figure 3 ) . B l o c k A i s
contiguous with Pure Gold’s Red Lake Mine Project, where develo pment is on track and first
gold production is anticipated in late 2020. A major crustal br eak between the Balmer and
Confederation assemblages is int erpreted to trend from the Pure Gold property onto Block A.
Great Bear’s VP of Exploration Bob Singh is technical advisor on the Project.
Bruce Lake Property:
GoldON has an option to earn a 100% interest in the original 1, 640-hectare property, subject to a
1.5% NSR royalty, and staked additional claims last summer to i ncrease the land package to
3,103 hectares (see Figure 4 ). The property is in a structurally active area spatially asso ciated
with east-west trending deforma tion zones and northeast trendin g faults, and was originally
acquired for its potential to hos t gold mineraliz ation. However , drilling by BTU Metals has
discovered a potential Cu-Ag-Au VM S-style system called the TNT Target that borders our
western claim boundary and further positive results will dictate our upcoming exploration plans.
Pipestone Bay Property:
GoldON has an option to earn a 100% interest in the property, s ubject to a 1.5% NSR royalty.
The 791-hectare property (see Figure 5) covers the Pipestone Bay Deformation Zone and has key
geological signatures similar to the Red Lake deposits including silicification, sericite, biotite and
chlorite alteration, visible gold in quartz veins, D2 folding a nd crustal-scale structures. The
primary target is the 991 Zone w here a single drill hole in 200 4 intersected a 200-metre-wide
zone of strongly quartz and seri cite altered felsic volcanics w ith pyrite and chalcopyrite stringer
mineralization, and anomalous gold (AFRI 200001500). No follow-up drilling has been done.
McDonough Property:
GoldON has an option to earn a 100% interest in the property, s ubject to a 1.5% NSR royalty.
Located 15 km north of the town of Red Lake (see Figure 6 ), the 1,062-hectare property is
contiguous with Rubicon Minerals’ Slate Bay gold property and s traddles a regional
GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999
unconformity that is a key structural signature of many mines w ithin the Red Lake Greenstone
Belt. Despite hosting ample explor ation targets and several geo logical characteristics typical of
Red Lake gold deposits and other deposits in the Uchi Subprovin ce, there has been limited
exploration on the property.
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.
“We will be providing more detailed information on all our prop erties as we finalize our
exploration programs for the upc oming field season,” said Mike Romanik President of GoldON.
“Whether you’re a current shareholder or a prospective investor we invite you to contact us if you
have any questions or would like more information on our projects.”
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 Camp, an option/JV with Great Bea r Resources; the Bruce Lake
property that adjoins BTU Metals' Dixie Halo property and their TNT Target; and the 100%
owned Slate Falls project in the Patricia Mining District, wher e numerous Au-Ag mineralized
zones have been identified over the 13-km breadth of the proper ty. GoldON has 16,858,432
shares issued, all our properties are in good standing and we a re fully funded for our 2020
exploration programs.
Additional information is available on 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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