GoldON Resources Corporate Update Seven discovery-stage gold projects in Northwestern Ontario and one of the largest claimholders in the Red Lake District
FOR IMMEDIATE RELEASE
GoldON Resources Corporate Update
Seven discovery-stage gold projects in Northwestern Ontario and one of the largest
claimholders in the Red Lake District
VICTORIA, BC – December 2, 2021 – GoldON Resources Ltd. (TSX-V: GLD) (“GoldON” or
the “Company”) is a Canadian gold explorer focused on discovery through the exploration of
overlooked and underexplored properties and is pleased to provide an update on the Company.
A Geographic Focus:
GoldON is focused on exploring discovery-stage properties in the pro-mining jurisdictions of
northwestern Ontario, a region that contains some of the most prolific gold-producing belts in the
world. Current projects include the West Madsen, Red Lake North, Pipestone Bay, Pakwash North,
McInnes Lake, and McDonough properties all located in the Red Lake Mi ning District; and the
Slate Falls property in the Patricia Mining District (click on the regional map below to enlarge).
All our properties are in good standing and a summary of each project follows:
West Madsen Property
GoldON now owns a 100% interest in the West Madsen property that covers 5,862 hectares in the
heart of the Red Lake Gold Camp and is comp rised of the West Madsen Block A and B claim
groups acquired from Great Bear Re sources (see news release of September 15, 2021 ); the Flat
Lake and Madsen-Medicine Stone claim groups ac quired from Bounty Gold (see news release of
January 7, 2021); and claims GoldON acquired via staking in December 2020.
GoldON recently completed a regional prospecting survey on West Madsen Block A (see map).
The survey focused on four areas that were identified from diamond drilling, Soil Gas Hydrocarbon
anomalies, and previous prospecting. Several ke y lithologies were confirmed with alteration and
anomalous gold values up to 384ppb.
A significant felsic volcanic unit of the Confederation Assemblage was identified in the western
portion of Block A. The unit hosts localized very strong silica and sericite alteration likely
associated with regional structures in the area. This target area returned anomalous results up to 85
ppb Au within a very gossanous, moderate silica-sericite altered felsic volcanic unit.
Prospecting due west of Pacton Gold’s Faul kenham gold trend identif ied locally sheared,
intermediate phenocrystic flows along with sheared felsic vol canics (Pacton reported 600 metre
strike length of anomalous gold in their news release dated September 22, 2021). This area returned
up 384 ppb Au within a sheared, biotite-rich inte rmediate phenocrystic flow, and a sample from
2019 returned 524 ppb Au located near this trend. Follow-up prospecting along strike to the west
of this sample area will be a priority as the area would be drill accessible for testing of targets.
Red Lake North property
Earlier this year, GoldON entered into an option agreement to ac quire a 100% interest in the Red
Lake North property (see news release of February 23, 2021). The 3,347-hectare property is located
~65 kilometres (km) north of th e town of Red Lake and hosted in a volcanic-sediment band of
rocks newly termed the “Red Lake Extension” that stretches over 100 km and connects with the
McInnes Lake Greenstone Belt.
Results of new data compilatio n and reinterpretation study provide a far bett er understanding of
the geological and structural framework of the property as demonstrated in a comparison of maps
from the Ontario Geological Survey in 2007 and GoldON’s 2021 study (see comparison map). The
property appears to have all the structural ingredients that were integral to the formation of the Red
Lake Camp.
Pipestone Bay Property
The 100%-owned Pipestone Bay property is a dr ill-ready project hosted along the Pipestone Bay
Deformation Zone and has many key geological si gnatures that make the Red Lake Greenstone
Belt such a prolific gold camp in cluding silicification, sericite, bi otite, and chlorite alteration,
visible gold in quartz veins, D2 folding and crustal-scale stru ctures. The property is located
approximately 32 km west of the town of Red Lake in an activ e area with drilling programs in
progress by other junior explorers (see area map). Drill permits are in place and diamond drilling
has been recommended to target the 991 Zone mineralization that may be controlled by an early E-
W structure that is likely a second-order structure to the Pipestone Bay - St Paul Bay Deformation
Zone (see news release of August 27, 2020).
Pakwash North Property
GoldON granted BTU an option to acquire up to an 80% interest in the Pakwash North (formerly
Bruce lake) property earlier this year (see news release of March 23, 2021 ). Located ~36 km
southeast of the town of Red Lake, the property adjoins BTU Metals Dixie Halo property where
they are drilling gold targets and a potential Cu -Au-Ag VMS-style system called the TNT Target
that straddles the western claim boundary (see plan view map). In a news release of June 1, 2021,
BTU reported: “The strongest geophysical targ ets from the TNT geochemic al-geophysical study
are on the Pakwash North property and plans are being made to drill these targets in the coming
months.”
McInnes Lake Property
In June 2021, GoldON acquired a 100% interest in the McInnes Lake pr operty via staking. The
11,424-hectare property covers most of the McInnes Lake Greenstone Belt and is located ~117 km
north of the town of Red Lake. The McInnes Lake Greenstone Belt lies within the North Caribou
Terrane of the Superior Province. Deep penetrat ing seismic studies nort h from the English River
domain through the Uchi domain in to the Berens River Complex of the North Caribou Terrane
have shown that the gold deposits of the Red Lake camp and gold deposits along the LP Fault,
recently discovered by Great Bear Resources, are associated with deep crustal-scale features.
The property gives GoldON a rare oppor tunity to control an entire be lt that has seen very limited
exploration. A first-pass reconnaissance prospecting and mapping program carried out last summer
discovered gold mineralization in several different gold model types, and we are looking forward
to expanding on these footprints with future exploration (see geology maps w ith regional
geophysical features).
McDonough Property
Located ~15 km north of the town of Red Lake, the 100%-owned McDonough property straddles
a regional unconformity that is a key structural signature of many deposits within the Red Lake
Greenstone Belt. The 1,062-hectare property is contiguous with Evolution Mining’s Slate Bay and
DMC gold properties.
A 7.68 line-km IP survey completed in March 2021 de fined a total of 23 chargeable IP responses
that coincide very well with the gold-in-soil anomal ies over an iron form ation clast supported
conglomerate in an unconf ormable contact with ma fic volcanics (see a map of IP results over
geology with gold in soils ). The conglomerate belongs to th e Huston Assemblage, which is
proximal and associated with the Cochenour, Campbell and Red Lake mine complex 15 km to the
south. Drilling permits are in place.
Slate Falls Property
The 5,657-hectare Slate Falls property is located w ithin the southwestern extension 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 showi ngs that have been identified
including the Carpenter, Fly, FTM, J. Loon, L1, L15, Path, Sanderson, and Trail Zones. These
showings are part of the Slate Falls Deformation Zone and extend for over 10 km in strike and 1.5
km in width within the land package.
GoldON hired Orix Geoscience to complete a structural study incorporating data from a 2020 MAG
survey with all known lithologic al and mineralogical informati on and structural measurements.
Results from the study include a vastly improv ed geological understanding of the property and
recommendations for exploration in five new areas where defo rmation, folding, shearing, and
faulting have been mapped (see geology map with target areas and National Instrument 43-101
Technical Report).
Despite the compelling exploration potential Slate Falls has demonstrated, GoldON’s current focus
is on its Red Lake area projects. Exploration activity is increa sing in the area, and GoldON may
consider bringing in a joint-venture partner or a spinout of the asset in the future. The property is
100% owned, subject to a 2% net smelter returns (NSR) royalty.
Capital Structure:
Share capitalization includes 24,834,292 comm on shares issued, 2,322,283 common share
purchase warrants exercisable at an averag e price of $1.04, 2,045,000 incentive stock options
exercisable at an average price of $0.48, and 29,201,575 common shares outstanding on a fully
diluted basis assuming all warrants and options are exercised. Insider ownership is approximately
fifteen percent of shares issued and GoldON’s President Michael Romanik is the largest individual
shareholder. The current market cap based on shares issued is ~$5,000,000.
Mike Kilbourne, P. Geo, an independent qualif ied person as defined in NI 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 prop erties located in the prolific
gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes six
properties in the Red Lake Mini ng Division (West Madsen, Re d Lake North, Pipestone Bay,
Pakwash North, McInnes Lake, and McDonough) and a seventh property in the Patricia Mining
Division (Slate Falls).
For additional information: please visit our website at goldonresources.com, you can download
our latest investor 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
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: [email protected]
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain “forwa rd-looking statements” that involve known and unknown risks, uncertainties,
assumptions and other factors that may cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking
statements. Any forward-lo oking statement speaks only as of the date of this news release and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or otherwise.
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.