MAG Survey Reveals Structural Activity at GoldON’s Springpole East Property with Similarities to Some of Ontario’s Other Gold Camps The Property adjoins First Mining Gold’s Springpole Project one of the largest undeveloped gold deposits in Canada at 3.8Moz probable reserves
FOR IMMEDIATE RELEASE
MAG Survey Reveals Structural Activity at GoldON’s
Springpole East Property with Similarities to Some of
Ontario’s Other Gold Camps
The Property adjoins First Mining Gold’s Springpole Project one of the largest
undeveloped gold deposits in Canada at 3.8Moz probable reserves
VICTORIA, BC, June 7, 2022 – GoldON Resources Ltd. (TSX -V: GLD) (“GoldON” or the
“Company”) is pleased to announce the completion of the heliborne, high-resolution
magnetometer (MAG) survey at its recently acqui red Springpole East prope rty (the “Property”)
located in the northeastern extension of the Birch-Uchi Greenstone Belt, Red Lake Mining District,
Ontario (See news release of December 8, 2021).
“The MAG survey confirms Springpole East is in an extremely active area structurally; and we are
looking forward to commencing our initial exploration program shortly,” said Mike Romanik,
president of GoldON.
Figure 1: Preliminary Interpretation of Springpole East Heliborne MAG Survey over Tilt Angle Derivative.
Prospectair Geosurveys conducted the MAG survey that was flown at 50-metre flight line spacings
for a total of 1,390-line kilometres (km) and designed to provide a clearer picture of the dominant
geological trends and anomalous features on the Property.
Preliminary interpretation of the survey data reveals most of the area is affected by linear magnetic
features characteristic of altern ating sequences of mafic volcan ic rocks with sedimentary or
intermediate to felsic volcanic rocks, with possibly some intrusive stocks, sills or dykes locally.
The strongest anomaly of the survey exceeds 4 0,000 nanotesla (nT), an amplitude typical of
magnetic rich iron formations, and occurs near th e northern edge of the block (Figure 2). This
anomaly also appears folded in a flattened S-shape denoting F1 possible structure. Structures such
as these through a possible iron formation are conducive for iron formation hosted gold deposits
such as Musselwhite, the Pickle Lake camp and the Geraldton-Beardmore camp of Ontario.
Figure 2: Preliminary Interpretation of Springpole East Heliborne MAG Survey over Total Magnetic Intensity.
Most magnetic lineaments are generally trending from WNW-ESE to NE-SW in the area. A
majority of lineaments appear cu rved, either by shearing or foldin g structures, or possibly also at
the contact zone with intrusions. These featur es are attesting that the area underwent strong
deformation events in the past. In general terms, magnetic lineaments are related to rock formations
that are enriched in magnetic minerals (magnetite and/or pyrrhotite). In some areas, it is possible
to detect structural features offsetting observed magnetic lineaments and causing abrupt
interruption or changes of the ma gnetic response. These features are typically caused by faults,
fractures and shear zones, and thought to be favor able structures in the exploration context of
orogenic gold mineralization.
The Property is comprised of 18 contiguous mining claims covering 6,674 hectares and is located
in the Keigat Lake Area township approximately 40 km northwest of the Slate Falls First Nation
community. Access to the Property is via a new all-weather logging road to the southern boundary
with extensions planned into the claim group in the near future.
The western boundary of the Property adjoins the Springpole project owned by First Mining Gold
Corp. (TSX: FF), with the Springpole deposit located 9 km to the west of the boundary and hosting
reserves of 3.8 million ounces of gold and 20.5 mill ion ounces of silver. The 2021 pre-feasibility
study of Springpole is highlighted by a 30,000 tonnes per day mining operation with a life of mine
of 11 years. See NI 43-101 Technical Report and Pre-feasibility Study on Springpole Gold Project
prepared by AGP Mining Consultants Inc., February 26, 2021.
Figure 3: Regional map showing Springpole East location and GoldON’s other projects.
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 seven
properties located in the Red Lake Mining District (McDonough, Springpole East, Red Lake North,
Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property located
in the Patricia Mining District (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
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assumptions and other factors that may cause the actual results, performance or achievements of the Company to be
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