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Sept. 22, 2021, 8:32 a.m. EDT

GoldON Commences Follow-up Fieldwork at West Madsen Project in the Heart of the Red Lake Gold Camp

Fieldwork is designed to generate follow up drill targets

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Victoria, British Columbia, Sep 22, 2021 (Newsfile Corp via COMTEX) -- Victoria, British Columbia--(Newsfile Corp. - September 22, 2021) - GoldON Resources Ltd. ("GoldON" or the "Company") /zigman2/quotes/206955976/delayed CA:GLD 0.00% is pleased to announce the start of follow-up fieldwork on its 100% owned West Madsen gold project adjoining the new Pure Gold Red Lake Mine.

The 2020-2021 drill program returned consistently anomalous gold values and highly prospective geology. The contact that separates the Balmer and Confederation assemblages has been confidently identified within an 8-kilometre corridor of disrupted regional magnetics that trends onto the property from the Pure Gold Red Lake Mine property. This contact is highly prospective and strongly associated with gold mineralization at the Pure Gold Mine and historical Starrett Olsen Mine. Further advancement in other regional Red Lake exploration projects has continued to identify gold potential of the intermediate to felsic stratigraphy interpreted to be associated with the Confederation Assemblage.

Newly identified quartz-phyric felsic-intermediate volcanic rocks, within the Confederation Assemblage, were intersected in our drill program and are highly strained and strongly silicified. The samples returned slightly elevated gold values and elevated pathfinder elements (arsenic, lead, zinc). Minerals containing these pathfinder elements are reported to be associated with gold mineralization in the porphyritic felsic-intermediate volcanic rocks of Great Bear's Dixie Project (Technical Report on the Dixie Property, 2020). The potential surface exposures of this unit are within several soil-gas-hydrocarbon (SGH) identified gold zones which have not been investigated. This will be the focus of the upcoming prospecting program designed to identify additional drill targets.

The planned fieldwork includes prospecting, mapping, and outcrop sampling within underexplored areas of the Confederation Assemblage. The SGH survey conducted in 2019 generated six target areas that were interpreted to be prospective for gold mineralization by ActLabs. These newly identified prospective Redox zones generated a higher confidence for gold mineralization. (see Figure 1). These areas overlie the felsic-intermediate volcanic rocks of the Confederation Assemblage and recent forestry logging programs have increased the accessibility to this area.



Figure 1: West Madsen, Block A compilation map showing soil gas hydrocarbon redox targets with anomalous Au from diamond drilling and surface grab samples.

To view an enhanced version of Figure 1, please visit:
goldonresources.com/images/westmadsen/WM_Blk-A-Compilation-092221.jpg .

We look forward to getting back out in the field to define follow-up drill targets," said Mike Romanik president of GoldON. "We are still in the early days of exploration at West Madsen."

Ian Russell, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the contents of this news release on behalf of the Company.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes six properties in the Red Lake Mining Division (West Madsen, Red 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: info@goldonresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain "forward-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-looking 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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97162 .

COMTEX_393802201/2523/2021-09-22T08:31:45

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/zigman2/quotes/206955976/delayed
CA : Canada: TSX Venture
$ 0.17
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Volume: 94,639
Oct. 15, 2021 5:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.13 million
Rev. per Employee
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