GoldON Makes New Gold Discoveries on McInnes Lake Property North of Ontario’s Red Lake Gold Camp

Victoria, British Columbia–(Newsfile Corp. – September 29, 2021) – GoldON Resources Ltd. (TSXV: GLD) (“GoldON” or the “Company”) is pleased to announce it has received results from its initial mapping and sampling program completed on the McInnes Lake property (the “Property”) in northwestern Ontario. Results of the program reveal the discovery of five new gold showings in a variety of environments not historically recorded within the entire greenstone belt.

Highlights include:

  1. A grab sample of a 10-centimetre quartz vein within granodiorite with 1% pyrite returned 3.56 g/t Au, 3135 ppm As, 1% Zn, and 1212 ppm Pb. This is the highest recorded gold sample in the belt and appears to be polymetallic veining within a granodiorite body.
  2. Sampling of unsampled drill core from a hole drilled by Cominco in 1979 returned values up to 400 ppb Au from biotized mafic volcanics with 0.5% fine pyrite and pyrrhotite. The core was located on an island at a Cominco core storage location indicated by an assessment report map in a large heap and partially identifiable by tags.
  3. Grab samples of weakly sheared, hematized sandstone with quartz stringers and trace pyrite and chalcopyrite returned from 70 to 244 ppb Au in outcrop and angular float boulders separated by over 700m. This is a newly recognized host for gold mineralization in the McInnes greenstone belt and may be extensive along strike.
  4. Banded iron-formation hosted gold mineralization in angular float boulders with samples returning up to 269 ppb Au and up to 1.28% Cu and 22.58 ppm Ag. Iron formation hosted gold deposits in Canadian Archean greenstone belts are and have been important gold production contributors (Musselwhite, Pickle Lake gold camp, Geraldton gold camp, and Meadowbank).
  5. A grab sample of mafic metavolcanic schist with 7-10% pyrite returned 444 ppb Au as well as 0.34% Cu and 0.32% Zn, suggestive of a VMS environment.

Grab samples are selective in nature and not necessarily representative of the mineralization on the Property.

“We recognized the McInnes greenstone had all the characteristics conducive to orogenic gold mineralization but had no systematic exploration in over 25 years. Thus, we staked the whole belt,” says Mike Romanik, president of GoldON. “We are pleased with the results of our first-pass reconnaissance prospecting and mapping. Having discovered gold mineralization in several different gold model types, we are looking forward to returning and expanding on these footprints.”

About the McInnes Greenstone Belt:

Located approximately 117 kilometres (km) north of Red Lake, the 11,424-hectare Property is 29 km long by up to 8.5 km and covers the majority of the McInnes Lake Greenstone Belt. Comprised of a volcanic-sediment package of rocks representing a back-arc environment ‘sandwiched’ in between two opposing granitic masses, age-dating of the McInnes Lake Greenstone Belt volcanic rocks has determined they are 2.93-2.97 billion years old representing Balmer Assemblage aged lithologies (OGS P3589). The Balmer Assemblage is host to the gold mines of the Red Lake Camp.

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Figure 1: Regional Map with location of McInnes Lake Property and GoldON’s other Projects (click to enlarge)

To view an enhanced version of Figure 1, please visit:
https://goldonresources.com/images/McInnes/McInnes-Lake-Regional.jpg

Orix Geoscience was engaged to compile and analyze historical data to create a 2D GIS compilation and geologically assess the Property for exploration targets of high merit and recommend an exploration strategy. Orix identified four prominent regional features through compilation and the interpretation of an Ontario Geological Survey (OGS) conducted airborne magnetic and VLF-EM survey in 2008.

The initial fieldwork consisted of prospecting, mapping, and lake sediment sampling which focused on the four core areas identified by Orix in the vastly underexplored claim package. The fieldwork was carried out by Emerald Geological Services led by Bruce MacLachlan, whose long-standing career has been instrumental in the discovery of the Eagle River gold mine located in the Mishibishu greenstone belt currently being mined by Wesdome and the Sugar Zone located east of Hemlo currently being mined by Harte Gold.

Mike Kilbourne, 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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