Precious Metals

Phase II drilling in progress at the West Madsen Gold Project right beside Canada's next high-grade gold mine where initial production is imminent

 GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to provide an update on the fully-funded Phase II diamond drilling program in progress at its West Madsen Project in the heart of the Red Lake Gold Camp (see Red Lake Regional Map for the location of West Madsen and GoldON's three other Red Lake projects).

Project Highlights:

  • To date 2,092 metres of the proposed 7,000 metre Phase II program are complete over five holes. It should be noted that the 5th hole of the Phase II program (WM-20-12) has not yet reached the planned target depth and will be completed in the New Year.

  • Balmer Assemblage volcanic rocks have been observed and the alteration assemblages present along with the sulphide mineralization have similar characteristics to the units observed in the gold bearing WM-20-05 drill hole that was completed in the Phase I drilling program. (see GoldON news release of July 22, 2020).

  • All assays are pending for the Phase II drill core completed to date. Drill core from every hole has been logged and sampled, and core samples have been sent to Activation Laboratories in Thunder Bay, Ontario to be analyzed for gold using a standard 50g Fire Assay-AA technique.

  • Additional claims staked to expand the northern boundary of the West Madsen, Block A land package.

The West Madsen Project now covers over 5,862 hectares and is contiguous with the Pure Gold Red Lake Mine property, which (according to Pure Gold's news release of December 7, 2020) will be one of the highest grade gold mines globally and where initial gold production is imminent.

Pure Gold's reserves and resources are hosted in a seven-kilometre-long gold system that follows the major crustal break or contact between the Balmer and Confederation assemblages. This same Balmer-Confederation contact has been exposed in outcrop 1.6 kilometres (km) west of the Pure Gold property boundary and is interpreted to continue for ~8 km across Block A of GoldON's property.

The focus of the Phase II drilling program is to aggressively test the strike-extension of both the known gold mineralization to the east and follow-up on the gold mineralization discovered during GoldON's Phase I drilling. The black ellipse in Figure 1 below depicts the area of the interpreted east-west trending Balmer-Confederation contact along with the completed and proposed drill holes to systematically test the extension of the stratigraphy within the structurally controlled corridor.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7436/70775_5355af478446583f_001.jpg

Figure 1: Phase II Target Area and Drill Plan for West Madsen Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7436/70775_5355af478446583f_001full.jpg

Drilling has now stopped for the Christmas break and will resume in early January.

"Our Phase II drill program is off to an excellent start as we continue to re-draw the geological map of Red Lake in real-time. Encountering Balmer Assemblage volcanic rocks this early in the drill program is very encouraging," said Mike Romanik, President of GoldON. "We would like to take this opportunity to wish all our shareholders and contractors a healthy and happy holiday season."

Ian Russell, P. Geo., an independent qualified person as defined in National Instrument 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 company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes four properties in the Red Lake Mining Division (West Madsen, Pipestone Bay, McDonough and Bruce Lake) and a fifth 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
Suite 108 - 800 Kelly 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70775

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