GoldON Completes 7,000 Metre Phase II Exploration Drilling at West Madsen in the Heart of Ontario's Red Lake Gold Camp

West Madsen adjoins Canada's newest high-grade gold mine

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the completion of Phase II diamond drilling at its West Madsen Gold Project adjoining the new Pure Gold Red Lake Mine.

Figure 1: Phase II Target Area and Drill Hole Locations for the West Madsen Project

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The black ellipse in Figure 1 above depicts the area of the interpreted east-west trending Balmer-Confederation contact along with the locations of the completed Phase I and II drill holes.

A total of sixteen drill holes, totaling 7,041 metres were completed in the Phase II drilling program (See table 1 below). Prospective Balmer Assemblage volcanic rocks have been identified in ten of the sixteen holes completed in the Phase II program. The mafic volcanic rocks are typically highly strained, containing lenses of blue-grey silica and carbonate that are transposed with the foliation, overprinted by diopside and amphibole, and separated by ribbons of microcline. Accessory alteration products may include biotite and sericite. Sulphide mineralization varies locally in style and abundance but tends to include pyrite-pyrrhotite-chalcopyrite+/-arsenopyrite. Visually, the mafic units are similar in character and alteration to the gold-bearing mafic rocks observed at Pure Gold Red Lake Mine.

Table 1: Phase II drill hole table.

Of note in this program is WM-21-23, which intersected a very wide package of mafic volcanic, Balmer Assemblage rocks, intersected from 290 to 540 metres depth (true thickness is not known at this time). It contains some of the most prospective geology observed on the Property to date as much of the unit contains higher strain, weak to moderate diopside replacing carbonate stringers/veining, disseminated Pyrite>Pyrrhotite>Chalcopyrite and hosts localized Arsenopyrite, minor quartz-stringers, intervals of garnet-biotite, and patchy to pervasive chlorite, amphibole, biotite, alteration.

A total of 5,803 samples were collected in the Phase II program. Assay results were previously reported for holes WM-20-08 through WM-20-12 (see news release of February 9, 2021). Once all the final assays have been received from the Phase II program, a complete summary and interpretation of the results will be released.

About the West Madsen Gold Project

Covering 5,862 hectares in the heart of the Red Lake Camp, the West Madsen Project is comprised of the original Block A and B claim groups, where GoldON has the right to earn a 100% interest through an option agreement with Great Bear Resources (see news release of May 28, 2019); the Flat Lake and Maden-Medicine Stone claim groups that GoldON acquired a 100% interest in from Bounty Gold (see news release of January 7, 2021); and claims GoldON acquired via staking in December (see Red Lake regional map).

The West Madsen Project is contiguous with the Pure Gold Red Lake Mine property, where they poured first gold on December 29, 2020 and are ramping to commercial production capacity (see Pure Gold's news release of March 31, 2021). 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.

QA/QC and Core Sampling Protocols

Drill core was logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples were cut in half, using a diamond cutting saw, and are analyzed at Activation Laboratories Ltd. (Actlabs) in Thunder Bay, ON. All samples are analyzed for gold using a standard 50g Fire Assay-AA technique. Samples returning over 10.0 g/t gold are analyzed utilizing standard 50g Fire Assay-Gravimetric methods. Certified gold reference standards and blanks are routinely inserted into the sample stream, as part of GoldON's quality control/quality assurance program (QAQC). No QAQC issues have been noted during this program.

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 five properties in the Red Lake Mining Division (West Madsen, Red Lake North, Pipestone Bay, McDonough and Bruce Lake) and a sixth 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 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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