GoldON Completes IP Survey and Prepares for Drilling at McDonough Gold Property in Red Lake, Ontario

Drill targets are now well supported by coincident IP, geochem and geology

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to provide an overview of the induced polarization (IP) survey recently completed on its McDonough gold property (the "Property") that is located 15 kilometres (km) north of the town of Red Lake and straddles a key structural signature of many deposits within the Red Lake Greenstone Belt (Figure 1).

Figure 1: Regional location of the McDonough Property and GoldON's other Projects

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

GoldON completed a 7.68 line-km IP survey in March 2021, with the objective of testing chargeability and resistivity responses over gold-in-soil anomalies that were coincident with a regional unconformity.

The IP survey was subsequent to a study completed in 2020 by Orix Geoscience that included data compilation of all known historical information along with a geological and structural reinterpretation incorporating data from a 2020 heliborne high resolution MAG survey. Results from the Orix study included the identification of a primary target area within the property where elevated soil samples overlie the contact between an iron-formation clast dominated conglomerate (Huston Assemblage), and intermediate to felsic volcanics proximal to northeast and northwest intersecting structures (see Figure 2 and GoldON's news release of September 29, 2019).

Figure 2: McDonough regional geology and structural interpretation with gold-in-soil sample results

To view an enhanced version of Figure 2, please visit:
https://goldonresources.com/images/McDonough/McDonough_Integration-092920.jpg

The IP survey, interpreted by Dynamic Discovery Geoscience, defined a total of 23 chargeable IP axes. The chargeable responses coincide very well with the McDonough gold-in-soil anomalies where A-horizon soil samples returned values from 2-229 ppb over an iron formation clast supported conglomerate in an unconformable contact with mafic volcanics (Figure 3). The conglomerate belongs to the Huston Assemblage, which is proximal and associated with the Cochenour, Campbell and Red Lake mine complex 15 km to the south.

Figure 3: McDonough IP anomaly axes over geology with gold-in-soil results

To view an enhanced version of Figure 3, please visit:
https://goldonresources.com/images/McDonough/McDonough_2021-IP-interpretation.jpg

"The setting at McDonough is ideal for gold mineralization," said Mike Romanik president of GoldON. "We have our permits in place and are awaiting drilling bids to test the coincident gold-in-soil and IP anomalies in this very favourable geological setting."

Mike Kilbourne, P. Geo, an independent qualified 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 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, McDonough, McInnes Lake and Pakwash North) 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: ir@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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86761