GoldON Receives Geological and Structural Study on the Red Lake North Gold Property

Property is structurally conducive for gold mineralization with a deep-seated first order shear that appears to have a network of second order structures

GoldON Resources Ltd. (TSXV: GLD) (FSE: 6NR2) (OTC Pink: NCMBF) ("GoldON" or the "Company") is pleased to provide an overview of the geological data compilation and reinterpretation study completed by Orix Geoscience on its Red Lake North gold property (the "Property"). Acquired in February 2021, the 3,347-hectare Property is located in the Red Lake Mining District approximately 65 kilometres (km) north of the town of Red Lake (see Figure 1).

Figure 1: The Uchi Subprovince hosts several multi-million-ounce gold deposits (click image to enlarge)

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The Property has seen little historical exploration with only one registered assessment file from a 2009 regional overburden sampling program conducted by Agnico Eagle Mines that included 123 till samples from the Property of which several assayed >95 percentile for anomalous gold.

Orix Geoscience was engaged to complete a structural and geological study integrating all historical lithology and geochemistry data with new data from GoldON's recently completed heliborne high-resolution magnetometer (MAG) survey. The result of the Orix study is a far better understanding of the geological and structural framework of the Property that is acutely demonstrated in the comparison of maps from the Ontario Geological Survey (OGS), Open File Report 6210 (OFR 6210) of 2007 and the new Orix study (see Figure 2).

Figure 2 - Comparison of Red Lake North property geology interpretation in 2007 (left) versus 2021 (right) (click image to enlarge)

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Results of the Orix data compilation and reinterpretation study are as follows:

1. A vastly improved geological map that has turned what was previously interpreted as a predominant felsic intrusive suite into a concise stratigraphic and folded layering of various volcanic, ultra-mafic, and felsic intrusive lithologies.

2. A prominent deformation/shear zone from 100-750 metres wide is interpreted to be the northern extension E1 structure interpreted by Zeng and Calvert, 2006.

3. A D1 deformation event interpreted by north-striking units with regional flattening foliation parallel to the bedding, and stratigraphy-parallel magnetic lineaments correlate highly with narrow low-magnetic zones that can be interpreted as early faults and shear zones.

4. A D2 deformation event recognized by F2 north-northwest-trending, tight to isoclinal folds within the interpreted sedimentary rocks and mafic volcanics; as well as northwest and north-northwest-striking faults and shear zones that crosscut the lithological units and display locally dextral horizontal offset.

5. Narrow bands of high magnetic chemical metasedimentary rocks (possibly iron formation), undifferentiated with mafic volcanics are evidently folded by F2. Folded iron formation gold hosted deposits are common in Archean greenstone belts (Musselwhite, Pickle Lake, and Geraldton gold camps).

6. Sample distribution from the 2009 overburden sampling program by Agnico-Eagle, does not cover the newly interpreted mafic to intermediate volcanics and possibly metasedimentary rocks. However, considering the ice-flow direction, some anomalous samples could be associated with D2northwest-striking structures (Figure 3).

Figure 3. Integrated results of Agnico Eagle 2009 overburden sampling program with newly interpreted geology and structure (click image to enlarge)

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Orix is recommending a prospecting program with a focus on structural geology is recommended to further trace prospective units, contacts and structures possibly associated with anomalous gold samples, and collect structural observations to help verify the reinterpretation.

About the Red Lake North Property:

The Property is hosted within a volcanic-sediment band of rocks newly termed the "Red Lake Extension" that stretches over 100 km from Red Lake north to the McInnes Lake Greenstone Belt. A recent study by the Ministry of Energy, Northern Development and Mines - OGS (see Recommendations for Exploration 2020-2021) suggests that a seismic pronounced structure along this belt termed the "E1" is similar in nature and significance to the Red Lake Gold Mine Complex and the LP Fault of Great Bear Resources' Dixie Gold Project.

A similar structural environment seems to exist on the Property where a deep-seated first-order shear appears to have a network of second-order structures. These are important structural shear zones that are common hosts to orogenic gold deposits (Feng and Kerrich, 1992).

Additionally, the E1 extensional fault is interpreted to extend north of Red Lake along several slivers of greenstone belts that host Balmer Assemblage aged rocks (OFR 6210) (see news release of June 15th, 2021). The Balmer Assemblage is host to most of the gold mines in the Red Lake Camp.

Mike Kilbourne, 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 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.

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