GoldON Resources Corporate Update

Seven discovery-stage gold projects in Northwestern Ontario and one of the largest claimholders in the Red Lake District

GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is a Canadian gold explorer focused on discovery through the exploration of overlooked and underexplored properties and is pleased to provide an update on the Company.

A Geographic Focus:

GoldON is focused on exploring discovery-stage properties in the pro-mining jurisdictions of northwestern Ontario, a region that contains some of the most prolific gold-producing belts in the world. Current projects include the West Madsen, Red Lake North, Pipestone Bay, Pakwash North, McInnes Lake, and McDonough properties all located in the Red Lake Mining District; and the Slate Falls property in the Patricia Mining District (click on the regional map below to enlarge).

To view an enhanced version of this map, please visit:
https://orders.newsfilecorp.com/files/7436/106186_b2d5413704d55957_001full.jpg

All our properties are in good standing and a summary of each project follows:

West Madsen Property

GoldON now owns a 100% interest in the West Madsen property that covers 5,862 hectares in the heart of the Red Lake Gold Camp and is comprised of the West Madsen Block A and B claim groups acquired from Great Bear Resources (see news release of September 15, 2021); the Flat Lake and Madsen-Medicine Stone claim groups acquired from Bounty Gold (see news release of January 7, 2021); and claims GoldON acquired via staking in December 2020.

GoldON recently completed a regional prospecting survey on West Madsen Block A (see map). The survey focused on four areas that were identified from diamond drilling, Soil Gas Hydrocarbon anomalies, and previous prospecting. Several key lithologies were confirmed with alteration and anomalous gold values up to 384ppb.

A significant felsic volcanic unit of the Confederation Assemblage was identified in the western portion of Block A. The unit hosts localized very strong silica and sericite alteration likely associated with regional structures in the area. This target area returned anomalous results up to 85 ppb Au within a very gossanous, moderate silica-sericite altered felsic volcanic unit.

Prospecting due west of Pacton Gold's Faulkenham gold trend identified locally sheared, intermediate phenocrystic flows along with sheared felsic volcanics (Pacton reported 600 metre strike length of anomalous gold in their news release dated September 22, 2021). This area returned up 384 ppb Au within a sheared, biotite-rich intermediate phenocrystic flow, and a sample from 2019 returned 524 ppb Au located near this trend. Follow-up prospecting along strike to the west of this sample area will be a priority as the area would be drill accessible for testing of targets.

Red Lake North property

Earlier this year, GoldON entered into an option agreement to acquire a 100% interest in the Red Lake North property (see news release of February 23, 2021). The 3,347-hectare property is located ~65 kilometres (km) north of the town of Red Lake and hosted in a volcanic-sediment band of rocks newly termed the "Red Lake Extension" that stretches over 100 km and connects with the McInnes Lake Greenstone Belt.

Results of new data compilation and reinterpretation study provide a far better understanding of the geological and structural framework of the property as demonstrated in a comparison of maps from the Ontario Geological Survey in 2007 and GoldON's 2021 study (see comparison map). The property appears to have all the structural ingredients that were integral to the formation of the Red Lake Camp.

Pipestone Bay Property

The 100%-owned Pipestone Bay property is a drill-ready project hosted along the Pipestone Bay Deformation Zone and has many key geological signatures that make the Red Lake Greenstone Belt such a prolific gold camp including silicification, sericite, biotite, and chlorite alteration, visible gold in quartz veins, D2 folding and crustal-scale structures. The property is located approximately 32 km west of the town of Red Lake in an active area with drilling programs in progress by other junior explorers (see area map). Drill permits are in place and diamond drilling has been recommended to target the 991 Zone mineralization that may be controlled by an early E-W structure that is likely a second-order structure to the Pipestone Bay - St Paul Bay Deformation Zone (see news release of August 27, 2020).

Pakwash North Property

GoldON granted BTU an option to acquire up to an 80% interest in the Pakwash North (formerly Bruce lake) property earlier this year (see news release of March 23, 2021). Located ~36 km southeast of the town of Red Lake, the property adjoins BTU Metals Dixie Halo property where they are drilling gold targets and a potential Cu-Au-Ag VMS-style system called the TNT Target that straddles the western claim boundary (see plan view map). In a news release of June 1, 2021, BTU reported: "The strongest geophysical targets from the TNT geochemical-geophysical study are on the Pakwash North property and plans are being made to drill these targets in the coming months."

McInnes Lake Property

In June 2021, GoldON acquired a 100% interest in the McInnes Lake property via staking. The 11,424-hectare property covers most of the McInnes Lake Greenstone Belt and is located ~117 km north of the town of Red Lake. The McInnes Lake Greenstone Belt lies within the North Caribou Terrane of the Superior Province. Deep penetrating seismic studies north from the English River domain through the Uchi domain into the Berens River Complex of the North Caribou Terrane have shown that the gold deposits of the Red Lake camp and gold deposits along the LP Fault, recently discovered by Great Bear Resources, are associated with deep crustal-scale features.

The property gives GoldON a rare opportunity to control an entire belt that has seen very limited exploration. A first-pass reconnaissance prospecting and mapping program carried out last summer discovered gold mineralization in several different gold model types, and we are looking forward to expanding on these footprints with future exploration (see geology maps with regional geophysical features).

McDonough Property

Located ~15 km north of the town of Red Lake, the 100%-owned McDonough property straddles a regional unconformity that is a key structural signature of many deposits within the Red Lake Greenstone Belt. The 1,062-hectare property is contiguous with Evolution Mining's Slate Bay and DMC gold properties.

A 7.68 line-km IP survey completed in March 2021 defined a total of 23 chargeable IP responses that coincide very well with the gold-in-soil anomalies over an iron formation clast supported conglomerate in an unconformable contact with mafic volcanics (see a map of IP results over geology with gold in soils). 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. Drilling permits are in place.

Slate Falls Property

The 5,657-hectare Slate Falls property is located within the southwestern extension of the Meen-Dempster Greenstone Belt between the Red Lake and Pickle Lake gold camps. Key regional-scale structures correlate with numerous high-grade gold and silver showings that have been identified including the Carpenter, Fly, FTM, J. Loon, L1, L15, Path, Sanderson, and Trail Zones. These showings are part of the Slate Falls Deformation Zone and extend for over 10 km in strike and 1.5 km in width within the land package.

GoldON hired Orix Geoscience to complete a structural study incorporating data from a 2020 MAG survey with all known lithological and mineralogical information and structural measurements. Results from the study include a vastly improved geological understanding of the property and recommendations for exploration in five new areas where deformation, folding, shearing, and faulting have been mapped (see geology map with target areas and National Instrument 43-101 Technical Report).

Despite the compelling exploration potential Slate Falls has demonstrated, GoldON's current focus is on its Red Lake area projects. Exploration activity is increasing in the area, and GoldON may consider bringing in a joint-venture partner or a spinout of the asset in the future. The property is 100% owned, subject to a 2% net smelter returns (NSR) royalty.

Capital Structure:

Share capitalization includes 24,834,292 common shares issued, 2,322,283 common share purchase warrants exercisable at an average price of $1.04, 2,045,000 incentive stock options exercisable at an average price of $0.48, and 29,201,575 common shares outstanding on a fully diluted basis assuming all warrants and options are exercised. Insider ownership is approximately fifteen percent of shares issued and GoldON's President Michael Romanik is the largest individual shareholder. The current market cap based on shares issued is ~$5,000,000.

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, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106186