MAG Survey Reveals Structural Activity at GoldON's Springpole East Property with Similarities to Some of Ontario's Other Gold Camps

The Property adjoins First Mining Gold's Springpole Project one of the largest undeveloped gold deposits in Canada at 3.8Moz probable reserves

Victoria, British Columbia--(Newsfile Corp. - June 7, 2022) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the completion of the heliborne, high-resolution magnetometer (MAG) survey at its recently acquired Springpole East property (the "Property") located in the northeastern extension of the Birch-Uchi Greenstone Belt, Red Lake Mining District, Ontario (See news release of December 8, 2021).

"The MAG survey confirms Springpole East is in an extremely active area structurally and we are looking forward to commencing our initial exploration program shortly," said Mike Romanik, president of GoldON.

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Figure 1: Preliminary Interpretation of Springpole East Heliborne MAG Survey over Tilt Angle Derivative.

To view an enhanced version of Figure 1, please visit:
https://goldonresources.com/images/Springpole-East/SPE_MAG-2022-TAD_LR.jpg

Prospectair Geosurveys conducted the MAG survey that was flown at 50-metre flight line spacings for a total of 1,390-line kilometres (km) and designed to provide a clearer picture of the dominant geological trends and anomalous features on the Property.

Preliminary interpretation of the survey data reveals most of the area is affected by linear magnetic features characteristic of alternating sequences of mafic volcanic rocks with sedimentary or intermediate to felsic volcanic rocks, with possibly some intrusive stocks, sills or dykes locally. The strongest anomaly of the survey exceeds 40,000 nanotesla (nT), an amplitude typical of magnetic rich iron formations, and occurs near the northern edge of the block (Figure 2). This anomaly also appears folded in a flattened S-shape denoting F1 possible structure. Structures such as these through a possible iron formation are conducive for iron formation hosted gold deposits such as Musselwhite, the Pickle Lake camp and the Geraldton-Beardmore camp of Ontario.

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Figure 2: Preliminary Interpretation of Springpole East Heliborne MAG Survey over Total Magnetic Intensity.

To view an enhanced version of Figure 2, please visit:
https://goldonresources.com/images/Springpole-East/SPE_MAG-2022-TMI_LR.jpg

Most magnetic lineaments are generally trending from WNW-ESE to NE-SW in the area. A majority of lineaments appear curved, either by shearing or folding structures, or possibly also at the contact zone with intrusions. These features are attesting that the area underwent strong deformation events in the past. In general terms, magnetic lineaments are related to rock formations that are enriched in magnetic minerals (magnetite and/or pyrrhotite). In some areas, it is possible to detect structural features offsetting observed magnetic lineaments and causing abrupt interruption or changes of the magnetic response. These features are typically caused by faults, fractures and shear zones, and thought to be favorable structures in the exploration context of orogenic gold mineralization.

The Property is comprised of 18 contiguous mining claims covering 6,674 hectares and is located in the Keigat Lake Area township approximately 40 km northwest of the Slate Falls First Nation community. Access to the Property is via a new all-weather logging road to the southern boundary with extensions planned into the claim group in the near future.

The western boundary of the Property adjoins the Springpole project owned by First Mining Gold Corp., with the Springpole deposit located 9 km to the west of the boundary and hosting reserves of 3.8 million ounces of gold and 20.5 million ounces of silver. The 2021 pre-feasibility study of Springpole is highlighted by a 30,000 tonnes per day mining operation with a life of mine of 11 years. See NI 43-101 Technical Report and Pre-feasibility Study on Springpole Gold Project prepared by AGP Mining Consultants Inc., February 26, 2021.

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Figure 3: Regional map showing Springpole East location and GoldON's other projects.

To view an enhanced version of Figure 3, please visit:
https://goldonresources.com/images/Springpole-East/Springpole-East-Regional.jpg

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 seven properties located in the Red Lake Mining District (McDonough, Springpole East, Red Lake North, Pipestone Bay, Pakwash North, McInnes Lake, and West Madsen) and an eighth property located in the Patricia Mining District (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.

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