GoldON Completes Phase I Exploration at Its Springpole East Property in the Red Lake Mining District, Ontario

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. - July 26, 2022) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the completion of the Phase I field exploration program at its Springpole East property (the "Property") in the Red Lake Mining District, Ontario.

Prospecting, mapping, and sampling were carried out from June 22nd to July 7th with 109 grab samples and 31 lake sediment samples collected by a two-man crew based at a fly-camp in the central part of the Property on Durkin Lake. Exploration efforts were aided by interpretations of the heliborne, high-resolution magnetometer (MAG) survey flown over the Property in the spring (See news release of June 7th, 2022 and Figure 1).

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Figure 1: Mag Survey Data over Area Map with Prospecting Coverage.

To view an enhanced version of Figure 1, please visit:
https://goldonresources.com/images/Springpole-East/SPE-MAG-Prospecting-Coverage.jpg

At least three horizons of quartz +/- feldspar veining over strike lengths of up to 3.8 kilometres (km) were located on the Property, associated with approximately east-west magnetic lineaments which locally appear to correspond to metasedimentary-metavolcanic contact areas or horizons of chert-magnetite iron formation. Veining frequently occurs within sheared greywacke-arkose metasediments and has been observed up to 25 centimetres (cm) wide in outcrop. Veins and wall rock appear to contain up to 1-2% pyrite, with locally minor chalcopyrite. Veins appear to be tightly folded along with thin (cm-scale) bands of felsic intrusive material.

Prominent magnetic lineaments in the southern part of the Property were found to correspond to a broad unit of weakly to moderately magnetic mafic to intermediate volcanics, with the possibility of hidden bands of chert-magnetite iron formation as have been observed elsewhere. Approaching the granite-greenstone contact in the far southern part of the Property, folded mafic gneiss was observed, and mafic units in this area locally contain up to 0.5% pyrite.

A prominent magnetic lineament in the northern part of the Property was found to be associated with metasedimentary rocks containing disseminated magnetite. Garnet-biotite schist with trace pyrite was also noted in this area.

"While very little is known about the large Property's underlying geology, we focused our prospecting effort on the MAG anomalies in the Durkin Lake area," said Mike Romanik, president of GoldON. "This initial program represents a good first pass of this area, and we are looking forward to receiving analytical results for the grab and lake sediment samples."

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Figure 2: Regional map showing Springpole East location and GoldON's other projects.

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

The 6,674-hectare Property is located within the Birch-Uchi Greenstone Belt of the northern Uchi Subprovince and consists of typical greenstone mafic to felsic volcanic sequences intercalated with clastic and chemical sediments which have been intruded by pre- to syn-tectonic felsic to mafic intrusives and syn- to post-tectonic mafic to ultra-mafic rocks.

The Property is comprised of 18 contiguous mining claims 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131834

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