Phase II drilling in progress at the West Madsen Gold Project right beside Canada's next high-grade gold mine where initial production is imminent

Victoria, Biritsh Columbia--(Newsfile Corp. - December 22, 2020) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to provide an update on the fully-funded Phase II diamond drilling program in progress at its West Madsen Project in the heart of the Red Lake Gold Camp (see Red Lake Regional Map for the location of West Madsen and GoldON's three other Red Lake projects).

Project Highlights:

To date 2,092 metres of the proposed 7,000 metre Phase II program are complete over five holes. It should be noted that the 5th hole of the Phase II program (WM-20-12) has not yet reached the planned target depth and will be completed in the New Year.

Balmer Assemblage volcanic rocks have been observed and the alteration assemblages present along with the sulphide mineralization have similar characteristics to the units observed in the gold-bearing WM-20-05 drill hole that was completed in the Phase I drilling program. (see GoldON news release of July 22, 2020).

All assays are pending for the Phase II drill core completed to date. Drill core from every hole has been logged and sampled, and core samples have been sent to Activation Laboratories in Thunder Bay, Ontario to be analyzed for gold using a standard 50g Fire Assay-AA technique.

Additional claims staked to expand the northern boundary of the West Madsen, Block A land package.

The West Madsen Project now covers over 5,862 hectares and is contiguous with the Pure Gold Red Lake Mine property, which (according to Pure Gold's news release of December 7, 2020) will be one of the highest grade gold mines globally and where initial gold production is imminent.

Pure Gold's reserves and resources are hosted in a seven-kilometre-long gold system that follows the major crustal break or contact between the Balmer and Confederation assemblages. This same Balmer-Confederation contact has been exposed in outcrop 1.6 kilometres (km) west of the Pure Gold property boundary and is interpreted to continue for ~8 km across Block A of GoldON's property.

The focus of the Phase II drilling program is to aggressively test the strike-extension of both the known gold mineralization to the east and follow-up on the gold mineralization discovered during GoldON's Phase I drilling. The black ellipse in Figure 1 below depicts the area of the interpreted east-west trending Balmer-Confederation contact along with the completed and proposed drill holes to systematically test the extension of the stratigraphy within the structurally controlled corridor.

see figures and more on
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