GoldON Plans Drilling at McDonough Gold Property in Red Lake, Ontario

Drill targets are well supported by coincident IP, geochem, and geology

Victoria, British Columbia--(Newsfile Corp. - November 29, 2022) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that diamond drilling will commence early in the first quarter of 2023 on its McDonough gold property (the "Property") located 15 kilometres (km) north of the town of Red Lake, Ontario.

Drilling will target induced polarization (IP) chargeability anomalies coincident with wide anomalous gold-in-soil anomalies that straddle a key structural feature associated with many gold deposits within the Red Lake Greenstone Belt (Figure 1).

Figure 1: Regional location of the McDonough Property and GoldON's other Projects

The Property lies along the contact and unconformity of the Huston Assemblage conglomerates (2733-2743 million years [(Ma]) and the Slate Bay Assemblage (Confederation) (<2903 Ma) clastic sediments. The same Huston Assemblage conglomerates are in unconformable contact with the Balmer Assemblage mafic and ultra-mafic rocks where the Red Lake Mine Complex (Campbell and Red Lake gold mines) lie in close proximity. Sediment unconformities are also proximal to the Madsen and Starratt-Olsen gold mines southwest of Red Lake (Figure 2).

Figure 2: Regional geological location of the McDonough gold property within the Red Lake greenstone belt. Source: Harris, J., Sanborn-Barrie, M., Panagapko, D., Skulski, T and Parker, J. (2007). Gold prospectivity maps of the Red Lake greenstone belt: Application of GIS technology. Canadian Journal of Earth Sciences. 43. 865-893.

To date, GoldON has completed a high-resolution magnetic survey followed by compilation of all known historical information along with a geological and structural reinterpretation. Results from the geological and structural interpretation provided targets where A-horizon soil samples were taken at 25 metre (m) intervals over an interpreted iron formation clast-supported conglomerate of the Huston Assemblage in unconformable contact with the Slate Bay Assemblage.

Wide intervals of gold-in-soil anomalies were encountered over the unconformity between the Huston and Slate Bay Assemblages into the overlying Graves Assemblage, which is comprised of intermediate volcanic rocks (Figure 3). Local grid L9+00 E contained a gold-in-soil anomaly over 225 m with values ranging from 32 to 206 ppb gold. Local grid L30+00E produced a gold-in-soil anomaly 425 m wide with values ranging from 17 to 253 ppb gold.

Figure 3: McDonough regional geology and structural interpretation with gold-in-soil sample results.

The gold-in-soil anomalies provided further vectoring of exploration efforts where an IP survey was completed in March 2021. The IP survey, interpreted by Dynamic Discovery Geoscience, defined a total of 23 chargeable IP axes. Many of these were coincident with the gold-in-soil anomalies and along the unconformity (Figure 4).

Figure 4: McDonough IP anomaly axes over geology with gold-in-soil results

Only one drill hole exists in the target area that was drilled in 1987 by Noramco and targeted a break in the magnetic signature. The 203 m diamond drill hole (NMD87-20) missed an IP chargeability anomaly and a gold-in-soil anomaly. The last 1.5 m of the hole ended in quartz-veined stringer-sulphide metasediments. This hole was never followed up on.

"The setting at McDonough is ideal for gold mineralization," said Mike Romanik, president of GoldON. "We have a regional unconformity coincident with wide gold-in-soil anomalies, which are coincident with IP chargeability responses. The structural environment is key to forming pathways for gold-bearing hydrothermal fluids, and the iron contained in the conglomerate clasts should provide the chemistry to precipitate gold-bearing sulphides. We have taken a systematic exploration approach in our target development and have high expectations for our initial drilling program."

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
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179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

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